Statement on Greece's Entry Into the Economic and Monetary Union

I congratulate Prime Minister Simitis and the Greek people on the decision today at the EU Summit in Portugal to bring Greece into the EU's Economic and Monetary Union (EMU), effective January 1, 2001. Reaching agreement to become a full member of the EMU a year before the euro currency is introduced demonstrates Greece's remarkable economic progress in recent years. This economic success complements Greece's increasingly active political role within the EU.

Through determination and hard work, Greece succeeded in meeting all the Maastricht Treaty economic criteria. Entry into the EMU is not the end of the race but the start of a challenging new phase of economic reform. We wish the Hellenic Republic every success as it moves ahead and hope this will usher in a new era of increased trade and investment between our two nations.