On 18 June 2004, an Intergovernmental Conference was held, during which the tenor of the Constitutional Treaty was agreed on. Implementation thereof depends on its successful ratification by all Member States. The ratification process can become complicated as some countries plan to hold a referendum.

The main objective of the changes that will be introduced by virtue of the Constitutional Treaty is to prepare the EU for proper operation after its enlargement by 10 new countries and in the perspective of accepting other countries, as well as to face the challenges of the modern world. The main provisions of the Constitutional Treaty introduce quite significant changes into the EU's institutional system. The provisions of the Treaty also pertain to the institutional system of the Economic and Monetary Union and the rules for coordinating the economic policy, including the rules of pursuing fiscal policy. However, these changes are not of fundamental nature. The major part of the provisions concerning the EU's economic system will remain unchanged. This does not mean though that implementation thereof will not lead to certain changes in the functioning of the Economic and Monetary Union in the next several years.

Special attention should be given to the provisions concerning the Eurogroup and the decision-making competencies of Ecofin Council members coming from the euro zone countries. These provisions - by strengthening the position of the Eurogroup in the EU's institutional system and by increasing the decision-making competencies of the ministers of the countries belonging to the monetary union - will improve the decision-making mechanisms of the euro zone. In effect, the Eurogroup has a chance to become a natural partner of ECB in formulating the macroeconomic policy, and with time, it can even become a sort of economic government of the European Union. Eurogroup strengthening will mean that the countries remaining outside of the monetary union for quite a long time will run the risk of being left behind as regards the formulation of the EU's economic policy. This is yet another factor that should be considered when determining the strategy of Poland's accession to the euro zone.