The Commission has called on the new member states to step up efforts towards introducing the euro. This should include promoting the common currency as public support for it is decreasing.
According to the Commission's second report on the practical preparations of the new member states for the adoption of the euro, four out of the ten countries have already adopted comprehensive changeover plans (Estonia, Lithuania, Slovenia and Slovakia), but even in these states practical preparations "need to be stepped up". The changeover plans cover the logistical issues related to the so-called 'big bang' introduction of the euro notes and coins simultaneously with the adoption of the common currency as legal tender, but work still needs to be done to convert computer and bookkeeping systems in the public and private sectors.
The preparations should also include the provision of better information to the citizens, as public support for the euro's adoption is on the decline in these states.
The target dates for the euro's introduction are as follows:
- 1 January 2007: Estonia, Lithuania and Slovenia
- 1 January 2008: Cyprus, Latvia and Malta
- 1 January 2009: Slovakia
- 2010: Czech Republic and Hungary
- Poland has yet to set a target date
This report does not deal with the assessment of whether or not the new member states' have fulfilled the Maastricht criteria. That issue will be dealt with in the Commission's and the European Central Bank's convergence reports, due out in 2006. The new member states are legally obliged to adopt the common European currency.
By: N. Peter Kramer
