christian noyer : presentation of the ecb convergence report 2000 introductory statement by mr christian noyer, vice - president of the european central bank, at the presentation of the ecb convergence report 2000 to the committee on economic and monetary affairs of the european parliament, brussels, on 3 may 2000. * * * it is a great pleasure for me to have the opportunity to present this year ’ s convergence report, prepared by the european central bank ( ecb ), to your committee. the report examines in - depth, with regard to greece and sweden, the achievement of a high degree of sustainable convergence, as well as compliance with the statutory requirements to be fulfilled by national central banks in order for them to become integral parts of the european system of central banks ( escb ). in producing this report, the ecb fulfilled the requirements of article 122 ( 2 ) in conjunction with article 121 ( 1 ) of the treaty to report to the council of the european union on the progress of member states with a derogation, with regard to their obligations concerning the achievement of economic and monetary union ( emu ). it will now be up to the council to decide, on the basis of the convergence reports prepared by the european commission and the ecb, and of the parliament ’ s opinion and a proposal from the european commission, whether or not the current derogation status of greece and sweden can be abrogated. in view of the comprehensive assessment provided in our report, it goes without saying that i can only touch upon its main conclusions. however, in the following discussion we should have an opportunity to consider in more depth one or other aspect in which you might be particularly interested. i should like, first, to refer to our assessment of economic convergence in greece and sweden and then to address the requirements of legal convergence. i. assessment of economic convergence in greece as far as economic convergence in greece is concerned, it is noted that greece achieved an average rate of hicp inflation of 2. 0 % during the reference period ( april 1999 to march 2000 ). this is below the reference value of 2. 4 %. looking back, a clear trend towards lower inflation is discernible in greece, with the cpi rate falling from 20. 4 % in 1990 to 2. 6 % in 1999. inflation in greece is now closer to a level which can generally be considered to be consistent with price stability. however, due attention needs to be paid to the fact that the recent reduction in inflation rates

: clear objectives, willingness to co - operate, and openness to “ newcomers ”. 1. from the beginning, europe has been set on a clear course and sailed with a clear mission. this is to achieve prosperity, peace, and stability for the citizens of europe. 2. member states work together as a team. they are willing to pool their specific abilities and national sovereignties. in a co - operative manner - unparalleled to any international organisation - they overcome differences and manage diversity. they share the conviction that they should find european solutions to european problems. the eurosystem is a perfect example for the co - operative approach that characterises the union. 3. europe has always been open for new member states. membership is neither limited nor exclusive. clear rules and procedures pave the way for newcomers to join the union. over time, the ship has grown in size and quality. new members joined and new competencies were acquired. in the nineties, the ship was given an important additional mast. this new mast is monetary union. its strong sails push the ship further. they reinforce the strength of the eu and generate stability. in the coming months, this ship will be restructured considerably and will expand its crew significantly. it is doing this at sea. the day - to - day work of the eu continues ; there is no break or pause that allows for practices or trial runs. the key challenge is to accomplish these tasks while keeping the three qualities. these qualities are worth maintaining. they have made the eu to what it is today. let me now concentrate on the first task, the constitution. the constitution the eu has diverted from its traditional path of recurring treaty reforms. it has decided to give itself a constitution. those of you who come from central and eastern european countries will be familiar with a process of adopting a constitution. in your countries the new constitutions have laid the foundation for an open society and democratic institutions. in the case of the eu, the new constitution does not signify the start of a new political era. why then has the eu embarked on a constitutional process? speaking as an outside observer to the process, it seems to me that the constitution is to serve two purposes. the first purpose is renovation. the eu has to be made fit for the future. it needs wellfunctioning decision - making procedures and effective institutions. this is not only in view of enlargement but also in order to adapt to new international demands and changing economic