For this reason, I would like to focus my presentation today on the integration of these countries into the EU and, more specifically, on how the ECB sees the so-called accession process. Let me start by saying that the ECB's attitude towards accession is a positive one. In fact, the ECB is conducting a fruitful and constructive dialogue with the central banks of the accession countries at many levels and in many areas. Once a year, the Governors and Deputy Governors of the central banks of the accession countries and the Eurosystem meet to discuss policy issues related to EU accession. This year's meeting will take place in Berlin in December. In addition, these meetings have been complemented with multilateral seminars to support the preparatory work for the final adoption of the euro in fields such as statistics, payment systems or legal issues. Central banking co-operation between the Eurosystem and the central banks of the accession countries has also been enhanced through the organisation of bilateral visits and seminars. To give you an idea of the significance of this co-operation, let me mention that, only last year, around 300 central banking co-operation activities, including technical assistance, were organised throughout the Eurosystem. The main areas of co-operation have thus far been payment systems, legal issues, and statistics, as they entail the longest lead times. These activities are continuing apace also this year.
Efforts to strengthen the financial and banking systems need to be made in the next years, also for the fulfilment of the so-called "economic" Copenhagen criterion, which requires the existence of functioning market economies and the ability to cope with competitive pressures. Compliance with this criterion for EU accession will require the adoption of EU legislation in the area of financial services, including those related to banking, insurance and investment firms, as I have mentioned before. All in all, in order to fully comply with the acquis communautaire, it would be necessary to further advance institutional reforms related to the applicability and enforcement of laws, in particular as regards the enhancement of corporate governance and legal frameworks. Finally the development of a stable and well-functioning financial sector in the accession countries is also key to the smooth conduct of monetary policy in an enlarged euro area. Efficient and competitive banking sectors as well as smooth functioning capital markets are needed to ensure macroeconomic and financial stability in the accession countries and to support the convergence process of these economies. They are also needed for the proper conduct of monetary policy and, thus, for the successful participation of accession countries in the euro area. Indeed, deep and liquid capital markets are key to enabling an efficient use to be made of monetary policy instruments, since structural weaknesses in the banking sector could have severe implications for the monetary policy transmission mechanism and could affect the responsiveness of banks to changes in the monetary policy stance.