Such a mutual improvement is desirable in a very broad sense: political stability, financial market stability, macroeconomic and – in the particular interest of the Eurosystem – price stability. The enlargement of the European Union to Central and Eastern Europe has arrived at a critical juncture.
Accession negotiations with ten Central and Eastern European countries and with Malta and Cyprus have advanced dynamically, especially during the past half year. Difficult chapters – like "Freedom of movement for persons", "Free movement of capital" or "Environment" – have been provisionally closed with some applicants.