SOFIA (dpa-AFX) - The European Commission has published the 2024 Convergence Report in which it provides its assessment of the progress non-euro area Member States have made towards adopting the euro.
The report covers the six non-euro area Member States that are legally committed to adopting the euro: Bulgaria, Czechia, Hungary, Poland, Romania and Sweden.
The convergence criteria include price stability, sound public finances, exchange rate stability and convergence in long-term interest rates.
The report concludes that none of these Member States currently meets all of the criteria for joining the euro area. Bulgaria is the only country that fulfills all but one criterion and where national legislation can be considered to be compatible with the rules of the Economic and Monetary Union.
The report says that Sweden fulfills the price stability criterion.
Bulgaria and Sweden fulfill the criterion on public finances and Czechia is expected to fulfill it on the basis of the Commission report under Article 126(3) of June 19.
Bulgaria, Czechia and Sweden fulfill the long-term interest rate criterion.
Bulgaria fulfills the exchange rate criterion. None of the other Member States are a member of the Exchange Rate Mechanism, or ERM II. At least two years of participation in the mechanism without severe currency tensions is required before joining the euro area.
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