Mr President, Commissioner, ladies and gentlemen, on behalf of the Committee on Economic and Monetary Affairs, we wish to make our contribution to this debate. There is a debate, which is often fuelled here or there, to find out if we should examine the process for the accession of candidate countries to the Union with regard to the criteria for real convergence or for nominal convergence. The Committee on Economic and Monetary Affairs considers that this is not the real debate. We wish to ensure that there is both real and nominal convergence. Looking at the Copenhagen and then the Maastricht criteria, we feel that they contain the bulk of what we need to ensure that the accession of candidate countries progresses in favourable conditions, i.e. with respect for the interests of both sides, the candidate countries and the current members of the European Union. But if we want matters to progress smoothly, we must firstly foster real convergence, and in order to do that, we feel that the European Union must also contribute towards gradually upgrading the candidate countries’ production base. The figures are impressive. Probably, according to the latest available estimates, it will take EUR 200 billion to bring the candidate countries’ infrastructures and environment up to being in a position to experience real convergence, i.e. promoting a higher level of investment in order to enable these countries’ economies to meet the Copenhagen criteria. We also think it appropriate for there to have to be some flexibility when examining the criteria for the reduction in the inflation rate or the exchange rate pegging. These are the elements for nominal convergence and, as we have seen from our experience within the European Union, this type of convergence may itself also contribute towards promoting real convergence. The experiences of Italy and Portugal obviously come to mind, and we can observe the same phenomenon with regard to the candidate countries, but for that a certain amount of flexibility is necessary in order to enable the necessary adjustments in the catch-up process. This is particularly valid with regard to the matter of prices. With this in view, we feel it is essential to implement a genuine macroeconomic dialogue among peers, among fellows, at the level of Ministers for Finance and the central banks, even before accession, and, no doubt, not only regarding the monetary issues, but also on what within the European Union we term the coordination of economic policy. This coordination covers questions of common interest, questions of unemployment, innovation, and the use of government revenue. The Committee on Economic and Monetary Affairs also thinks particular attention must be paid to upgrading monitoring systems in the as yet embryonic prudential and banking sector, which represents a potential risk for access to the financing of small- and medium-sized businesses. Finally, in Mr Brok’s report, Parliament requests that the liberalisation of capital, particularly in the short term, should be carried out gradually in order to prevent any speculative phenomena on the exchange markets. One final point, Mr President, regarding the implications of membership of the euro area, which we think is both a right and a duty. Once the conditions have been fulfilled, there is no reason why either candidate countries or the countries currently members of the euro should object to candidate countries entering the third stage of Economic and Monetary Union. Much more than this, that membership will establish a commitment to the political project and to the close coordination of economic and social policies. Monetary Union is not merely a monetary area. It is also an economic and monetary union. Mutual interest means no waiver for these countries, but as far as we are concerned too there should be nothing exclusive about membership of the euro area as long as the criteria which we have defined among ourselves are met. These countries aspire to join the European Union according to the criteria which we have defined collectively.

Political group: PSE