Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-06-17-Speech-2-066"
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"en.20080617.5.2-066"2
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"−
Madam President, on behalf of the Commission, I would first like to thank the Committee on Economic and Monetary Affairs and the rapporteur, Mr Casa, for the excellent work they have done in assessing Slovakia’s fulfilment of the convergence criteria for adopting the single currency.
With Slovakia’s entry into the euro area, this will have sixteen members, four of them from the group of countries that joined the European Union in 2004.
This is the fifth enlargement of the euro area since the single currency was introduced in 1999. It is clear proof that it is open to all Member States meeting the conditions set by the Treaty.
Slovakia’s entry into the euro area represents the crowning of the remarkable progress made by the Slovakian economy over the last decade. It will enable the country to benefit from the important advantages offered by Economic and Monetary Union, as set out in the report adopted by the Commission last May on 10 years of EMU.
This report also demonstrates that, to benefit fully from the advantages of the euro, it is necessary to pursue sound macroeconomic policies to protect a country’s competitiveness once the exchange rate is fixed irrevocably. This includes fiscal discipline, a responsible wage policy and structural reforms, particularly as regards the functioning of the labour market.
Without a clear commitment to this, there is a danger that inflation could become a real and considerable problem. This point is mentioned explicitly in Mr Casa’s report, with which the Commission is in complete agreement.
The Ecofin Council of 3 June approved the Commission’s report on Slovakia’s fulfilment of the convergence criteria. The European Council meeting in Brussels on Thursday and Friday should, once Parliament’s opinion has been received, confirm the political support for Slovakia’s adoption of the single currency, which will be validated by the Ecofin Council in July.
Next week, the Commission will propose the definitive exchange rate between the Slovakian crown and the euro, which will also be formally adopted by the Ecofin Council in July.
In this respect I would like to thank the Committee on Economic and Monetary Affairs and Mr Casa for the work begun some months ago to enable Parliament to give its opinion within the tight deadlines that our three institutions are given to make a sound assessment of the fulfilment of the criteria by the Member State concerned, and to leave it enough time to complete the practical arrangements for adopting the euro on 1 January 2009."@en1
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