The diversity and independence of its membership have always inspired ELEC to ask the appropriate questions and formulate coherent opinions, constantly having in mind the European interest. This year’s ELEC conference promises to be equally interesting as it concentrates on “Convergence towards euro enlargement” and I am honoured to be one of the keynote speakers. I salute the close cooperation between government officials in the region with high European officials, as well as with the private sector and prestigious organisations such as ELEC. We should never allow ourselves to lose sight of the fact that these discussions aim to help us on a journey made for the benefit of all. And it is a journey that can only be made through constant and diverse dialogue. Allow me to greet our renowned foreign guests: Baron Bernard Snoy, President of ELEC International, Wim Boonstra, President of ELEC Monetary Commission, Mr. Servaas Deroose, Deputy Director-General, ECFIN, as well as the distinguished speakers and panelists. Ladies and gentlemen, The same as the topics discussed in the previous reunions, “Convergence towards euro enlargement” is highly important and is worth debating at length. Let me start from the fact that euro adoption by the New Member States is a matter of when, not if, because they do not have an opt-out clause. The commitment to join the euro area is undeniable, yet how the complex process of ensuring the prerequisite economic convergence is conducted remains largely at the discretion of the authorities in candidate countries.
We had to manoeuvre through uncharted waters and we may not yet have arrived in the Promised Land”. It is obvious that for a smooth economic catch-up it is important to maintain a long-term perspective and to implement coherent policies and reforms. 3/4  BIS central bankers' speeches  Past achievements in nominal and real convergence, while significant, do not guarantee future success (for instance, joining other countries in the middle-income trap is a real danger). A realistic and balanced approach to euro adoption implies that it should be steered taking into consideration absolutely all relevant elements for the sustainability of economic convergence. It is the only way we can safely sail to the port of destination… Thank you for your attention and I wish you lively, yet equally fruitful debates! 4/4  BIS central bankers' speeches