A mixed blessing : monetary enlargement within the Maastricht policy framework

Governments of most accession countries in Central and Eastern Europe initially expressed keen interest to adopt the Euro as soon as possible. The fervour seems to have cooled somewhat in the meantime. This paper will argue that there are good reasons for mixed feelings. While monetary enlargement would have considerable advantages for accession countries, present conditions create unwarranted risks for the prospective member states. These risks could be contained by changing the Maastricht conditions.