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Extracts from the press conference by Joaquín Almunia on his report on the 10 years of Economic and Monetary Union

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In its report on 10 years of Economic and Monetary Union presented at a press conference on 7 May 2008 in Brussels, the European Commission said that the Euro has been and still is a resounding success, particularly welcome in these times of uncertainty and worrying increases in the prices of energy and food, but there is still work to be done. Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, told journalists that the Euro area's governance and coordination of economic policies should be improved. Finally, the Commissioner confirmed he recommended that the Council abrogates the excessive deficit procedures (EDP) for Italy and Portugal in the Euro area since their budget deficit fell below 3% of GDP in 2007 and is projected to remain below this ceiling also in 2008 and 2009, and for Slovakia and the Czech Republic outside the Euro area as well.
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Type: EbS   Reference: 57006   Date: 07/05/2008   Duration: 00:03:06
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