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Europe Daily Bulletin No. 8048
Contents Publication in full By article 23 / 53
GENERAL NEWS / (eu) eu/enlargement

Solbes recommends that candidates focus on economic reforms necessary for accession rather than on Maastricht criteria for single currency

Budapest, 14/09/2001 (Agence Europe) - The Commissioner responsible for economic and financial affairs, Pedro Solbes, asked candidate countries on Friday not, at this early stage, to focus heir economic and budgetary policies on the aim of rapid accession to the euro zone after their entry to the EU, but to grant priority to adjusting and strengthening their economic structures and to respect of the economic criteria for EU membership. "Candidate countries should not try to meet the convergence criteria (Ed. Maastricht criteria) prematurely. In the run-up to accession, the candidates should concentrate primarily on furthering the process of structural and economic reform leading to strong, well-functioning market economies", said Mr Solbes in Budapest during a conference on the euro and enlargement (see yesterday's EUROPE, p.14). Thus, he said, the candidates will create the best conditions possible to be able to face up to competition on the single market in the enlarged Union, and to prepare for the euro. "I firmly believe that in the transition countries, implementing the economic reforms required for accession to the EU is the most proper way to prepare for EMU participation", repeated Mr Solbes. As far as the candidate countries' exchange policy is concerned, Mr Solbes recalled that these countries are not subject to any constraints before accession but that they should join the European Exchange Rate Mechanism (ERM-2) as soon as they join the EU. The participation in ERM-2 during at least two years is one of the convergence criteria to be respected for entering the euro zone, recalled Mr Solbes. Should the 2004 target be effectively kept for the first EU accessions, the future Member States will therefore be able to enter the euro zone from 2006 at the earliest.

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