Economics focus

摘要

Even as they try to persuade their citizens to vote for member-hip of the European Union, the governments of the ten, mostly ex-communist, countries invited to join the EU in May 2004 are preparing for their next big challenge: adopting the euro. Many are eager to join, so as to reap the benefits of eliminating currency risk, lower interest rates than they now enjoy and (they fondly hope) faster economic growth. In theory, the question is not if, but when, these countries will join the euro: unlike Britain and Denmark, which are in the EU but not the single currency, they have no Maastricht treaty "opt-out". They are supposed to meet the same entry conditions as those set for the 12 current members of the euro area. As well as low inflation and long-term interest rates, budget deficits below 3% of GDP and government debt below 60% of GDP, that means they should spend at least two years in the EU'S exchange-rate mechanism, ERM2, keeping their currencies within a 15% band either side of a central rate against the euro.