Constancio: EU's 10 new members must curb deficits

- Central Banking staff
- 23 Apr 2004

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Vitor Constancio, the governor of the central bank of Portugal, said Friday that the 10 countries set to join the European Union on May 1 should remain outside the eurozone until their public deficits are well below the EU's three percent limit.

For the new members of the 15-state EU, "a deficit well below three percent should be achieved before joining the euro," Constancio told the Brussels Economic Forum, organized by the European Commission.

He is also member of the European Central Bank

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