Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions and the European Bank. Second report on the practical preparations for the future enlargement of the euro area.

Abstract

First and foremost, a country’s successful entry into the euro area requires compliance with the “Maastricht” convergence criteria laid down in the EC Treaty. The degree to which the different countries have met the formal requirements allowing them to adopt the euro are evaluated by the Commission and the ECB in their regular Convergence Reports1. In addition to these Treaty requirements, a country’s entry into the euro area also entails carefully planned and extensive practical preparations, involving both the public and the private sector, as well as the public at large. In its first report on practical preparations (COM (2004)748 of 10 November 2004), the Commission committed itself to report on a regular basis, and at least once a year or whenever justified by specific developments, on the state of these preparations. This report notably presents the target dates which Member States have set for themselves for the adoption of the euro, the current state of practical preparations at national and Community level, and the state of public opinion in the recently acceded Member States. The present report is not linked to the Convergence Reports nor does it stem from any legal or other obligation. A Commission staff working paper, drawn up by the Commission services, is attached to this report, providing more technical details on the preparations.