2008-05-07
Convergence Report (May 2008) published today by the European Central Bank (ECB) presents the progress made by Lithuania and nine other European Union Member States in performing their obligations to participate in the Economic and Monetary Union (EMU), which uses the single currency euro.
The ECB’s Report examines whether Bulgaria, the Czech Republic, Estonia, Latvia, Poland, Lithuania, Romania, Slovakia, Sweden and Hungary achieved a high level of sustainable economic convergence. In addition, it assesses their compliance with the requirements of legal acts, which should be fulfilled by the national central banks in order to become an integral part of the Eurosystem (legal convergence).
In this Report, Slovakia is assessed in slightly more detail than other countries due to the fact that on 4 April 2008 the authorities of Slovakia submitted a request for the country assessment, taking into consideration the intentions to adopt the euro in the country on 1 January 2009.
Preparedness of these ten EU Member States to adopt the euro was also assessed today by the European Commission. It proposed Slovakia to join the euro area in 2009.