These countries have either opted for very close or even full links to the euro, in some cases unilaterally deciding to use the euro as legal tender, i.e. "euroisation", or they have chosen looser types of anchoring, such as peg arrangements and crawling fluctuation bands. Conclusion Let me conclude by considering the challenges that lie ahead.
I am referring in particular to the enlargement of the European Union and, subsequently, of the euro area. Currently, 12 countries from central, eastern and southern Europe are negotiating to join the EU.