EU Finance Ministers to Give Slovenia Green Light for the Euro
EU finance ministers are expected to give Slovenia the go-ahead to become the 13th member of the eurozone on 1 January 2007 as they convene the final meeting under Austria's EU presidency on Wednesday.
Their recommendation, which is based on the positive report by the European Commission, will serve as guidance for the heads of state and government, who are expected to take the political decision on the expansion of the eurozone at the 15 June summit.
The European Parliament must also give its opinion, which it is expected to do just before the summit on 15 June. The final decision will again be taken by the finance ministers, who will adopt the formal basis, including the final exchange rate, on 11 July.
The Commission assessed on 16 May that the country is in compliance with all the membership criteria, which is why it should be allowed to join the eurozone on 1 January 2007.
"However, it is important to stress that Slovenia will not have completed all the work by introducing the euro. The euro has its benefits and responsibilities, foremost to retain stability of public finance," Economic and Monetary Affairs Joaquin Almunia said.
Moreover, the commissioner stressed that Slovenia must now speed up "practical preparations to make the switch to the new currency smooth", including measures to prevent unwarranted price hikes.
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