Communication from the Commission to the council, the European Parliament, the European Ecomonic and Social committee, the committe of the regions and the European Central Bank.

Abstract

The eventual introduction of the single currency will be a milestone event for all future euro-area entrants, just as it was for the countries in the present euro area. The new Member States joined the European Union as “Member States with a derogation”1 by virtue of Article 4 of the Accession Treaty. The eventual adoption of the single currency forms part of the requirements laid down in the Treaty and these countries will therefore introduce the euro as soon as they have fulfilled the necessary conditions. Many of the newly acceded Member States have indicated that they would like to join the euro area as soon as possible, and are therefore making efforts to comply with the entry conditions, notably the “Maastricht” convergence criteria, which are designed to ensure sustainable economic convergence of all future euro-area entrants. The preparations for the practical introduction of the euro have taken nearly six years in the countries which are presently part of the euro area. New Member States must therefore start preparing themselves in order to be ready in time and to ensure a smooth changeover.