However, the road towards EU membership and, later, the adoption of the euro still poses a number of significant challenges. What are these challenges? Let me focus briefly on three economic areas in which notable differences still prevail between accession countries and EU Member States: first, real convergence, second, nominal convergence and, finally, the structure and functioning of the financial sector.
By "real convergence", I mean the broad adjustment through structural reforms and economic development of the economies towards structures prevailing in the EU. This requires, inter alia, the completion of the market economy transition agenda, further privatisation in some sectors, and the strengthening of the institutional and legal framework.