Press Release: Regular two-yearly Convergence Report shows uneven progress towards the enlargement of the euro area

The 2006 Convergence Report shows uneven progress towards the adoption of the euro in the new Member States. While Slovenia was found to meet all the criteria in June, the other countries ‘with a derogation’ (the Czech Republic, Estonia, Cyprus, Latvia, Hungary, Malta, Poland, Slovakia and Sweden) have advanced at different paces. Lithuania is not included in the report, its convergence process having been assessed earlier this year. “Although the road to the euro is proving more difficult than some may have thought originally, the reward is well worth the effort. First, because the policies required are desirable irrespective of the euro; second, because adoption of the euro consolidates the macroeconomic stability that is necessary for growth and jobs; and third, because a well-prepared country is more likely to flourish in a monetary union, as the experience of the current euro area members demonstrates,” said Economic and Monetary Affairs Commissioner Joaquín Almunia.