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Since joining the European Union 22 years ago, Greece has seen several significant changes both in the domestic landscape and in foreign policy. With its active participation in shaping the EU to what is now, the country has moved from the sidelines to the center stage of global political and economic relations. And the most significant impact of EU membership has been the net influx of financial resources into Greece. Membership into the EU has meant not only participation in a highly competitive economic market but also the acceptance of a framework that is constantly evolving through the collaboration of the 15 member states. So, not only has the Greek economy transformed radically but so has the country's political and economic relations with the rest of the world. About 10 years following its entry into the EU, Greece has achieved an macroeconomic stability that led to acceptance into the pre-euro EMU (EU Monetary Union). That resulted in unprecedented monetary stability. In 1996, Greece intensified efforts to meet the criteria to join the common currency, the euro. Just four years after, the country lowered inflation and the fiscal deficit ratio that Greece was accepted as the 12th member of the so-called euro zone. At that time, Greece took much pride in meeting the criteria to join the common currency, contained in the Maastricht Tretay, in so short a time. Since then, the country has greatly narrowed its gap with the European Union's old guard. Yet, the country is not taking things easy. Last year, Prime Minister Costas Simitis stressed that there was still much work to be done "to ensure a creative path to the future." "We need a more competitive economy and above all we must acquire greater effectiveness in public administration, education, health and combat unemployment," he stressed.
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