BIS Review 71/2002  1  Consideration also has to be given to the fact that living standards in the monetary union are still very disparate. Since the poorer countries are supposed to catch up with the EMU average, they have to go on growing more strongly than those countries which have already achieved a high level of income.
•  Secondly, a study was commissioned to review practices in other countries in Latin America, Asia and Africa. Bankable Frontier Associates, an international consultancy firm that undertook the study will be presenting their findings shortly.