This article examines the monetary policy road of the ten candidate countries from central and eastern Europe (CEE-10) on their way to EU accession and ultimately to adoption of the euro. The authors proceed in three steps. First, they describe the evolution of the monetary regime of the CEE-10 since the demise of the centrally planned economic system. Second, they deal with the currency crises of emerging market economies in the 1990s and develop potential lessons for the CEE-10. Third, they delineate the road map for the candidate countries by looking at both formal requirements and economic challenges that these countries have to meet before they can adopt the euro.
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