The EC Treaty subjects all members to the same criteria, thus avoiding the formation of a two-class monetary union. To sum up, neither the introduction of new hurdles nor the relaxing of existing criteria appear economically necessary or politically judicious. IV. Conclusion  I would like to close by summarising my deliberations with five comments. 1.
Accession of central and east European countries as well as Malta and Cyprus to the European Union represents an unprecedented integration process. Owing to the large number of candidates and their heterogeneity, not to mention the differences between new and existing member states, all those involved are faced with major challenges. 2.