PRESS RELEASE

ECB Convergence Report May 2006

16 May 2006

The European Central Bank (ECB) today publishes a Convergence Report which has been prepared following requests for a country examination from Slovenia on 2 March 2006 and Lithuania on 16 March 2006. For this purpose, the ECB uses the framework applied in the previous Convergence Reports produced by the ECB and the European Monetary Institute to examine whether a high degree of sustainable economic convergence has been achieved in the two countries concerned, as well as to gauge compliance with the statutory requirements to be fulfilled for national central banks to become an integral part of the Eurosystem (legal convergence).

In producing this report, the ECB fulfils the requirements of Article 122(2) in conjunction with Article 121(1) of the Treaty establishing the European Community to report to the Council of the European Union (EU Council) at least once every two years or at the request of a Member State with a derogation “on the progress made in the fulfilment by the Member States of their obligations regarding the achievement of economic and monetary union”. The same mandate has been given to the European Commission. The ECB’s Convergence Report was adopted by the General Council during a teleconference meeting on 15 May 2006. It was submitted on the same day by President Trichet to the EU Council. In parallel, it was also forwarded to the Presidents of the European Parliament and the European Commission.

The ECB’s Convergence Report can be obtained in 19 Community languages via the ECB's website (http://www.ecb.europa.eu).

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