Again, in this respect too, there are substantial benefits associated with the implementation of structural reforms. In particular, a forceful and prompt completion of the enlarged Internal Market in both the old and the new Member States is essential to fully exploit the benefits of the present enlargement.
Let me say a few words on the ERM II membership which has already been decided for six currencies out of the ten currencies of the new Member States. Having proceeded with the necessary structural adjustments, participation in ERM II can be an important means of anchoring exchange rate and inflation expectations, and of promoting discipline.