EU leaders agree on Slovenia's euro entry

Leaders of the European Union (EU) on Friday in Brussels adopted a proposal to give Slovenia the entry into the euro zone from Jan. 1, 2007.

"Slovenia has achieved a high degree of sustainable convergence. The proposal to allow it to join the euro area will abrogate what is considered as a derogation as from 1 January 2007," said a statement issued by the EU leaders at a two-day summit.

EU finance ministers will make a final decision on Slovenia's accession at their monthly meeting on July 11.

If formally accepted, Slovenia will be the first of the EU's new member states to join the euro zone.

Meanwhile, the EU leaders refused to allow Lithuania to join the euro zone next year, saying that Lithuania has not yet met the inflation criteria for membership.

"The 12-month inflation average in Lithuania has been above the reference value since April 2005 and is likely to stay above it in the months ahead," said the same statement.

At present, 12 out of the EU's 25 member states use the euro as their single currency.

Source: Xinhua