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Euro Entry to Get Harder for Wavering States, Portugal Says

  • Euro area is already core of integration, Santos Silva says
  • Joining later has to remain possible, Portuguese minister says
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European Union members that are reluctant to adopt the euro now may find it more difficult to join the currency union in the future if it deepens integration as planned, according to Portugal’s foreign minister.

The EU is already building closer ties on several layers and the so-called multi-speed process offers the advantage for members to decide where they want to participate, Augusto Santos Silva said Monday in an interview in Bloomberg’s Prague office. The potential pitfall is that, as euro nations prepare to further unify their economic policies, countries with their own currencies may need to exert more effort if they decide to join later, he said.