A greater challenge is the potential accession of still more countries to the European Union and, ultimately, the euro area. Negotiations are currently being conducted with six countries. Negotiations with another six candidates may start soon. The eligibility criteria for their accession to the EU were formulated by the European Heads of States and Government at their summit in Copenhagen in 1993. These criteria set out what should be required of a future Member State of the European Union and thus ensure equal treatment of all applicant states. Let me briefly recall the three criteria that have to be fulfilled: •  first, the political criterion requires stability of institutions guaranteeing democracy, the rule of law, human rights and respect for and protection of minorities;  •  second, the economic criterion requires the existence of a functioning market economy as well as the capacity to cope with competitive pressure and market forces within the EU; and  •  third, the so-called “acquis communautaire” criterion requires the ability to take on the obligations of membership, including adherence to the aims of political, economic and monetary union. While accession is a political decision, it is clear that extending the EU to include new members will have consequences for the ECB and the Eurosystem.
Jean-Pierre Roth: The euro – a stabilising factor in the international currency system Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the Fondation Jean Monnet pour l'Europe, Lausanne, 21 September 2007. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  The euro is undoubtedly a success story. It has contributed to stabilising the international currency system. In Europe, the former monetary disorder has been replaced by a new monetary order. The European payment system has become more transparent and price stability is guaranteed. Switzerland, too, is benefiting from European currency stability. The Swiss franc is taking advantage of a monetary environment that is considerably calmer than previously. The euro and the franc are coexisting very successfully. Nevertheless, it would be wrong to claim that all the effects of European currency integration have already worked their way through to the real economy. In spurring on competition and promoting transparency, the euro is having an integrating effect. However, there are still considerable obstacles standing in the way of this integration process. BIS Review 103/2007  1