In this respect, I should like to reiterate the importance of undertaking major policy adjustments – in particular with regard to price liberalisation and fiscal policy – prior to participation in the mechanism, as this is key to ensuring smooth membership of ERM II. The 2004 accession process does not, however, mark the end of the EU’s enlargement.
Indeed, yesterday we witnessed the signing of the Accession Treaty with Bulgaria and Romania. I am convinced that, as past experience has demonstrated, the prospect of EU membership will continue to serve as a catalyst for macroeconomic stabilisation and structural reforms in these countries. I am now at your disposal for questions. BIS Review 29/2005  3