Sustainable convergence means more than meeting a set of nominal targets at a certain point in time. It requires real economic, legal and institutional convergence prior to adopting the euro. And crucially, it requires continued efforts once inside monetary union. The reason that many countries are making painful adjustments today is that once inside the euro area, they allowed themselves to diverge too much.
2 Brazil, Russia, India, China, South Africa  Page 3 of 6  Building strong institutions on the African continent is also very important to support development and improve the continent’s resilience to shocks.