Unhappy euro hopefuls

"Happy families are all like; every unhappy family is unhappy in its own way." As the European Union (EU) passed new milestones in its enlargement with Slovenia adopting the euro and Bulgaria and Romania joining on 1 January 2007, the first sentence in Tolstoy's Anna Karenina is a fitting characterisation for all post-socialist EU newcomers.

Well before joining the EU, the former socialist countries declared it their intention to adopt the single currency soon after membership.1 This aspiration