Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-10-24-Speech-2-297"

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"Sweden is currently one of the eleven Member States with derogations in relation to adopting the single currency. The Member States with derogations are obliged to adopt the euro as their currency, and to that end they must work towards meeting the convergence criteria laid down in the Treaty. Nevertheless, the Treaty does not set explicit time limits for the Member States to comply with that obligation. In the 2004 convergence report, the Commission concluded that Sweden met the price stability criterion, the criterion relating to the public budget situation and the criterion on the convergence of long-term interest rates. Nevertheless, in that same convergence report, the Commission concluded that Sweden did not meet the exchange rate criterion, which requires the country in question to have remained within the normal margins of fluctuation laid down in the exchange rate mechanism of the European Monetary System without any serious tensions and for at least two years prior to the assessment. Furthermore, in the 2004 convergence report, the Commission pointed out that the Swedish legislation was not fully compatible with Articles 108 and 109 of the Treaty. In view of this assessment, the Commission concluded that there was no need to modify Sweden's status as a Member State with a derogation in this area. In accordance with the Treaty, the Commission and the European Central Bank will publish the next convergence report before the end of this year. The new Member States have committed themselves to adopting the euro as soon as they comply with the criteria laid down in the Treaty. In this regard, Slovenia will enter the euro zone on 1 January 2007. Cyprus and Malta wish to join on 1 January 2008 and Slovakia on 1 January 2009, and other Member States, which had previously set specific targets, are in the process of revising them. In any event, as I said again at the beginning of my reply, with the exception of the two States with an opt-out clause - the United Kingdom and Denmark - the other Members of the European Union that have yet to adopt the single currency, and for which the derogation is in place, are obliged to adopt it and to work towards complying with the criteria, but there is no date by which they are obliged to have complied with them."@en1

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