Nothin' doing

The European Commission (EC) is pressing new member states to step up their single-currency campaigns.

In a report on new member states' practical preparations for entering the eurozone, the EC says that although a lot of work is underway in Estonia, Lithuania, Slovenia and Slovakia, many other countries are lagging behind. It also says countries need to take further steps to assuage consumer fears about price hikes after the euro adoption. 

Of the 10 new members states, the previously mentioned four have adopted comprehensive plans to prepare for the euro changeover. Poland, by contrast, has set no target date and has done almost nothing towards single-currency adoption. The report avoids assessing how well countries are meeting the Maastricht criteria, which will be assessed in a later report next year.

The EC is also very concerned about citizens' attitudes towards the single currency in the 10 new member states.

In a Eurobarometer survey, many recognized the benefits of the single currency, but three quarters of those surveyed said they were afraid of abusive prices during the changeover.

However, the EC insists that in the wake of the euro's introduction in 2002 a period of low interest rates, low inflation and price stability occurred.