Press Release: Commission issues first report on the state of practical preparations for the further enlargement of the euro area

The European Commission issued on 10 November 2004 its first report on the state of practical preparations for the euro in the new Member States. Following the enlargement of the European Union, the adoption of the euro constituted the next major step in the further integration of the new Member States. The report showed that all 10 new EU States wished this to happen between 2007 and 2010. Three of them had already joined the EU's Exchange Rate Mechanism and a higher number had launched a selection procedure for the design of the national side of the euro. The introduction of the euro in the new countries was believed to be faster and even smoother than in the current eurozone members since an average of around 50% of the population had already used euro notes and coins.