As described in detail in the convergence reports issued respectively by the ECB and the Commission in October 2004, the new Member States have also made substantial progress in terms of nominal convergence. However, these convergence reports concluded that none of these countries have yet fulfilled all the conditions required for adopting the single currency.
The swift and effective implementation of structural reforms, in an environment of accommodative monetary policy, will not only lead to higher sustainable economic growth in the euro area but will also raise expectations of permanently higher incomes and accelerate the benefits of reforms, thereby making the euro area more resilient to global shocks.