Brussels, May 7 - Slovakia would probably not have met the euro-adoption criteria had the European Commission not been critical of its fiscal policy in the past, said the EU's top economic official after the EC and the European Central Bank recommended earlier on Wednesday that the country should be allowed to join the eurozone.

EU Commissioner for Economic and Monetary Affairs Joaquin Almunia views such pressure from the Commission and ECB as positive, as countries are forced to adopt necessary reforms, meet required goals, keep inflation in check, and reduce fiscal and macro-economic imbalances.

Almunia is confident that Slovakia's economy will exploit eurozone membership in order to bolster its competitiveness and make sure that all its citizens benefit equally from good economic results. Although the EC gave Slovakia the green light based on the sustainable meeting of criteria, the country must continue to focus on keeping inflation under control while no longer having the benefit of the positive effects of the appreciation of its currency.

As for fears of inflation growth stated in the ECB report, Almunia said that the EC is aware of potential risks. "Our report is positive in its conclusions, we are aware of inflation risks ... and I'm confident that the Slovak authorities are aware of the need to keep inflation in check in the years ahead."

(TASR)

Photo: EU Commissioner for Economy and Monetary Affairs Joaquin Almunia addresses the media at the European Commission headquarters in Brussels, Wednesday May 7, 2008. (AP Photo/Yves Logghe)