This implies that a convergence assessment shall also take into account the experience gained in the run-up to Stage Three. Compliance with the convergence criteria on a sustained basis is essential. This can be best explained for the example of fiscal policies. Looking back, many accession countries have accumulated high or very high levels of public sector debt.
Before I conclude let me offer you some words of wisdom from Marcus Tullius Cicero, a first century before Christ Roman philosopher: “As I approve of youth that has something of the old man in him, so I am no less pleased with an old man that has something of the youth.