Brussels, 05/01/2006 (Agence Europe) - In the economic domain, the Austrian Presidency will endeavour to maintain course on the new Lisbon Strategy. The implementation of the partnership approach, set out in June 2005 in the integrated guidelines for employment and growth 2005-2008, requires strong political will, stresses Austria in its six-month work programme. Building on the work of previous Presidencies, Vienna will put forward the Lisbon Agenda objectives at meetings of the Council and other appropriate Council groups. The Austrian Presidency wants to make definite progress in key areas, such as structural microeconomic and employment policies. Following up on the Hampton Court informal meeting on 28 October 2005, it will continue to work on behalf of R&D and the universities, and on answers to demographic and energy challenges. The traditional analysis of the Broad Economic Policy Guidelines (BEPG), and their possible revision, will take place for the first time in the light of national reform programmes, designed to ensure the optimal integration of the revised Lisbon objectives by Member States. As usual, the Ecofin Committee will prepare a detailed analysis for the European Council of 23 and 24 March.
As part of the implementation of the Stability and Growth Pact (SGP), Austria predicts that “2006 will be a critical year for a number of Member States” as they bring their budget deficits under control. Examination of Stability and Convergence Programmes by the Ecofin Committee over the period January to March could, in the event of a drift in public accounts, coincide with the application of the excessive deficit procedure. The College of Commissioners will begin its analysis on 11 January, with the updated Stability or Convergence Programmes of the United Kingdom, Sweden, Finland, Denmark, Slovakia, the Czech Republic and Hungary, a spokesperson told EUROPE. Depending on the situation, it could begin or continue the excessive deficit procedure against countries which fail to meet the terms of the Pact. In its autumn economic forecast, the Commission anticipated a public deficit above the 3% threshold in 2005 for Budapest (6.1%), Bratislava (4.1%), Prague and London (both 3.2%). Other sensitive cases, particularly those of Germany, France, Italy, Greece and Portugal, will be examined at a later date.
The Austrian and Finnish Presidencies will also begin the enlargement of the euro zone, of which they will make a detailed examination as soon as possible after June 2006 and according to Commission findings. The Commission will also make a rigorous assessment of how well the Maastricht Criteria have been observed, in particular in Estonia, Lithuania and Slovenia which plan to join the euro from 2007, said Joaquin Almunia in November, pointing out that he would only open the zone to properly prepared countries which met the criteria (EUROPE 9062). The Commissioner for Economic and Monetary Affairs said that there was no possibility of political discussion - the figures were there, it was just a matter of recording them. Seven member States from the latest enlargement - Malta, Cyprus and Latvia since May 2005, Lithuania, Estonia and Slovenia since June 2004 and Slovakia since November 2005 - are already engaged in the Exchange Rate Mechanism II (ERM II), the stage before the euro. This stage, which lasts at least two years, has to be gone through before adopting the euro, alongside the Maastricht convergence criteria.