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EU Commission: Euro-zone, 7 countries on hold. They are Bulgaria, Czech Republic, Croatia, Hungary, Poland, Romania and Sweden

Bruxelles, 23 maggio: riunione del collegio dei commissari

(Brussels) Bulgaria, Czech Republic, Croatia, Hungary, Poland, Romania and Sweden “generally have remarkable nominal convergence but none of these countries currently meets all the formal requirements to join the euro-zone”. This is written in the nominal convergence report 2018, which looks at the progress made by the member states towards the adoption of the single currency. The Report concerns the seven member states that do not belong to the euro-zone and have legally committed to adopting the euro. Valdis Dombrovskis, deputy president in charge of the euro, states: “The euro has been created as a single currency for the whole of the EU. Therefore, accession to the euro-zone is open to all the EU countries, on condition they show to be committed. The EU Commission is willing to assist the states that are busy getting ready to successfully join the euro-zone by strengthening their economic and financial systems. As found, for instance, by the Convergence Report, Bulgaria already fulfils the nominal Maastricht criteria in terms of price stability, public finance and convergence of long-term interest rates. However, they should also meet the criteria that is a stable exchange rate”. Accession to the euro-zone is a rule-based process. The Report is based on convergence criteria, also known as “Maastricht criteria”, laid down by Article 140, paragraph 1, of the EU Treaty: price stability, sound public finances, stable exchange rates, and convergence of long-term interest rates.

 

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