This paper – based on a report by a Task Force established by the International Relations Committee (IRC) of the European System of Central Banks (ESCB) – reviews macroeconomic and financial stability challenges for acceding (Bulgaria and Romania) and candidate countries (Croatia and...

The countries concerned in this paper are either in the process of negotiations for EU accession (Bulgaria and Romania) or under a review process for opening such negotiations (Turkey). Therefore we will take the EU-requirements concerning the labour market as a benchmark against which the...