The third group 5 comprising Hungary, Cyprus, Slovenia and Romania peg their exchange rates to the euro while at the same time allowing the external value of the currency to fluctuate somewhat. III. Three-stage accession process  The increase in heterogeneity brought about by EU enlargement is frequently perceived as a risk for the single market and the single currency.
The market is functioning effectively and efficiently. The focus of analysis should be on the various factors that affect demand and supply. The papers at this conference highlight the range of factors that need to be taken into account. There are exceptions, most obviously 2008, where there clearly was a dollar shortage.