Particularly as their financial sector is not yet fully developed and reforms in banking supervision have still some way to go, it is best to adopt a step by step approach – especially if the accession countries are tying their exchange rate to the euro.
It is not possible for  BIS Review 101/2001  3  monetary policy to be autonomous if the movement of capital is completely liberalised and if the 6 exchange rate is targeted (impossible trinity ). Second Stage: The transition period The period of transition following EU accession is geared to enhancing the convergence needed for adoption of the single currency.