Sabin Cutas interpellates Trichet about measures of ECB for adoption of euro in new EU states

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MEP Sabin Cutas, Conservative Party, PC, a member of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament interpellated on Monday Jean Claude Trichet, president of the European Central Bank, about the measures the European Parliament and the European Central Bank, ECB, will take in order to help the countries newly entered in the European Union to join the Euro zone, in the context in which the financial crisis makes more and more difficult the observance of the criteria in Maastricht.

„The stabilization of the economies in the euro area and the hopes of relaunch of the economic growth can give optimism also to the countries that have to join the Euro zone,” said Sabin Cutas, according to a press release. But, in the view of the MEP, „for the countries that newly entered into the European Union, the need to temper the recession comes into conflict with the need to observe the criteria in Maastricht.”

The current account deficits of the great majority of the EU member states are expected to pass the limit of three percent of GDP during 2009. Also, there is a stipulation of an average level of the public debt of 80 percent for the 27 member states,” he stressed.

He added that the increased impact of the crisis on the newly entrants is largely due to the differentiated policies between the euro zone and its non-member countries, such as the existence of asymmetries in the administration of liquidity and of the credits by the parent banks.

Jean Claude Trichet said, for his part, that he will do his best to support the new entrants in the EU to join the euro zone. He stressed that the setting up of the European Council of Systemic Risk, a part of the recent legislative package proposed by the European Commission for strengthening the financial supervision of the EU and which will have to monitor the risks in the financial system at a macro level, will allow a more intense cooperation at the level of economic policies among all the EU member states.

Trichet added he is against the modification of the criteria in Maastricht, which are, in his opinion, adequate for measuring the ability of the states to join the single currency. The exchange of opinions took place as part of the first Monetary Dialogue ECON-ECB of the current legislature of the European Parliament.

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