Activites

• 2008/07/24 Final act published in Official Journal
  • Decision 2008/608
  • OJ L 195 24.07.2008, p. 0024
• #2882
• 2008/07/08 Council Meeting
• 2008/07/08 End of procedure in Parliament
• 2008/07/08 Act adopted by Council after consultation of Parliament
• #2880
• 2008/06/19 Council Meeting
• 2008/06/17 Results of vote in Parliament
  • Results of vote in Parliament
  • Debate in Parliament
  • T6-0287/2008 summary

    The European Parliament adopted, by 579 votes to 17 and 86 abstentions, a legislative resolution approving, in the framework of the consultation procedure, the Commission's proposal. Parliament favours the adoption of the euro by Slovakia on 1 January 2009.The report had been tabled for consideration in plenary by David CASA (EPP-ED, MT) on behalf of the Committee on Economic and Monetary Affairs. It notes that the ECB's 2008 Convergence Report identifies risks concerning the sustainability of the low inflation rate achieved. Parliament states that it is concerned about the discrepancies between the convergence reports of the Commission and the ECB as regards the sustainability of inflation. It recommends that the Slovak Government set up an observatory to monitor the price of a selected number of basic goods on a weekly basis so as to fight false perceptions about price increases. Members consider that ten years after the establishment of the Economic and Monetary Union, experience has shown that incentives to conduct structural reform decrease after joining the euro area, and that the issue of sustainability has increased in importance. Accordingly, the Slovak government is asked to do the following:to ensure the continuation of necessary structural reforms in labour, services and product markets, ensuring, in particular, increased labour mobility and investment in human capital;to ensure competition, particularly in sensitive sectors such as energy;to ensure, with the cooperation of the Slovak central bank, a stable low-inflation environment, which can be achieved through further fiscal consolidation, and a sufficiently tight fiscal policy with the aim of balancing the budget in the medium term. Social partners should keep wage growth in line with productivity growth in the foreseeable future;in view of the low support for the euro among Slovak citizens, to step up public information campaign aimed at explaining the benefits of the single currency and undertake all necessary steps in order to minimise price increases during the changeover period.Members reiterate their strongly held opinion that the Council and the Commission should adopt the position that an excessive deficit procedure concerning a Member State must have been closed before compliance with the Maastricht criteria is assessed as prescribed in Article 2 of the Protocol on the convergence criteria. They regret that the Commission has, once again, failed correctly to apply the Treaty in this regard. MEPs call on the Commission and the ECB to consider all aspects when recommending the final exchange rate for the Slovak korunaLastly, Parliament takes note of the efforts undertaken by all parties to improve the conditions under which Parliament exercises its right of consultation under Articles 121 and 122 of the EC Treaty in terms of information and timing and welcomes the initiative of the Committee on Economic and Monetary Affairs to organise a study visit to Slovakia to make its own assessment of the situation.

• 2008/06/05 Committee report tabled for plenary, 1st reading/single reading
  • A6-0231/2008
• #2872
• 2008/06/03 Council Meeting
  • 2872
• 2008/06/03 Vote in committee, 1st reading/single reading
• 2008/05/22 Committee referral announced in Parliament, 1st reading/single reading
• 2008/05/07 Legislative proposal published
  • COM(2008)0249 summary

    PURPOSE: adoption by Slovakia of the single currency on 1 January 2009.PROPOSED ACT: Council Decision.CONTENT: the European Commission considers that Slovakia 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 periodic Convergence Report adopted on 7 May 2008, the Commission proposes to the Council that Slovakia adopt the Euro on 1 January 2009, assuming that the Council will follow the Commission's recommendation for the abrogation of the excessive deficit procedure. The final decision will be taken by EU finance ministers in July 2008 after consultation of the European Parliament, and following a discussion by the Heads of State or Government at their summit in June 2008.The convergence report adopted by the Commission responds to a request for an assessment submitted by the Slovak authorities on 4 April 2008 to the Commission and the ECB. The main results of the Convergence report are as follows:1. In Slovakia, national legislation, including the Statute of the national central bank, is compatible with Articles 108 and 109 of the Treaty and the Statute of the ESCB/ECB.2. Concerning the fulfilment by Slovakia of the convergence criteria mentioned in the EU Treaty:the average inflation rate in Slovakia in the year ending March 2008 stood at 2.2%, which is well below the reference value, and it is likely to remain below the reference value in the months ahead, albeit with a narrowing margin;the budget deficit in Slovakia has seen a credible and sustainable reduction to below 3% of GDP. The Commission therefore recommends to the Council to abrogate the decision on the existence of an excessive deficit for Slovakia; Slovakia has been a member of ERM II since 28 November 2005. In the two-year period ending 18 April 2008, the Slovak koruna (SKK) has not been subject to severe tensions and Slovakia has not devalued, on its own initiative, the SKK bilateral central rate against the Euro;in the year ending March 2008, the long term interest rate in Slovakia was on average 4.5%,  which is below the reference value.The Council, acting on a recommendation from the Commission, abrogated the Council decision on the existence of an excessive deficit in Slovakia on 3 June 20 08.In the light of the assessment of the legal compatibility of its national legislation and of the fulfilment of the convergence criteria, the Commission proposes that Slovakia adopt the Euro in 2009.

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

Documents

• Legislative proposal published: COM(2008)0249
• Debate in Council: 2872
• Committee report tabled for plenary, 1st reading/single reading: A6-0231/2008
• Results of vote in Parliament: Results of vote in Parliament
• Debate in Parliament: Debate in Parliament
• Decision by Parliament, 1st reading/single reading: T6-0287/2008
• : Decision 2008/608
• : OJ L 195 24.07.2008, p. 0024

History

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