Given the accession countries’ different starting-points and degrees of economic transition, they could justifiably apply differing approaches to the timing of EU accession, to ERM II membership, to their monetary and exchange rate strategies and the necessary development of sound financial market infrastructures.
Another lesson has been that there were no macro-prudential tools available to intervene effectively – for instance – in growing instabilities in real estate markets, and the necessary macro-prudential tools are only now becoming available. It is certainly very important to develop the new macro-prudential instruments and policies – this is quite clear.