Abstrakt
This essay is concerned with the long term period, i.e. what will happen after accession to the EU. For those long term analyses, it is practical to identify different phases after accession to the EU - the period before the anticipated participation in the ERM II, the period of participation in the ERM II and the period of membership in the eurozone.
These periods bring different costs, benefits and risks and they allow for different possibilities of economic policy, especially monetary policy (exchange rate policy included). The five following issues are dealt with in this essay: the speed of joining the eurozone after accession to the EU, the danger of speculative attacks on local currencies while participating in the ERM II, instability of public finances and its impact, possible real price shocks with their economic consequences and economic growth for convergence with the EU average.