6  As is standard in such models, we use a price measure for "core" imports, defined as imports of goods excluding energy, computers, and semiconductors. When the change in relative import prices is weighted by the import share, the coefficient in the model is fairly stable.
In that phase, Member States increased their efforts to conduct disciplined economic and monetary policies so as to fulfil the necessary conditions for the adoption of a single currency, in particular the so-called convergence criteria which concerned inflation rates, budget deficits, government debt ratios, exchange rates and interest rates.