PRESS RELEASE

ECB Convergence Report 2007

16 May 2007

At the request of Cyprus and Malta, the European Central Bank (ECB) publishes today its assessment of the economic and legal convergence of these two countries. The ECB’s Convergence Report examines whether a high degree of sustainable economic convergence has been achieved. In addition, it gauges compliance with the statutory requirements to be fulfilled for the national central banks to become an integral part of the Eurosystem (legal convergence).

In producing this report, the ECB fulfils the requirement 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 ECB’s Convergence Report can be obtained in 22 Community languages on the ECB's website (http://www.ecb.europa.eu).

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