Commission reports on countries' readiness to adopt the euro

On 4 June, the European Commission will publish its 2014 Convergence Report, which will examine whether any member state with a derogation from adopting the euro satisfies the conditions for switching to the single currency.

The 2014 Convergence Report will cover eight member states: Bulgaria, the Czech Republic, Croatia, Lithuania, Hungary, Poland, Romania and Sweden. In particular, the report will indicate whether Lithuania, which aims to adopt the euro in 2015, fulfils the criteria.

Background

Convergence Reports are issued by the European Commission and the European Central Bank every two years, or more often if a country intending to join the euro requests it. These reports assess whether member states with a derogation have achieved a high degree of sustainable economic convergence and whether their relevant legal provisions are fully compatible with the Treaty. The reports form the basis for the Council decision on whether a member state may join the eurozone.

All EU member states, except the UK and Denmark, are committed by the Treaty to adopt the euro once they fulfil the necessary conditions. Eighteen countries already share the single currency. This leaves eight EU members which still remain outside the eurozone (i.e. ‘member states with a derogation’).

The latest Commission and European Central Bank (ECB) Convergence Reports relating to all member states with a derogation were adopted in May 2012.

The 2014 Convergence Report will contain the Report from the Commission and the accompanying Staff Working Document with a more detailed analysis of the fulfilment of the conditions.

European Commission Vice President for Economic and Monetary Affairs and the Euro Olli Rehn is due to present the main findings of the Convergence Report at the midday briefing in the Commission's press room (to be confirmed). A press release, a memo and the report itself will be available on the day.

The sources

http://ec.europa.eu/economy_finance/publications/european_economy/convergence_reports_en.htm

http://ec.europa.eu/economy_finance/euro/adoption/index_en.htm

2. Euro 2011 (stockshots - ref. I-069117)

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