Peter Kenen and Ellen Meade set out the tests the accession countries are expected to meet to join the European monetary union, and argue that these tests should be changed to take account of changed conditions.
In May 2004, ten countries are due to join the European Union1. They are therefore obliged to join the European monetary union (EMU) and adopt the euro as their national currency2. Most of them, moreover, have been eager to do that. Membership in EMU is not automatic, however, because t