|
Candidate countries need to prepare for participation in the multilateral surveillance and economic policy coordination procedures currently in place as part of Economic and Monetary Union. One of the economic priorities of previous Accession Partnerships was the establishment of an annual preaccession fiscal surveillance procedure. It consists of two elements: the fiscal notification and the Preaccession Economic Programme (PEP), which are discussed in a multilateral setting with Member States.
The framework of exchange rate strategies for the candidate countries has been clarified. Three successive stages in the transition process towards adoption of the euro, namely, the preaccession stage, the stage following accession and the adoption of the euro are identified. Any unilateral adoption of the single currency by means of ``euroisation'' would run counter to the underlying economic reasoning of EMU in the Treaty, which foresees the eventual adoption of the euro as the endpoint of a structured convergence process within a multilateral framework. Therefore, unilateral ``euroisation'' would not be a way to circumvent the stages foreseen by the Treaty for the adoption of the euro.
Regarding the ERMII, some time after accession, new Member States will be expected to join the ERM II. The ERM II could accommodate the main features of a number of exchange rates regimes, provided their commitments and objectives are credible and in line with those of the ERM II. The only clear incompatibilities visàvis the ERM II that can be identified already at this stage are fully floating exchange rates, crawling pegs and pegs against anchors other than the euro.
|
