RAPPORT dwar il-proposta għal Deċiżjoni tal-Kunsill skond l-Artikolu 122(2) tat-Trattat dwar l-adozzjoni mis-Slovakkja tal-munita unika fl-1 ta' Jannar 2009

dwar il-proposta għal Deċiżjoni tal-Kunsill skond l-Artikolu 122(2) tat-Trattat dwar l-adozzjoni mis-Slovakkja tal-munita unika fl-1 ta' Jannar 2009

(COM(2008)0249 – C6‑0198/2008 – 2008/0095(CNS))

(Proċedura ta' konsultazzjoni)

Il-Parlament Ewropew,

–   wara li kkunsidra l-proposta tal-Kummissjoni lill-Kunsill (COM(2008)0249),

–   wara li kkunsidra r-rapport tal-Kummissjoni ta' l-2008 dwar il-konverġenza tas-Slovakkja (COM(2008)0248) u r-rapport tal-Bank Ċentrali Ewropew (BĊE) ta' Mejju 2008 dwar il-konverġenza,

–   wara li kkunsidra r-Rakkomandazzjoni għal Deċiżjoni tal-Kunsill li tabroga d-Deċiżjoni 2005/182/KE dwar l-eżistenza ta' żbilanċ eċċessiv fis-Slovakkja (SEC(2008)0572),

–   wara li kkunsidra r-riżoluzzjoi tiegħu tat-12 ta' Lulju 2007 dwar ir-rapport annwali għall-2007 dwar iz-zona ta' l-euro[1],

–   wara li kkunsidra r-riżoluzzjoni tiegħu ta' l-20 ta' Ġunju 2007 dwar it-titjib tal-proċess ta' konsultazzjoni tal-Parlament Ewropew fil-proċeduri ta' tkabbir ulterjuri taz-zona euro[2],

–   wara li kkunsidra r-riżoluzzjoni tiegħu ta’ l-1 ta’ Ġunju 2006 dwar it-tkabbir taz-zona ta’ l-euro[3],

–   wara li kkunsidra d-Deċiżjoni tal-Kunsill 2003/223/KE tal-21 ta' Marzu 2003 fuq l-emenda ta' l-Artikolu 10(2) ta' l-Istatut tas-Sistema Ewropea ta' Banek Ċentrali u tal-Bank Ċentrali Ewropew[4],

–   wara li kkunsidra r-riżoluzzjoni tiegħu tat-13 ta' Marzu 2003 dwar ir-rakkomandazzjoni tal-Bank Ċentrali Ewropew għal proposta għal Deċiżjoni tal-Kunsill dwar emenda ta' l-Artikolu 10(2) ta' l-Istatut tas-Sistema Ewropea tal-Banek Ċentrali u tal-Bank Ċentrali Ewropew[5],

–   wara li kkunsidra l-Artikolu 122(2) tat-Trattat KE, skond liema artikolu ġie kkonsultat mill-Kunsill (C6‑0198/2008),

–   wara li kkunsidra l-Artikolu 51 tar-Regoli ta' Proċedura tiegħu,

–   wara li kkunsidra r-rapport tal-Kumitat għall-Affarijiet Ekonomiċi u Monetarji (A6‑0231/2008),

A. billi s-Slovakkja kkonformat mal-kriterji ta' Maastricht skond l-Artikolu 121 tat-Trattat KE u l-Protokoll dwar il-kriterji ta' konverġenza msemmi fih,

B.  billi, għall-ewwel darba, delegazzjoni mill-Kumitat għall-Affarijiet Ekonomiċi u Monetarji tiegħu żaret is-Slovakkja biex tevalwa kemm dak il-pajjiż huwa lest biex jidħol fiz-zona ta' l-euro,

C. billi, għaxar snin wara li kienet stabbilita l-Unjoni Ekonomika u Monetarja, l-esperjenza wriet li l-inċentivi biex issir riforma strutturali jonqsu wara li pajjiż ikun issieħeb maz-zona ta' l-euro, u li l-kwistjoni tas-sostenibilità żdiedet fl-importanza,

1.  Japprova l-proposta tal-Kummissjoni;

2.  Huwa favur l-adozzjoni ta' l-euro mis-Slovakkja fl-1 ta' Jannar 2009;

3.  Jinnota li l-Artikolu 121 tat-Trattat KE jiddefinixxi l-kisba ta' livell għoli ta' konverġenza sostenibbli permezz ta' referenza għal kemm kull Stat Membru jkun issodisfa l-kriterji li ġejjin: il-kisba ta' livell għoli ta' stabbilità fil-prezzijiet; is-sostenibilità tal-pożizzjoni finanzjarja tal-gvern; l-osservanza tal-marġini normali ta' varjazzjoni previsti mill-mekkaniżmu tar-rata tal-kambju; kemm iddum il-konverġenza miksuba mill-Istat Membru u r-riflessjoni tal-parteċipazzjoni tiegħu fil-mekkaniżmu tar-rata tal-kambju tas-Sistema Monetarja Ewropea fil-livelli ta' rati ta' l-imgħax fuq perjodu twil ta' żmien;

4.  Jinnota li r-Rapport dwar il-Konverġenza tal-BĊE għall-2008 jidentifika riskji rigward is-sostenibilità tar-rata baxxa ta' inflazzjoni miksuba u jħeġġeġ sabiex jittieħdu l-passi meħtieġa biex tkun evitata l-inflazzjoni;

5.  Huwa mħasseb dwar id-diskrepanzi bejn ir-Rapporti dwar il-Konverġenza tal-Kummissjoni u tal-BĊE rigward is-sostenibilità ta' l-inflazzjoni;

6.  Jirrakkomanda li l-Gvern Slovakk iwaqqaf osservatorju biex jimmonitorja l-prezz ta' ċertu numru ta' prodotti bażiċi kull ġimgħa sabiex jikkumbatti l-perċezzjonijiet ħżiena dwar iż-żidiet fil-prezzijiet;

7.  Jistieden lill-gvern tas-Slovakkja biex jiżgura li jkomplu r-riformi strutturali meħtieġa fis-swieq tax-xogħol, tas-servizzi u tal-prodotti, waqt li jiżgura, b'mod partikulari, iktar mobbiltà fix-xogħol u investiment fil-kapital uman; jistieden lill-Gvern Slovakk biex jiżgura li jkun hemm il-kompetizzjoni, b'mod partikulari f'oqsma sensittivi bħall-enerġija;

8.  Jistieden lill-Gvern Slovakk biex jiżġura, bil-koperazzjoni tal-Bank Ċentrali Slovakk, ambjent stabbli b'inflazzjoni baxxa, li jista' jinkiseb permezz ta' aktar konsolidazzjoni fiskali, u politika fiskali stretta biżżejjed bl-għan li jibbilanċja l-baġit f'perjodu ta' żmien medju; jistieden lill-imsieħba soċjali fis-Slovakkja biex iżommu ż-żidiet fil-pagi konformi mat-tkabbir fil-produttività fil-futur prevedibbli;

9.  Jenfasizza li l-politiki fiskali fl-Istati Membri li jipparteċipaw fiz-zona ta' l-euro jridu jkunu konsistenti mal-prinċipji ta' governanza tajba fi kwistjonijiet fiskali;

10. Itenni l-fehma tiegħu, li jemmen fiha bis-sħiħ, li l-Kunsill u l-Kummissjoni għandhom jadottaw il-pożizzjoni li proċedura ta' żbilanċ eċċessiv li tikkonċerna Stat Membru trid tkun ingħalqet qabel ma tkun evalwata l-konformità mal-kriterji ta' Maastricht kif stabbilit fl-Artikolu 2 tal-Protokoll dwar il-kriterji ta' konverġenza; jiddispjaċih li, għal darb'oħra, il-Kummissjoni naqset milli tapplika korrettament it-Trattat f'dan ir-rigward;

11. Jistieden lill-Istati Membri biex iħallu lill-Kummissjoni tevalwa l-konformità mal-kriterji ta' Maastricht fuq il-bażi ta' dejta definita, attwali, affidabbli, u ta' kwalità għolja;

12. Huwa mħasseb minħabba li m'hemmx wisq appoġġ għall-euro fost iċ-ċittadini Slovakki; jistieden lill-awtoritajiet Slovakki, għalhekk, biex iżidu l-intensità tal-kampanja ta' informazzjoni pubblika bl-għan li tispjega l-benefiċċji tal-munita unika u biex jieħdu l-passi kollha meħtieġa biex jimminimizzaw żidiet fil-prezzijiet tul il-perjdou tal-bidla;

13. Jinnota l-isforzi li saru min-naħat kollha biex itejbu l-kundizzjonijiet li fihom il-Parlament jeżerċita d-dritt ta' konsultazzjoni tiegħu skond l-Artikoli 121 u 122 tat-Trattat KE f'termini ta' informazzjoni u kemm din tingħata fil-ħin u jilqa' l-inizjattiva tal-Kumitat għall-Affarijiet Ekonomiċi u Monetarji li jorganizza żjara ta' studju fis-Slovakkja biex hu stess jagħmel evalwazzjoni tas-sitwazzjoni;

14. Jistieden lill-Kummissjoni u lill-BĊE biex iqisu l-aspetti kollha meta jirrakkomandaw ir-rata tal-kambju finali għall-Koruna Slovakka;

15. Jistieden lill-Kunsill biex jinfurmah jekk ikollu l-ħsieb li jitbiegħed mit-test approvat mill-Parlament;

16. Jitlob lill-Kunsill biex jerġa' jikkonsultah jekk ikollu l-ħsieb li jemenda l-proposta tal-Kummissjoni b'mod sustanzjali;

17. Jagħti istruzzjonijiet lill-President tiegħu sabiex jgħaddi l-pożizzjoni tal-Parlament lill-Kunsill, lill-Kummissjoni, lill-Bank Ċentrali Ewropew, lill-Eurogrupp u lill-gvernijiet u l-parlamenti ta' l-Istati Membri.

• [1]      Testi Adottati, P6_TA(2007)0348.
• [2]       Testi Adottati, P6_TA(2007)0276.
• [3]       ĠU C 298 E, 8.12.2006, p. 249.
• [4]       ĠU L 83, 1.4.2003, p. 66.
• [5]       ĠU C 61 E, 10.3.2004, p. 374.

On 4 April 2008, Slovakia requested an assessment of the fulfilment of the necessary conditions to adopt the euro on 1 January 2009, pursuant to Article 122(2) of the EC Treaty. The substance of the Convergence Reports to be drawn up by the Commission and the ECB is governed by Article 121(1) of the EC Treaty and the Protocol on the convergence criteria annexed to the Treaty. Slovakia is currently a “Member State with a derogation”, thereby not a member of the euro zone.

Article 122(2) of the EC Treaty states that the Council, on the basis of the reports from the Commission and the ECB, after consulting the European Parliament and after discussion in the Council, meeting in the composition of the Heads of State or Government, shall, acting by a qualified majority on a proposal from the Commission, decide which Member States with a derogation fulfil the necessary conditions on the basis of the criteria set out in Article 121(1), and abrogate the derogations of the Member States concerned. On 7 May 2008 the Commission proposed that Slovakia adopts the euro in 2009.

The European Parliament has to examine the Convergence Report submitted and issue an opinion. In spite of considerable reservations on individual issues, your rapporteur recommends that the derogation be lifted with effect from 1 January 2009.

On the Convergence Criteria under Article 121(1) of the EC Treaty and detailed compliance with those criteria, particularly whether a high level of durable convergence has been reached:

1.  Compatibility of national legislation with Articles 108 and 109 and with the ESCB Statute

In order to eliminate incompatibilities highlighted in the 2006 Convergence Report, the Act on the National Bank of Slovakia was adjusted accordingly. The legal assessment carried out by the ECB and the Commission came to the conclusion that these changes have made the provisions fully compatible with the Treaty and the ESCB Statute. The criterion is met.

2.  Achievement of a high level of price stability

With an average inflation rate of 2.2% in the reference period (April 2007 to March 2008), Slovakia is clearly below the reference value of 3.2%. The criterion is fully met. However there remain doubts as regards the sustainability of a low inflation rate in Slovakia: Firstly, some factors that have contributed to a low inflation rate up to now might turn out to be of temporary nature. Inflation increased already to 3.6% in the March 2008. Secondly, the appreciation of the nominal exchange rate of the Slovak koruna has had a disinflationary effect which will end once the euro is adopted. Thirdly, the relatively low price level in Slovakia (58% of EU average in 2006) suggests potential for price rises in the long term. Against this background, your rapporteur considers it essential that the policy commitments adopted, such as the Declaration between employers and trade unions to keep wage growth in line with productivity growth and the government's commitment to reach a balanced general government budget by 2011, are adhered to.

3.  Sustainability of the government financial position

Slovakia's state deficit has been reduced in recent years and was in 2007, standing at 2.2% of GDP (forecast for 2008: 2.0%), well below the reference value of 3%. However doubts remain as to whether the low budget deficits in Slovakia are sustainable, in particular as against the background of robust growth rates in the last years, a tighter fiscal stance could have been possible, and expected lower growth rates in the future. The forecast for 2009 at 2.3% is already significantly above the national target of 1.7% of GDP. Moreover, the structural deficit is expected to deteriorate between 2007 and 2008, which is not in line with the Stability and Growth Pact.

The government debt-to-GDP ratio has declined significantly since 2000, mainly thanks to privatisation revenues, and stands, at 29.4% in 2007, well below the reference value of 60%.

A Council decision is currently in force to the effect that an excessive deficit exists in Slovakia. Under Article 2 of the Protocol on the Convergence Criteria, it is necessary that “at the time of the examination” the Member State concerned should not be the subject of a decision of the Council under Article 104(6) of the Treaty that an excessive deficit exists. The criterion will only be met if the Council decides to abrogate the excessive deficit procedure for Slovakia, which means that at the moment, and at the time of examination, the criterion is not met.

In its resolution of 18 June 2007 on improving the method for consulting the Parliament in procedures relating to enlargement of the euro zone, the European Parliament called on the Commission and the Council to adopt the position that any deficit procedure concerning a Member State must have been closed before compliance with the Maastricht criteria is assessed. Not being subject to an excessive deficit procedure is a significant test for Member States to prove they are able and willing to adhere to the Stability and Growth Pact which in itself is a fundamental part of EMU governance. The fact that once again an excessive deficit procedure had not been lifted prior to proposing the lifting of an abrogation for a Member State should therefore not be taken lightly.

4.  Compliance with the normal fluctuation margins of the Exchange Rate Mechanism II for at least the past 2 years

Slovakia has participated in the ERM II since 28 November 2005. The Slovak koruna has since then appreciated against the euro. With effect from 19 March 2007, the central rate of the Slovak koruna in the ERM II was revalued by 8.5% to reflect the appreciation. The Slovak koruna has further appreciated since and trades within the fluctuation margins but significantly above the current central parity. However, as in the last two years there has been no devaluation, the criterion is met.

5.  Durability of convergence, as reflected in long-term interest-rate levels

The average long-term interest rate in the reference period stood at 4.5%, clearly below the reference value of 6.5%. The criterion is met.

6.  Economic integration and convergence

According to Article 121(1), last section, also other factors relevant to economic integration and convergence, e.g. financial and product market integration and the balance of payments developments, must be examined.

The Slovakian economy is highly integrated into the EU, showing extensive trade and FDI relations with other Member States, and a financial sector that is substantially integrated into the EU economy. The external balance (i.e. the combined current and capital account of the balance of payments) has been highly volatile in recent years, while deficits could always be financed by large net FDI inflows. In 2006, Slovakia achieved a per-capita GDP in terms of purchasing power of 63.7% of the average for the EU-27. The criterion is met.

7.  Voting modalities in the Governing Council of the ECB

According to Article 10.2 of the ESCB Statute, the voting modalities in the Governing Council of the ECB shall change when the number of governors representing the National Central Banks (NCBs) of the euro area exceeds 15, which will be the case if Slovakia enters the euro zone.

The Council adopted in 2003 the Decision regarding the new voting modalities, based on an ECB Recommendation, providing for this change with the aim to maintain the ECB's Governing Council capacity for efficient and timely decision-making in an enlarged euro area. The Decision introduces a rotation system, based on a classification of countries into three categories depending on their size, as defined by GDP and banking activity. However the European Parliament in its resolution rejected the ECB Recommendation, reaffirming the existing rule whereby all governors of the NCBs in the euro area have full and unrestricted voting rights or alternatively introduce a system where operational decisions such as the setting of interest rates would be taken by an Executive Board enlarged to nine Members. The latter solution would however require a change of the EC Treaty.

Although the Governing Council of the ECB could decide by a two-thirds majority to postpone the start of the rotation system until the date on which the number of governors exceeds 18, your rapporteur is of the opinion that the modalities for the rotation system, e.g. in which order the voting rights will be rotating and the frequency of rotation, should be specified as soon as possible, in order to be prepared for further enlargements of the euro area.

8.  Consultation of the European Parliament

After finding it hard to carry out an unreserved, objective examination of the convergence criteria in line with the conditions set out in the EC Treaty on the adoption of the euro by Slovenia, Cyprus and Malta, the European Parliament adopted a resolution on improving the method for consulting the European Parliament in procedures relating to the enlargement of the euro zone. The Commission made some effort to give the European Parliament more time for its deliberation, by adopting the 2008 convergence report as soon as possible after the publication of deficit and debt data by Eurostat, that also consented to publish this data ahead of the legal deadline. These efforts are highly appreciated, nonetheless the timeframe for the European Parliament is still demanding.