ECB Chief Praises Slovenia's Preparations for the Euro

The president of the European Central Bank (ECB) on Thursday praised the Slovenian central bank and the government for the job they have done in preparation for the 1 January adoption of the euro. "They have shown model cooperation with the ECB and other European institutions," Trichet said.

According to him, Slovenia has shown that "we are not a closed shop but an open shop," for all countries that manage to meet the Maastricht criteria for the adoption of the euro.
Yet he also pointed out that it was "abnormal that there are restrictions on Slovenia's workers" wanting to work in other countries of the eurozone.
For a free market to operate properly, there has to be free movement of goods and services as well as labour, he said. "It does not make economic sense to keep the barriers."
Trichet also told Slovenia to be mindful of labour costs and competitiveness. "By joining the eurozone, you are taking responsibility for price stability, which means a lot of commitments especially in fiscal terms."

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