"It is currently expected that the large countries of Central Europe will join the Eurozone between 2012 and 2015. In that period, the strong productivity growth vis-à-vis the Euro-zone will still allow for a real and in part nominal appreciation of the curren-cies, which should help dampen the potential inflationary pressures described above. Croatia could also join the Eurozone in the period 2012-2015 if it can secure EU membership by 2010. Although Bulgaria aims to adopt the Euro as soon as possible after joining the EU in 2007, it could face the same chal-lenges to rein in inflation with its currency board like the Baltic countries. Romania still faces substantial structural and demographic challenges, which could make an early adoption of the Euro problematic.(...)"