Another challenge that might lie ahead for a number of the new Member States relates to their substantial and persistent current account imbalances. Although external imbalances are to some extent a natural and necessary part of the catching-up process, care needs to be taken to ensure that these imbalances remain sustainable and eventually decline.
Even though the balance of payments appears to be less relevant once a country has joined the monetary union, economic adjustments in response to such imbalances will take place at some point in the future.