Tue, May 22 2012

ECB to issue euro-zone progress report on May 7

Tue, May 06 2008 16:23 CET

byElena Koinova

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The European Central Bank (ECB) will release on May 7 2008 its regular convergence report outlining the progress made towards adopting the common European currency by 10 countries that joined since 2004. The countries are Bulgaria, Czech Republic, Estonia, Latvia, Lithuania, Poland, Romania, Slovakia and Sweden.

According to Slovak media, which quoted excerpts from the leaked report, Slovakia would receive an invitation to adopt the euro as of January 1 2009, thus becoming the 16th member of the euro-zone, Deutsche Welle reported on May 5.

The European Commission and the European Central Bank must report on the subject every two years, but member states can also request that their readiness to adopt the euro is assessed at any time. Slovakia requested such an assessment last month.

Now in its tenth year of existence, the European monetary union has become an institution of import. According to Jean-Claude Juncker, Luxembourg finance minister and chair of the euro-zone, the euro has lived up to all expectations and has averted foreign currency crises in Europe.

All 18 countries that joined the EU since 1995 have to adopt the euro - Austria, Finland, Slovenia, Cyprus and Malta have already done so.

The report, which will be presented by economic and monetary affairs commissioner Joaquin Almunia at a news conference in Brussels, will be the first one assessing Bulgaria's progress on the road of joining the euro-zone.

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