This paper addresses the issue of real income convergence between the ten accession candidates. Most accession candidates expect to join the EU soon (some as early as 2004), yet no specific economic conditions have been defined for the EU enlargement process. The “Copenhagen criteria” set out at the European Council’s meeting in Copenhagen in June 1993 give three rather broad conditions. 1. Stable institutions guaranteeing democracy, the rule of law, human rights and respect for the protection of minorities; 2. A functioning market economy and capacity to cope with competitive pressures and market forces within the EU; and. 3. An ability to take on the obligations of membership, including adherence to the aims of political, economic and monetary union. While these conditions lack quantitative economic targets, the last condition clearly implies that accession countries should be able to join Economic and Monetary Union (EMU). Most applicant states, however, see accession as full participation in all EU initiatives, including the euro. Therefore, from an economic perspective, all of these countries must apply considerable effort to satisfy the Maastricht convergence criteria as prerequisites to joining the euro area.