Commission proposes Slovakia joins the euro area in 2009

The European Commission announced on 7 May that Slovakia meets the criteria for adopting the euro and made a proposal to the Council to this effect. The regular Convergence Report on euro readiness, adopted by the Commission, shows that the other nine countries with a so-called 'derogation' have made progress on the road to the single currency, but do not yet meet all the conditions for euro adoption. The Council of EU finance ministers (ECOFIN) will take the final decision on the adoption of the euro in Slovakia in July, after Parliament has given its opinion and EU heads of state and government have discussed the subject at their summit meeting in June.

" Slovakia has achieved a high degree of sustainable economic convergence and is ready to adopt the euro on 1 January 2009. However, to ensure that the adoption of the euro is a success, Slovakia must pursue its efforts to maintain a low-inflation environment, be more ambitious with regard to budgetary consolidation and strengthen its competitiveness position. It must also now speed up its practical preparations to ensure that the changeover takes place smoothly, as it did in Cyprus and Malta in January 2008," Joaquín Almunia, EU Commissioner for Economic and Monetary Affairs, said.

"The report issued on 7 May shows that the other Member States 'with a derogation' are making good progress towards euro adoption, though at different paces. I encourage all Member States to pursue and intensify their efforts, as this is clearly in their long-term interest."

For more information visit http://ec.europa.eu/economy_finance/thematic_articles/article12550_en.htm

The documents available on the following websites:
EMU@ Report  http://ec.europa.eu/economy_finance/emu10/reports_en.htm
EMU@10 website: http://ec.europa.eu/economy_finance/emu10/index_en.htm