The Political Economy of Eurozone Enlargement: The Motives, Prospects and Implications for the EU and its Member States

New EU member states from Central and Eastern Europe that joined the EU in May 2004 have committed themselves to become members of the Economic and Monetary Union (“EMU” – the eurozone). The accession into the eurozone could therefore be seen as the “left over” from the accession negotiations that will be undertaken when the necessary conditions are met. Unlike Great Britain and Denmark, these countries have no “opt outs”. After entering the EU, they immediately entered the third stage of the EMU to become the member states with a status of temporary derogation.1