We have been pointing out as well that any currency board regime will be assessed on a case-by-case basis and that a common accord on the central parity against the euro will have to be reached. The Maastricht criteria will be applied to future euro area entrants just as they were applied to euro area countries: Not more, but certainly not less stringently.
It may take a while before new Member States are in a position to fully participate in EMU. A fair share of realism is called for to avoid disappointment. In the long run, such an equitable and strict procedure will be to the advantage of all Member States of the EU.