As has recently been reconfirmed in Malmö, it will be necessary to insist already at the time of the eastward enlargement of the European Union on the acquis communautaire of the European Union being adopted as far as possible by the new members. In other words, the number of exceptional and transitional arrangements will have to be kept down to a minimum.
The essential economic conditions for joining the European Union include a functional market economy and the ability to withstand the competitive pressure exerted by the single market. All these requirements do not constitute any new obstacles on the long way to monetary union. They are consistent with the existing Treaties.