Four new EU states signal interest in joining euro

[ze_dscherman]

Four of the 10 new European Union members could take the first step towards joining the euro by the end of the year, with the aim of adopting the single currency in 2007.



Cyprus, Estonia, Lithuania and Slovenia have indicated they could join the Exchange Rate Mechanism 2 - the waiting room for the single currency - later this year, the European Commission said.

That means they would have to fix their currency against the euro within a fluctuation band of 15 per cent, as part of their preparations for joining the euro.

If they also comply with the other membership criteria, including cutting national debt, controlling deficits and inflation and giving full independence to their national central banks, they could join in 2007.

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