To what extent and how quickly they can be reaped depends critically on whether macroeconomic conditions are stable and the extent to which structural reforms are implemented. From a central bank perspective, enlargement marks the beginning of a process which will lead to the integration of new Member States in the euro area, as these countries have no opt-out clause.
This integration is taking place in a well-defined institutional framework and comprises several stages. The first phase for the new Member States is the period after EU accession and before joining the exchange rate mechanism (ERM II), which is a multilateral arrangement of fixed but adjustable exchange rates with a central parity and a standard fluctuation band of ±15% against the euro.