Second, participation in ERM II without severe tensions for at least two years is one of the convergence criteria. Finally, entry into the euro area will be based on the sustainable fulfilment of the Maastricht convergence criteria. These criteria will be applied to future euro area entrants in the same way they applied to euro area countries.
It may take quite a while before new Member States will be in a position to fully participate in EMU. A fair share of realism is called for to avoid disappointment. In the long run, such an equitable and strict procedure will be to the advantage of all Member States of the European Union.