I would like to briefly elaborate on some of the consequences of EU enlargement for the ESCB and the ECB, before turning to the monetary and economic developments in 2002. 1. Preparations for EU enlargement  It goes without saying that an enlarged European Union will require a number of adaptations in the working procedures and the internal functioning of European institutions and bodies.
Upon accession, the new Member States will join Economic and Monetary Union with the status of "countries with a derogation" and their central banks will become part of the ESCB. At a later stage, the acceding countries' central banks will become part of the Eurosystem, after these countries have fulfilled the convergence criteria for adopting the euro.