After acceding to the European Union, the countries of Central and Eastern Europe are striving to become members of European Monetary Union (EMU). In order to do so, they must fulfil the Maastricht criteria. However, they must also meet the Copenhagen criteria of real convergence to be able to remain a part of EMU over the long term. These latter criteria relate, in particular, to labour mobility and wage flexibility. These measures of flexibility depend, in turn, upon the relevant institutional framework. An analysis, based on a neo-Keynesian labour-market model of labour-market institutions and social policies, such as employment protection legislation, wage-bargaining systems, active and passive labour-market policies and the financing of social security, in these countries, suggests that the resultant pressures for labour-market flexibility are still insufficient. * Der Verfasser dankt Renate Ohr und den Teilnehmern der Jahrestagung 2008 des Wirtschaftspolitischen Ausschusses für ihre Anregungen und konstruktive Kritik sowie Gabriele Somaggio für ihre Forschungsassistenz. Alle verbliebenen Fehler gehen selbstredend zu seinen Lasten.