The government has updated the 2005-2008 convergence programme, which will be sent to the European Commission and the EU Council. The report shows a positive picture regarding compliance with the criteria for the adoption of the euro, Finance Minister Andrej Bajuk said after Wednesday's government session.
Bajuk said Slovenia is within reach of the euro. The only criterion that still "causes doubts" is inflation, although the EMU convergence price index (12-month average harmonised index of consumer prices) has come very close in November at 2.5%, Bajuk said.
Compared to the convergence programme submitted to the EU in January, the updated convergence programme slightly upgrades GDP growth forecasts for this year and next.
At the same time, the projected public finances deficit has been changed: the figures have been revised from 2.1% of GDP for this year and 1.8% for 2006, to 1.7% for both years.
Moreover, while the programme projected a general government debt of 30.7% of GDP for 2005, the figure has been revised to 29%, Bajuk said, adding that this was the result of the supplementary budget for 2005 and debt restructuring.
According to Bajuk, the only open question is the long-term stability of the public finances, considering the low birth rates and an ageing population.
This is a big challenge for our country that we will have to tackle so that future generations will not have to shoulder too great a burden, he said.
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