"Inflation, the state of the public balance, stability in exchange rates, rates of interest and legislative compatibility: with these five criteria, the EU commission reviews the progress made by the EU member countries which intend to enter the euro-zone. The "2006 Concurrence Report" published by the Executive states that "the progress made in the run-up to the adoption of the single currency in the new member states has been inconsistent" and however none fully meets the Maastricht requirements. The review revealed today is the first one to take into account the countries that joined the EU on May 1st 2004. According to the Brussels’ experts, "while in June Slovenia was already fulfilling all criteria" and can therefore adopt the euro from next year, "the other exempted countries (Czech Republic, Estonia, Cyprus, Latvia, Hungary, Malta, Poland, Slovakia and Sweden) have moved at a different pace". Lithuania has not been included in the report because its concurrence process has already been reviewed this year and turned out not to be completely satisfactory. Joaquín Almunia, commissioner for monetary affairs, explains: "Although the process towards the adoption of the euro is turning out to be harder than some originally expected, the reward is worth the effort. Firstly, because the attendant policies are desirable regardless of the euro"; secondly, because "the adoption of the single currency strengthens the macroeconomic stability that leads to growth and employment".
