Furthermore, the ECB is involved in the recently established "Economic dialogue with accession countries", launched by the European Council, which includes issues highly relevant to the ECB such as monetary and exchange rate policies and financial sector developments. The road towards EU integration and, later, euro area participation is not a single one and, therefore, a plurality of approaches may well be pursued by accession countries, not only before EU accession, but also after it. It is true that, upon accession, countries will enter the EU with the status of "Member States with a derogation", that no "opt-out" clauses will be granted and that countries will therefore be expected to follow macroeconomic policies consistent with the ultimate adoption of the euro. Indeed, accession countries will have to comply with the well-known convergence criteria, before they can adopt the euro. It is also true that, with this objective in mind, countries will be expected to join ERM II at some point in time, and to participate in this mechanism for at least two years, without devaluation of the exchange rate of their currency vis-à-vis the euro, before they join the euro area. However, ERM II membership does not need to happen immediately after EU accession, neither need ERM II membership to be limited to only two years (this is a minimum for adoption of the euro). In fact, the length of the period of ERM II participation has also varied among current euro area countries; this may be similar for new Member States.
As central bankers, we are not isolated from the reality surrounding us, and we are committed to play our role in this historical process, particularly with regard to the smooth integration of the central banks of accession countries into the European System of Central Banks and, later , into the Eurosystem. Through ongoing co-operation, the central banks of the accession countries are being given an opportunity to familiarise themselves with the Eurosystem's mode of operation, and the Eurosystem can gain a better understanding of how these central banks operate under their respective regimes. This exchange, and the resulting establishment of a common terminology and understanding of each other's environments, will facilitate the pursuit of a common objective in the future. Thank you for your attention. BIS Review 84/2001  5