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Document: Better Management Needed Despite Strengths of EU Economy

  • November 23rd, 2006
  • Posted by EUEditor

eu-flag-reduced.pngThe European Commission has released its 2006 review of the European Union economy, saying many countries in the Euro area have not fully adapted to the demands of a single monetary policy and currency.

Among criticisms: Some had missed the opportunity of falling interest rates to consolidate public finances; prices and wages had been adjusting too slowly to changes in cyclical conditions.

Despite such problems, over eight years the European currency had established itself as a strong and stable currency and emerged as one of the pillars of the international monetary system.

Twelve of the 25 EU Member countries are using the Euro – the “Euro area” : Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. Slovenia is to join in January 2007.

Check the document online: (access checked 22.11.06)