However, the report does contain some rather optimistic calculations with regard to growth in tourism thanks to a common currency area.

This prosperity could well be jeopardized through the creation of a common currency area in a region which is not optimal.

Harmonisation is necessary in view of the single market and the fact that, to a large extent, we live in a common currency area.

These criteria must be fulfilled in order to join the common currency area, and fulfilment of them is sufficient in order to do so.

So the previous reasons for fears of floating might make the idea of common currency area more alluring to the would-be entrants of the euro zone.

There is furthermore a Stability and Growth Pact (SGP) among members of the Eurozone (common currency area) intended to co-ordinate the fiscal policies of member states.

Mr President, the convergence criteria formulated 15 years ago, when the Member States still had national currencies and separate monetary policies, should be adapted to the current situation, in which the new Member States are joining an existing common currency area.