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May 8, 2008

Publication: A report from the EU on the 10th anniversary

To mark the tenth anniversary of EU Economic and Monetary Union (EMU), the European Commission today issued a report that shows that the EU's "euro" currency has been a resounding success that has brought economic stability and generated trade and growth among its members. However, to reap the full benefits of the single currency, countries should work more closely together on economic policy and speak with one voice in the global arena.

"EMU is a solid construction and a remarkable achievement," said Joaquín Almunia, European Commissioner for Economic and Monetary Affairs. "But the experience of its first decade shows that economic policy decisions in one country may have important effects on others. Therefore we need to keep improving the economic governance of the euro area through strong and binding political commitments."

The European Commission today also gave the green light for Slovakia's adoption of the euro on January 1, 2009. Currently 15 members of the European Union are using the euro.

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