These criteria, related to each step of the process, should be implemented in a strict and effective manner, in order to provide the countries concerned with the external constraints necessary to bring their economies into line with the respective standards and the final goal of EMU, while also avoiding any discrimination. Against the background of different starting points and possibly different lead-times for progress towards real and nominal convergence, a plurality of approaches should be feasible without compromising equality of treatment. This may apply, in particular, to the timing of the individual steps towards accession. In accordance with the Treaty establishing the European Community, the Eurosystem will always focus on the maintenance of price stability in the euro area. Hence, our involvement in the accession process, including our technical assistance, and any arrangement or other forms of cooperation with accession countries, must be without prejudice to the Eurosystem’s independence and its primary objective. BIS Review 116/1999  4  Over time, the Eurosystem – like other EU institutions – will face the necessity of institutional adjustments required by enlargement. These adjustments should preserve the efficient functioning of the Eurosystem and its ability to maintain price stability in an enlarged euro area. In the case of previous enlargements, the entry of new Member States often brought about so-called “arithmetical adjustments” to the composition of EU institutions. However, an enlargement by as many as 12 new countries may require more substantial adjustments.
Mr Noyer focuses on the challenges in Europe as seen from the point of view of the European Central Bank  Speech by Mr Christian Noyer, Vice-President of the European Central Bank, at the University of Antwerp on 26 October 1999. *  *  *  Introduction First of all, I should like to thank the organisers of the Kekulé Cyclus for inviting me to participate in such an interdisciplinary conference bringing together experts from different professional backgrounds. I will contribute to your discussions by focusing on the challenges we are facing in Europe, as seen from the point of view of the European Central Bank (ECB). Let me briefly recall that it was just a little over a year ago that the ECB was established and that for almost ten months now the Eurosystem – which consists of the ECB and the eleven national central banks of the Member States which have adopted the euro – has been responsible for monetary policy in the euro area. The introduction of the euro has been a historic event for the countries concerned, since it is the first time in monetary history that sovereign states have replaced their national currencies with a common currency and transferred their monetary policy competencies to a newly established supranational institution. The new monetary policy regime in the European Union (EU) is not only an important further step in European integration. It will also have far-reaching implications for the world economy and the international monetary system.