EU Commission says EMU has brought stability

The European Commission has said in a report that the first five years of economic and monetary union have resulted in economic stability, but not sustained growth.

"Measured against the goal of securing macroeconomic stability, the first five years of EMU can be considered a success," the commission said in a report.

But it added that despite EMU's achievements, "the growth performance of the euro area has been disappointing in recent years".

Other conclusions of the report included that the EM