earlier calls that the remaining labour mobility restrictions for slovenian citizens in the euro area countries should be eliminated. such barriers do simply not belong to a single currency area. ladies and gentlemen, let me again congratulate slovenia for its successful integration with the euro area and the adoption of the euro. looking at the track record of sound economic policies in the past i am confident that the newest member of the euro area “ family ” will continue with responsible economic domestic policies, securing further stable and robust economic growth and pursuing efficiently the catching - up process. let me also reconfirm my hope that all euro area member states will do their best to further strengthen the economic integration in the euro area. this will have positive effects on economic growth and job creation for all 317 million people in the euro area today. finally, let me encourage all the new member states to pursue sound and consistent economic policies in order to achieve lasting real and nominal convergence. further progress in this field will hopefully allow us to welcome again new members to the euro area. thank you very much for your attention.

jean - claude trichet : thoughts on the euro area enlargement speech by mr jean - claude trichet, president of the european central bank, at the celebration “ welcome to the euro ”, ljubljana, 15 january 2007. * * * ladies and gentlemen, it is a great pleasure to be here with you today and celebrate the adoption of the euro in slovenia and, following the inclusion of greece in 2001, the second enlargement of the euro area since the introduction of the euro in then 11 eu member states on 1 january 1999. 1 january 2007 is a major landmark in the long and challenging economic and monetary integration process that brought slovenia into the euro area. the preparations to euro adoption demanded a lot of effort as well as political determination and commitment to pursue stability - oriented economic policies in slovenia. thanks to these policies, slovenia has made significant progress with regard to both nominal and real convergence in recent years and in 2006 managed to fulfil all economic and legal convergence criteria. at the same time, it has enjoyed high economic growth that made it possible to narrow the income gap vis - a - vis the euro area in terms of ppp from somewhat above 60 % of the euro area average in 1995 to close to 80 % now. let me congratulate the slovenian people on these remarkable achievements and let me warmly welcome you to the euro area. 1 january 2007 marks the beginning of a new economic era for slovenia. it does not, however, mark the end of economic challenges and the economic integration processes of your country into the rest of the euro area and the european union. in fact, like all other members of the euro area, slovenia has to make further efforts to intensify its economic integration within the euro area and i am confident it will do so. i will particularly stress that fiscal and structural policies become now even more important given that there is no longer the possibility to resort to independent domestic monetary or exchange rate policy. on this joyful occasion, i would like to share with you some thoughts on the euro area enlargement. contrary to occasional comments made, the current euro area enlargement clearly demonstrates that the euro area is not a closed club. instead its doors are open to any new eu member state that fulfils the necessary preconditions. let me recall that all countries that joined the european union in 2004 and 2007 became members of the economic and monetary union with a derogation. this means that they are not only entitled but expected to adopt