Activites

• 2006/07/15 Final act published in Official Journal
  • Decision 2006/495
  • OJ L 195 15.07.2006, p. 0025-0027
• #2741
• 2006/07/11 Council Meeting
• 2006/07/11 End of procedure in Parliament
• 2006/07/11 Act adopted by Council after consultation of Parliament
• #2738
• 2006/06/16 Council Meeting
• 2006/06/15 Results of vote in Parliament
  • Results of vote in Parliament
  • T6-0268/2006 summary

    The European Parliament adopted a resolution drafted by Werner LANGEN (EPP-ED, DE) approving the proposal on the adoption by Slovenia of the single currency on 1 January 2007. (Please see the summary of 30/05/2006.) The report was adopted by 490 votes in favour to 13 against with 63 abstentions

• 2006/06/13 Committee referral announced in Parliament, 1st reading/single reading
• #2734
• 2006/06/07 Council Meeting
  • 2734 summary

    The Council held a debate on:reports by the Commission and the European Central Bank on fulfillment by Slovenia and Lithuania of convergence criteria and their obligations regarding economic and monetary union;a proposal aimed at allowing Slovenia to join the euro area as from 1 January 2007.The presidency will report on the outcome of the Council’s discussion to Heads of State/Government at a meeting in the margins of the European Council on 15 and 16 June.In its reports, the Commission finds that:-       Slovenia has achieved a high degree of sustainable convergence. The proposal for a Council decision would allow Slovenia to adopt the euro as its currency by abrogating what is considered as a derogation as from 1 January 2007;-       Lithuania has made significant progress towards reaching a high degree of sustainable convergence by meeting the criteria on public finances, exchange rate stability and long-term interest rates, but does not, as yet, meet the criterion on price stability. The Commission finds that the 12-month inflation average in Lithuania has been above the reference value since April 2005 and is likely to stay above it in the months ahead.The Commission and the ECB are due to present in October their two-yearly convergence reports, as required by Article 122(2) of the Treaty. The requests by Slovenia and Lithuania for an earlier assessment are intended to allow sufficient time for preparations for introduction of the euro on 1 January 2007, should a decision be taken allowing them to do so.The proposal aimed at allowing Slovenia to join the euro area, also based on Article 122(2), will require a decision by the Council, by qualified majority if necessary, after consulting the European Parliament and discussion at a Council meeting in the composition of Heads of State/Government.Twelve out of the EU’s 25 Member States currently use the euro as their currency: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Austria and Finland. Euro notes and coins were introduced in all twelve countries on 1 January 2002.Under the Commission’s proposal, Slovenia would be the first to join the euro area out of the ten member states that joined the EU on 1 May 2004.

• 2006/06/01 Committee report tabled for plenary, 1st reading/single reading
  • A6-0200/2006
• 2006/05/30 Vote in committee, 1st reading/single reading
• 2006/05/16 Legislative proposal published
  • COM(2006)0225 summary

    PURPOSE : to enable Slovenia to adopt the euro on 1 January 2007.PROPOSED ACT : Council Decision.CONTENT : the Commission concluded that Slovenia has achieved a high degree of sustainable economic convergence with the other Member States and that it fulfils the necessary conditions to adopt the euro. On the basis of its Convergence Report, the Commission is proposing to the Council that Slovenia adopts the euro on 1 January 2007. The final decision will be taken by EU finance ministers in July, after consultation of the European Parliament, and following a discussion by the Heads of State or Government at their summit in June.On 2 March, Slovenia submitted a request for an early convergence assessment, in order to have sufficient time for the final preparations to introduce the euro on 1 January 2007 in case the derogation were to be abrogated. As a response to this request, the Commission and the ECB prepared convergence reports for Slovenia.The main results of the Convergence report are as follows:Inflation : the average inflation rate in Slovenia during the 12 months to March 2006 was 2.3%, below the reference value of 2.6%. Slovenia has respected the reference value since November 2005 and, based on the present outlook, is likely to continue to do so in the coming months.Governmentbudgetarysituation : since EU accession, Slovenia has never been subject to an Excessive Deficit Procedure. Its general government deficit declined in 2004 and 2005 due to a combination of cyclical factors and policy measures, reaching 1.8% of GDP last year. General government debt remains well below the Treaty threshold at slightly below 30% of GDP. According to the Convergence Programme of December 2005, the budgetary strategy is to gradually reduce the government deficit to 1% of GDP in 2008.Exchangerate : the Slovenian tolar has participated in ERM II since 28 June 2004. During the two years before the convergence examination, the tolar has remained close to its ERM II central rate.Long-terminterestrates : since ERM II entry in June 2004, the spread of long-term government bond yields vis-à-vis the euro area remained contained between 10 and 70 basis points, reflecting the credibility of Slovenia's convergence process. The 12-month average of long-term interest rates showed a steady decline over the whole assessment period. In the year to March 2006, the average long-term interest rate in Slovenia stood at 3.8%, well below the reference value of 5.9%. Legalconvergence : Slovenia is now compatible with the requirements of the Treaty and the ESCB/ECB Statute.

  • DG [{'url': 'http://ec.europa.eu/dgs/economy_finance/index_en.htm', 'title': 'Economic and Financial Affairs'}],

Documents

• Legislative proposal published: COM(2006)0225
• Committee report tabled for plenary, 1st reading/single reading: A6-0200/2006
• Debate in Council: 2734
• Results of vote in Parliament: Results of vote in Parliament
• Decision by Parliament, 1st reading/single reading: T6-0268/2006
• : Decision 2006/495
• : OJ L 195 15.07.2006, p. 0025-0027

History

(these mark the time of scraping, not the official date of the change)