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Slovenia authorised to join the euro zone (2007)

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Slovenia authorised to join the euro zone (2007)

The Council of the European Union recognises that Slovenia fulfils the conditions necessary to adopt the euro as of 1 January 2007. Slovenia is the first of the ten Member States which joined the European Union on 1 May 2004 to introduce the single currency.

ACT

Council Decision 2006/495/EC of 11 July 2006 in accordance with Article 122(2) of the Treaty on the adoption by Slovenia of the single currency on 1 January 2007 [Official Journal L 195, 15 July 2006].

SUMMARY

With this Decision the Council authorises Slovenia to introduce the euro on 1 January 2007. The Council notes that Slovenia fulfils the necessary conditions for the adoption of the single currency - i.e. the convergence criteria.

Fulfilment of the convergence criteria

On 2 March 2006, Slovenia submitted a formal request for a convergence assessment. The European Commission's conclusions are as follows:

  • Slovenian national legislation, including the Statutes of the national central bank, is compatible with Articles 108 and 109 of the Treaty establishing the European Community and with the Statutes of the European System of Central Banks (ESCB);
  • the average inflation rate in Slovenia in the year ending March 2006 remained stable at 2.3 percent, which is below the reference value, and is likely to continue to do so in the months ahead;
  • Slovenia is not the subject of a Council Decision on excessive government deficit;
  • Slovenia has been a member of the European Exchange-Rate Mechanism (ERM II) since 28 June 2004 and during that period the Slovenian tolar (SIT) has remained stable without any extreme fluctuations;
  • the long-term interest rate has remained, on average, at around 3.8 percent, i.e. below the reference value.

The European Commission deems that Slovenia has achieved a high degree of sustainable convergence by reference to these criteria. Slovenia consequently fulfils the necessary conditions for the adoption of the single currency.

Adoption of the single currency

The Council, acting by a qualified majority, notes with this Decision that Slovenia fulfils the necessary conditions for the adoption of the euro. The derogation in favour of Slovenia referred to in Article 4 [PDF] of the 2003 Act of Accession is repealed with effect from 1 January 2007. The Decision is addressed to the Member States of the EU.

References

Act

Entry into force - Date of expiry

Deadline for transposition in the Member States

Official Journal

Decision 2006/495/EC

15.7.2006

-

OJ C 195 of 15.7.2006

See also

For further information, please see the following websites:

  • European Central Bank: the national sides of Slovenian euro coins;
  • The introduction of the euro in Slovenia
  • Public opinion: the introduction of the euro in Slovenia and in the new Member States
  • European Commission, Directorate-General for Economic and Financial Affairs (DG ECFIN): the euro.

Last updated: 30.10.2006

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