Brussels, 05/12/2001 (Agence Europe) - In Brussels on Tuesday, European economy and finance ministers met their counterparts from the candidate countries to assess progress made by the latter regarding economic convergence and structural reforms. Furthermore, they discussed the integration of all the acquis communautaire relating to measures taken following the terrorist attacks.
The EcoFin Council and the thirteen ministers of the candidate countries adopted a joint statement in which they stress that the "candidate countries have made considerable progress regarding macroeconomic stabilisation and structural reforms in view of encouraging strong and sustainable growth", while acknowledging that they had to "take up great challenges regarding economic policy". They also note that "the events of 11 September have had a short-term economic and financial impact". The candidate countries are urged to pursue their efforts at reforms to put in place a "viable market economy" and meet the EU's competitive pressure and internal market forces ("Copenhagen economic criteria"). "The candidate countries must conduct macroeconomic policies and strategies regarding exchange rates that may play in favour of real and nominal convergence", says the statement.
Commissioner Pedro Solbes told a press conference that the exchanges of views had been on budgetary notification procedures and on pre-accession economic programmes (methods and statistics). He declared that this exercise had as aim "better to evaluate to what extent the financial systems of these countries are comparable with our own, and not to issue a certificate of good health". "Even if their annual GDP growth is much greater than in certain EU countries, it will take time before they catch us up", declared Solbes. Average per capita income in the thirteen candidate countries was 35.2% of the EU average in 2000, with Bulgaria and Romania trailing behind, whereas the richest are Cyprus and Slovenia. But Mr. Solbes stressed that a high living standard was not one of the conditions for joining the EU, recalling, in passing, that Greece, Portugal and Spain had, since joining, caught up part of the gap that separated them from the richest Member States. He explained that, like the current members of the EU, candidate countries had to meet the nominal convergence criteria ("they must all have coherent statistics on joining", he insisted) and not necessarily the real convergence criteria, "that we are all trying to improve". "Certain current Member States joined the EU with real convergence of 50% in relation to the average per capita income", he remarked. Only one candidate country is said to meet the 100% convergence criteria, and two or three are currently said to be at 75%, the Commissioner stipulated. Didier Reynders and Mr. Solbes recalled that, to be able to join EMU, countries had to meet conditions of monetary stability having been members of the exchange rate mechanism for two years.
In the joint statement, ministers forcefully reaffirm that it is important for all Member States and candidate countries to fully implement the Union acquis regarding the fight against terrorism, money laundering and financial crime, as well as the forty recommendations of the Money Laundering Financial Action Group.