Criteria which European Union member states must meet to adopt the euro as their currency
"Convergence criteria" redirects here. For the mathematical term, see Series (mathematics) § Convergence criteria.
The euro convergence criteria (also known as the Maastricht criteria) are the criteria European Union member states are required to meet to enter the third stage of the Economic and Monetary Union (EMU) and adopt the euro as their currency. The four main criteria, which actually comprise five criteria as the "fiscal criterion" consists of both a "debt criterion" and a "deficit criterion", are based on Article 140 (ex article 121.1) of the Treaty on the Functioning of the European Union.
Full EMU membership is only open to EU member states. However, the European microstates of Andorra, Monaco, San Marino and the Vatican City, which are not members of the EU, have signed monetary agreements with the EU which allow them officially to adopt the euro and issue their own variant of euro coins. These states had all previously used one of the eurozone currencies replaced by the euro, or a currency pegged to one of them. These states are not members of the eurozone and do not get a seat in the European Central Bank (ECB) or the Eurogroup.
As part of the EU treaty, all of the EU Member States are obliged to adhere to the Stability and Growth Pact (SGP), which serves as a framework to ensure price stability and fiscal responsibility, has adopted identical limits for governments budget deficit and debt as the convergence criteria. As several countries did not exercise a sufficient level of fiscal responsibility during the first 10 years of the euro's lifetime, two major SGP reforms were recently introduced. The first reform was the Sixpack which entered into force in December 2011, and it was followed in January 2013 by the even more ambitious Fiscal Compact, which was signed by 25 out of the then-27 EU member states.
Countries are expected to participate in the second version of the European Exchange Rate Mechanism (ERM-II) for two years before joining the Euro.
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The euroconvergencecriteria (also known as the Maastricht criteria) are the criteria European Union member states are required to meet to enter the third...
country became required to replace the leu with the euro once it meets all four euroconvergencecriteria, as stated in article 140 of the Treaty on the Functioning...
membership obliged it to join the eurozone once it fulfilled the euroconvergencecriteria. Prior to Croatian entry to the EU on 1 July 2013, Boris Vujčić...
Republic is bound to adopt the euro in the future and to join the eurozone once it has satisfied the euroconvergencecriteria by the Treaty of Accession...
euro in 2006. The convergence progress for the newly acceded EU member states is supported and evaluated by the yearly submission of the "Convergence...
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treaty. The transition will occur once the country meets all the euroconvergencecriteria; it currently meets three of the five. As the lev was fixed to...
although all but Denmark are obliged to join once they meet the euroconvergencecriteria. Among non-EU member states, Andorra, Monaco, San Marino, and...
obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergencecriteria, although not all participating states have...
also have to meet the EU's economic convergencecriteria (Maastricht criteria) before being allowed to adopt the euro; which at that time the UK's annual...
with the euro on 1 January 2014, after a European Union (EU) assessment in June 2013 asserted that the country had met all convergencecriteria necessary...
"Conditions for joining the euro area: convergencecriteria". European Council. Retrieved 2020-03-19. "Convergencecriteria". European Council. Retrieved...
denied approval to adopt the euro after requesting a convergence check. In December 2006, the government approved a new convergence plan, which pushed the expected...
from the ECB convergence report of June 2013. Sweden, Latvia and Ireland were the reference states. Reference values from the ECB convergence report of June...
finance ministers' meeting in July 2008. Slovakia fulfilled the euroconvergencecriteria. At 2.2%, Slovakia's twelve-month inflation was well below the...
to adopt the euro as its official currency. As such, the third stage is largely synonymous with the eurozone. The euroconvergencecriteria are the set...
However, the last of the five economic convergencecriteria, which need to be complied with in order to qualify for euro adoption, is the exchange rate stability...
institutions' unwillingness to deviate from a policy of euro adoption only after five Euroconvergencecriteria have been met. In 2011 the Bulgarian finance minister...
treaty has since obliged it to adopt the euro once the country is found to comply with all the convergencecriteria. However, one of the requirements for...
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from the ECB convergence report of June 2013. Sweden, Latvia and Ireland were the reference states. Reference values from the ECB convergence report of June...
19 September 2015. Retrieved 31 October 2009. "Introducing the Euro: convergencecriteria". Europa.eu. 7 December 2006. Retrieved 31 October 2009. "IMF...
these self-imposed criteria the UK would also have had to have met the European Union's economic convergencecriteria ("Maastricht criteria") before being...
economic imbalances and meet the nominal convergencecriteria. Slovenian euro coins "Slovenia and the euro". European Commission. Retrieved 2023-11-28...
States adopting the euro, to ensure that they did not only meet the Maastricht convergencecriteria at the time of adopting the euro but kept on complying...
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