Such a step-by-step enlargement process would also be in Germany’s interest, since it would enhance the opportunities arising from an enlargement of the Union and limit the associated risks, especially the monetary policy risks.
4  BIS Review 55/2002  V.  Policy mix  After discussing domestic reforms in Germany and my comments on EU enlargement, I would now like to deal with a third economic policy issue: the policy mix in the European Monetary Union. The present division of tasks is based on the insight that each area of policy should concentrate on its relative strengths.