7 bis central bankers'speeches 18 see oecd ( 2014 ), “ oecd framework for regulatory policy evaluation ”, oecd publishing, june 2014. the framework is a natural follow - up to the recommendation of the council of the oecd on regulatory policy and governance from 2012. 19 see oecd ( 2015 ), “ oecd regulatory policy outlook 2015 ”, oecd publishing, may 2015. 20 www. mcmasterforum. org / 21 www. financial - education. org / join _ infe. html 22 see stats. bis. org / frame / and boissay, cantu, claessens, and villegas ( 2019 ), ” impact of financial regulations : insights from an online repository of studies ”, bis quarterly review, march 2019. 7 / 7 bis central bankers'speeches

hermann remsperger : enlargement of the european union and european and monetary union : maastricht meets copenhagen speech by prof hermann remsperger, member of the directorate of the deutsche bundesbank, at the annual meeting of elec, frankfurt, 7 december 2001. * i. introduction * * the accession of ten central and east european countries as well as malta and cyprus presents the european union with one of the greatest challenges in its history. in june 2001 the gothenburg european council clearly stated that the process of european enlargement is irreversible. it has already been foreseen that the first of the accession countries will participate in the european parliament elections in 2004. what currently looks possible is that there will be a “ big bang ”, an initial major enlargement involving ten candidate countries. the new eu member states also commit themselves to adopt the euro at a later date. contrary to the united kingdom and denmark there will be no “ opt out ” clause. this means that two to three years after enlargement of the european union there could already be a far greater number of countries participating in european monetary union. in my opinion, however, it is actual progress in convergence rather than pressure to keep to a political date which should be the prime focus of the ongoing process of integration. i would like to start today by describing some fundamental economic facts concerning eu enlargement. i then propose to outline the challenges for the candidate countries and the current eu member states in the enlargement process. ii. economic background to eu enlargement the accession of twelve candidate countries to the eu first of all means that the population of the eu is set to rise by more than 100 million, in other words by more than one - quarter. however, gross domestic product would not increase by anywhere near as much. the aggregate nominal gdp of the accession countries is currently less than 5 % of gdp in the eu as a whole. in terms of purchasing power parities, the weight of the accession countries would be roughly twice as much. even if this measurement method is used, however, there are considerable differences between them and the current member states. the candidate countries also demonstrate major structural differences with the eu. the share of agriculture in the gross value added is on average more than twice as high as in the eu, where it is around 2 %. sectoral employment also points to the existence of structural discrepancies. in poland, for example, agriculture contributes