in the Council of Ministers, restructuring the ECB's Governing Council, and the setting of enlargement “examination … democratic legitimacy in an EU 27. We believe, however, that the impact of enlargement on the ECB's Governing Council merits also …, we argue that undertaking these reforms before enlargement should be a priority, not a precondition. Specifically, the EU …

accession and during the period following EU accession but prior to EMU membership. We conclude that from an economic point of … view, EMU membership should be as early as possible, preferably at the same time as EU membership. The prevailing … interpretation of the exchange rate criterion for EMU membership is that it requires two years of successful membership in the …

enlargement, which led to a modernization of many sectors in Eastern countries and to a fast decline of traditional industries and … and persistent unemployment compared to Estonia during the period of EU enlargement. Traditional labour market …

this increase is more pronounced among EU and EMU countries than among non-E(M)U industrialised countries. We also show … driven by better consumption smoothing through the accumulation or decumulation of foreign assets. This EMU effect on the … independent EMU-effect on the way in which risk is shared. While it is too early to evaluate these findings conclusively, we …

within EMU and the potential for instability in these economies entailed by EMU membership. …