^Good to see strong growth in the €-zone (good for the economy and more likely that Sweden joins within the next 10 years).
In ralted news:
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Malta and Cyprus on countdown for euro
http://ec.europa.eu/news/economy/070516_1_en.htm
Malta and Cyprus are on target to join the eurozone after the commission today proposed that both countries should be allowed to adopt euro in 2008.
Following a thorough analysis, the European commission's verdict today is clear: both countries meet the necessary legal and economic conditions to join the euro (the "convergence criteria"). Provided they continue pursuing sound economic policies, they should be allowed to adopt the single currency on 1 January 2008. This proposal is key for Cyprus and Malta's bid to be a part of the eurozone. The next step will be the discussion of today’s recommendations by EU leaders at their summit on 21-22 June, with the final decision being made by EU finance ministers on 10 July. If ministers agree, there will be 15 countries using the single currency next year.
Cyprus clears final hurdle
Cyprus was judged to have met three of the requirements for joining as early as December 2006 and continues to do so. Its key challenge in the run-up to today's report was to address its outstanding areas of incompatibility with EU law. Full compliance was achieved in March this year, when the Cypriot parliament passed a law changing the rules governing Cyprus' central bank.
Malta "excessive deficit procedure" to be lifted
Apart from controlling inflation, a key challenge for Malta was to get its financial house in order, in line with the convergence criteria. This involved sustainably reducing both its annual budget deficits (excess government spending over and above its tax take) and inflation. Following successful consolidation of public finances by the Maltese authorities, the commission has given Malta the green light and is recommending EU finance ministers lift the excessive deficit procedure.
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