More EU countries to adopt the euro:
This article was originally published in Clinica
Four out of the ten new EU member states plan to adopt the euro currency by 2007 and the remaining six by 2010. Estonia, Cyprus, Lithuania and Slovenia are the frontrunners, according to the European Commission's first report on the state of practical preparation for the euro in the new member states. There are still questions over how the new currency will be introduced in these countries - either all at once, or with a transition period. The Commission report notes that the current euro area countries (except Greece) had a transitional period of three years, but the lessons drawn since show that this is neither necessary nor advisable for the new countries. A short or immediate transition strengthens the case for starting preparations at an early stage in order to allow a full changeover on "E-day", it says.