Exchange rate convergence and the entrance to eurozone (I) -: Do alternative choices exist for the candidate countries?

The article is a general analysis of the exchange rate convergence process for EU and Eurozone candidate countries. The introduction states that exchange rate strategies of candidate countries have to be consistent with the "acquis communataire" from beginning to end. For these countries, this spans the period from accession to the future introduction of the euro, according to the European authorities overseeing the process. The second part features a detailed analysis of institutional and legislative rules. The third part discusses the exchange rate convergence criterion, especially its definition, time frames and possible room for interpretation based on previous experience from official national reports. The final part summarises institutional and legislative problems for EU/EMU entry in light of limited options in the pursuit of exchange rate strategies.