This period can also be seen as a realistic experience of the capacity of Member States to respect the requirements of the Monetary Union, in which the exchange rate will no longer be available in order to adjust to changing economic conditions.
Before adopting the euro, all convergence criteria, relating not only to exchange rate developments but also to inflation, public deficit and debt, and long-term interest rates, as well as legal convergence, will need to be achieved in a sustainable manner. Only when all the criteria are met on a sustainable basis, will a country be eligible for adopting the euro.