The balance of payments outlook remains strong and resilient between April and now. A sharper than expected increase in non-oil imports has resulted in a widening of the merchandise trade deficit in the early months of 2007-08. The key difference between expectations and outlook relating to the external sector is the magnitude of capital inflows received so far.
As it is an irreversible decision, joining the euro area is a very important step requiring careful preparation. Every country will be assessed on its own merits and its own particular situation.