Abstract
Soon after accession to the European Union (EU) in 2004, the new EU member states will have to consider a timetable for accession to economic and monetary union (EMU). The adoption of the euro by them will further strengthen the integration of their economies with the other countries of the Euroarea. In sum, they are likely to gain from the reduction of transaction costs, but the loss of monetary sovereignty will create new problems during the catching-up process.
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