Brussels, 09/03/2000 (Agence Europe) - The Community institutions concerned (Council Presidency, European Commission, European Central Bank) received on Thursday morning the request by Greece to join the euro area by entering the third stage of Economic and Monetary Union. The Commission spokesman released the following statement.
"EU Commission President Romano Prodi and Pedro Solbes, Commissioner for Economic and Monetary Affairs, welcome today's application by the Greek Government to join the third stage of Economic and Monetary Union. An enlarged EMU area will be positive both for the euro-zone area and for the countries joining. This application comes close after the positive Council decision in November 1999 on the abrogation of Greece's excessive deficit and the Council's opinion on the Greek convergence programme in January 2000. The Commission will examine the progress made by Greece in fulfilling the convergence criteria set out in the Treaty in good time and make a recommendation to the Council."
The Greek Government set out the following tentative timetable for the rest of the procedure:
- 3 May, the European Commission and European Central Bank could approve their report and recommendation;
- Parliament could express its view at the plenary session opening on 15 May in Strasbourg;
- the Economy/Finance Council could state its opinion at its sitting on 5 June;
- the European Council could take the final decision at its session on 19 and 20 June in Oporto.
The Commission, said the spokesman, cannot made a commitment to this timetable, which does not depend on it alone, but it is of the view that it is reasonable and can be met. The Commission's analysis will obviously focus primarily on respect for the Maastricht criteria. It must in any case draw up a convergence report on the two countries not participating in the euro without having a derogation (Greece and Sweden).
"This is a historic moment for our country, it is an era of security, stability and prosperity that is beginning", declared Greek Prime Minister Costas Simitis. Finance Minister Yannos Papantoniou said the rate of growth in his country (between 4.5% and 5%, i.e. at least two points less than the average for the euro area) will enable it to converge gradually towards the situation of the other euro area countries and join the front runners within around 10 years.