Comment: Slipping behind on the euro

When ten new countries joined the EU in May last year, they did so promising that one day they would adopt the euro as their currency. At the time it seemed they hardly needed any coercing - joining the euro was something policymakers in these countries aspired to.

COMMENT BY CENTRALBANKNET

However, 18 months later a two-speed enlargement process has started to emerge. While six of the smallest economies have joined the exchange rate mechanism (ERM II), the three largest economies are dropping off

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