317:
EU member states in concern are suffering from interest rates significantly higher than the "GDP-weighted eurozone average interest rate", and at the same time by the end of the assessment period have no complete funding access to the financial lending markets (which will be the case for as long as a country is unable to issue new government bonds with 10-year maturity – instead being dependent on disbursements from a sovereign state bailout programme), then such a country will not qualify as a benchmark country for the reference value; which then only will be calculated upon data from fewer than 3 EU member states. In example, Ireland was found to be an interest rate outlier not qualifying for the reference value calculation in the assessment month March 2012, when it was measured to have a long-term interest rate average being 4.71 percentage points above the eurozone average – while at the same time having no complete access to the financial lending markets. When
Ireland was assessed again in April 2013, it was, however, deemed no longer to be an outlier, due to posting a long-term interest rate average only 1.59 percentage points above the eurozone average – while also having regained complete access to the financial lending markets for the last 1.5 month of the assessment period. A final relevant example appeared in April 2014, when Portugal likewise was found not to be an interest rate outlier, due to posting a long-term interest rate average being 2.89 percentage points above the eurozone average – while having regained complete access to the financial lending markets for the last 12 months of the assessment period.
322:
were completely compliant with the criteria at that point in time. As a majority of states were not in compliance, the
Council decided to delay the introduction of the euro by two years to 1 January 1999. In March 1998 a more positive second convergence report concluded that 11 out of 12 applying countries were prepared for the electronic introduction of the euro on 1 January 1999, with only Greece failing to qualify by the deadline. Subsequent convergence reports have so far resulted in an additional 9 EU member states complying with all criteria and adopting the euro (Greece, Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia, Lithuania and Croatia). The latest convergence report was published in June 2014, and checked for compliance in the reference year from May 2012 – April 2014, where Lithuania managed to fully comply – thus becoming the next 19th eurozone member. As the reference values for HICP inflation and long-term interest rates change on a monthly basis, any member state with a euro derogation has the right to ask the ECB for an updated compliance check, whenever they believe they have met all both economic and legal convergence criteria. For example, Latvia asked for such an extraordinary compliance check in March 2013 (outside the regular 2-year interval for automatic assessments).
1457:(based on precedent assessment cases) that "all states with HICP criteria values minimum 1.8% below eurozone average" should be classified to be "HICP outliers". Based on the 2014 EC Convergence report's classification of Cyprus with a HICP criteria value only 1.4% below eurozone average as a "HICP outlier", the Polish source accordingly also adjusted their "HICP outlier selection criteria" from April 2014 onwards, so that it now automatically classify "all states with HICP criteria values minimum 1.4% below eurozone average" as "HICP outliers". The European Commission never quantified what "significant below" means, which is why the Polish source attempts to quantify it based on precedent assessment cases, but this also mean it is uncertain whether or not the currently assumed 1.4% limit is correct – because it could perhaps just as well be 1.0%.
1391:
April, which would result in a data check for the HICP and
Interest rates during the reference year from 1 April to 31 March. Any EU Member State may also ask the European Commission to conduct a compliance check, at any point of time during the remainder of the year, with HICP and interest rates always checked for the past 12 months – while debt and deficit compliance always will be checked for the 3-year period encompassing the last completed full calendar year and the two subsequent forecast years. As of 12 September 2014, all of the remaining euro derogation states without an opt-out had not yet entered ERM-II, which mean it's highly unlikely any of them will ask the European Commission to conduct an extraordinary compliance check ahead of the publication of the next regular convergence report (scheduled for release in May/June 2016).
206:. However, EU member states with a HICP rate significantly below the eurozone average (and pre 1999 below "comparable rates in other Member States"), do not qualify as a benchmark country for the reference value and will be ignored, if it can be established its price developments have been strongly affected by exceptional factors (i.e. severe enforced wage cuts, exceptional developments in energy/food/currency markets, or a strong recession). For example, at the April 2014 assessment: Greece, Bulgaria and Cyprus with HICP values respectively 2.2, 1.8 and 1.4 percentage points below the eurozone average, were all found to have suffered from exceptional factors, and hence concluded to be outliers, causing the reference limit instead to be calculated based on the HICP values from the three states with the 4th to 6th lowest HICP values in EU.
1387:. The reason why the lime-green values are only estimates, is because the "outlier" selection – ignoring certain states from the reference value calculation – beside of depending on a quantitative assessment also depends on a more complicated overall qualitative assessment, and hence it can not be predicted with absolute certainty who of the states the commission will deem to be outliers. Thus, any selection of outliers by the lime-green data lines shall only be regarded as qualified estimates – which potentially could be different from those outliers which the commission would have selected if they had published a specific report at the concerned point of time.
1246:(i.e. one-off expenditures triggered by a significant economic downturn, or by the implementation of economic reforms that are expected to deliver a significant positive impact on the government's future fiscal budgets). However, even if such "special circumstances" are found to exist, additional criteria must also be met to comply with the fiscal budget criterion. Additionally, if the debt-to-GDP ratio exceeds 60% but is "sufficiently diminishing and approaching the reference value at a satisfactory pace" it can be deemed to be in compliance.
1379:
euro derogation, has the right to ask for a renewed compliance check at any time during the year. For this potential extra assessment, the table below feature
Eurostat's monthly recalculation of criteria values being used in the calculation process to determine the upper limit for HICP inflation and long-term interest rates, where a certain fixed buffer value is added to the moving yearly average for the three EU Member States with the lowest HICP figures (ignoring states classified as "outliers").
969:
456:
222:"1) The deficit ratio has declined substantially and continuously before reaching the level close to the 3% limit" or "2) The small deficit ratio excess above the 3% limit has been caused by exceptional circumstances and has a temporary nature (i.e. expenditure one-offs triggered by a significant economic downturn, or expenditure one-offs triggered by the implementation of economic reforms with a positive mid/long-term effect)"
1454:. Precedent assessment cases proof the second part of the outlier criteria also needs to be met, i.e. Finland had a HICP criteria value being 1.7% below eurozone average in August 2004 without being classified to be "HICP outlier" by the European Commission, and Sweden likewise had a HICP criteria value being 1.4% below eurozone average in April 2013 without being classified to be "HICP outlier" by the European Commission.
927:
410:
1143:
1059:
1014:
641:
553:
501:
161:
1185:
1101:
685:
597:
1328:
are significantly larger than the similarly averaged yield for the eurozone (which according to previous ECB reports means more than 2% above) and at the same time does not have complete funding access to financial markets (which is the case for as long as a government receives bailout funds), then such a state is not to be included in the calculation of the reference value.
302:, their 18 months of membership in the review period ending on 31 October 2006 was insufficient. As of 2014, all 29 times the subcriteria for ERM-membership length were found complied with by the commission, these cases had the particular observation in common, that the state had surpassed minimum two full years of ERM-membership either ahead of the
165:
1318:
eurozone (which according to ECB practice means more than 2% below), and if this low HICP rate has been primarily caused by exceptional circumstances (i.e. severe wage cuts or a strong recession), then such a state is not included in the calculation of the reference value and is replaced by the EU state with the fourth lowest HICP rate.
189:
250:(measured at its nominal value outstanding at the end of the year, and consolidated between and within the sectors of general government) relative to GDP at market prices, must not exceed 60% at the end of the preceding fiscal year. Or if the debt-to-GDP ratio exceeds the 60% limit, the ratio shall at least be found to have
185:
177:
60:
125:, 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
1327:
The arithmetic average of the annual yield of 10-year government bonds as of the end of the past 12 months must be no more than 2.0% larger than the unweighted arithmetic average of the bond yields in the 3 EU member states with the lowest HICP inflation. If any of these states have bond yields which
1390:
The national fiscal accounts for the previous full calendar year are released each year in April (next time 23 April 2015). As the compliance check for both the debt and deficit criteria always awaits this release in a new calendar year, the first possible month to request a compliance check will be
1317:
over the prior 12-month average must be no more than 1.5% larger than the unweighted arithmetic average of the similar HICP inflation rates in the 3 EU member states with the lowest HICP inflation. If any of these 3 states have a HICP rate significantly below the similarly averaged HICP rate for the
268:
233:
316:
Shall be no more than 2.0 percentage points higher than the unweighted arithmetic average of the similar 10-year government bond yields in the 3 EU member states with the lowest HICP inflation (having qualified as benchmark countries for the calculation of the HICP reference value). If any of the 3
1456:
In addition to the uncertainty related to the fact that the Polish source only evaluate the first requirement, there is also uncertainty related to the Polish quantification of what "significant below" means. For all assessment months until March 2014, the Polish source had adopted the assumption
1378:
The compliance check above was conducted in June 2014, with the HICP and interest rate reference values specifically applying for the last assessment month with available data (April 2014). As reference values for HICP and interest rates are subject for monthly changes, any EU member state with a
1245:
has deemed 3.5% to be close by in the past), then the criteria can still potentially be fulfilled if either the deficits in the previous two years are significantly declining towards the 3% limit, or if the excessive deficit is the result of exceptional circumstances which are temporary in nature
321:
The ECB publishes a
Convergence Report at least every two years to check how well the EU members aspiring for euro adoption comply with the criteria. The first full convergence report was published in November 1996, and concluded only 3 out of 15 EU member states (Denmark, Luxembourg and Ireland)
263:) – because if this is the case they will then rule an "exempted compliance". If a state is found by the commission to have breached the debt criteria (without this breach solely being due to "exempted causes"), they will recommend the Council of the European Union to open up a debt-breached
258:
in
December 2011, requiring the states in breach of the 60% limit to deliver – either for the backward- or forward-looking 3-year period – an annual debt-to-GDP ratio reduction of at least 5% of the part of the benchmark value being in excess of the 60% limit. If both the 60% limit and "debt
277:
Applicant countries should not have devalued the central rate of their euro pegged currency during the previous two years, and for the same period the currency stability shall be deemed to have been stable without "severe tensions". As a third requirement, participation in the
192:. The precise definition and method of measuring compliance was subsequently further developed by the EMI (later known as ECB) in their first three reports published in April 1995, November 1995 and November 1996. The full definition of the five criteria are summarized below.
215:
The ratio of the annual general government deficit relative to gross domestic product (GDP) at market prices, must not exceed 3% at the end of the preceding fiscal year (based on notified measured data) and neither for any of the two subsequent years (based on the
1382:
The black values in the table are sourced by the officially published convergence reports, while the lime-green values are only qualified estimates – not confirmed by any official convergence report – but sourced by monthly estimation reports published by the
220:'s published forecast data). Deficits being "slightly above the limit" (previously outlined by the evaluation practice to mean deficits in the range from 3.0 to 3.5%), will as a standard rule not be accepted, unless it can be established that either:
259:
reduction benchmark rule" is breached, the commission will finally check if the breach has been caused only by certain special exempted causes (i.e. capital payments to establishment of common financial stability mechanisms, like the
1904:"European Economy no.65 (three reports): 1) Commission's recommendation concerning the third stage of economic and monetary union. 2) Convergence Report 1998. 3) Growth and employment in the stability-oriented framework of EMU"
1452:(2) This "significant below" HICP to stem from adverse price developments from exceptional factors (i.e. severe enforced wage cuts, exceptional developments in energy/food/currency markets, or a strong recession)
1445:
A particular high uncertainty exists for the Polish selection of HICP outliers, as it is only based upon evaluation of the first part of the official outlier criteria. The official outlier criteria require both
347:
286:(EMS) for two consecutive years is expected, though according to the Commission "exchange rate stability during a period of non-participation before entering ERM II can be taken into account." For example,
304:"final approval date (following approximately 1.5 month after the publication of the convergence report) where their currency exchange rate would be irrevocably fixed by the Council of the European Union"
102:. 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
169:
2038:[Bulgaria meets all criteria, only inflation remains for eurozone membership, according to the regular convergence reports for 2024 of the European Commission and the European Central Bank].
290:
was deemed to have converged with only 15 months as an ERM-member, as measured on the last day in the review period of the convergence report. Meanwhile, the
European Commission concluded that for
152:, which was signed in February 1992 and entered into force on 1 November 1993, outlined the five convergence criteria EU member states are required to comply with to adopt the new currency, the
2036:"България покрива всички критерии, остава само инфлацията за членство в еврозоната, според редовните конвергентни доклади за 2024 г. на Европейската комисия и на Европейската централна банка"
1279:(CBA), obliging them to exchange monetary liabilities and euro at the official exchange rate 1.95583 BGN/EUR without any limit. The CBA was introduced on 1 July 1997 as a 1:1 peg against
745:
should consider granting new EU member states which are having difficulty complying with all five convergence criteria the option to "partially adopt" the euro, along the lines of the
340:
59:
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
2291:
797:
2382:
333:
52:
2360:
181:
64:
2614:
2404:
2338:
2565:
2486:
2053:
1671:"Specifications on the implementation of the Stability and Growth Pact, and Guidelines on the format and content of Stability and Convergence Programmes"
746:
204:
the unweighted arithmetic average of the similar HICP inflation rates in the 3 EU member states with the lowest HICP inflation plus 1.5 percentage points
95:
2132:
790:
536:
2035:
2177:
2101:
2079:
1478:
2515:
1878:
1642:
753:
outside the EU. These states would gain the right to adopt the euro and issue a national variant of euro coins, but would not get a seat in
2118:
184:. Aside from the renumbering, no significant change have happened to the content of the "convergence criteria article" and its referred to
1314:
812:
197:
2269:
783:
750:
75:
2457:
2426:
1977:
376:
1696:"POLICY POSITION OF THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK ON EXCHANGE RATE ISSUES RELATING TO THE ACCEDING COUNTRIES"
1426:
850:
381:
279:
137:
254:. This "satisfactory pace" was defined and operationalized by a specific calculation formula, with the entry into force of the
2151:
1819:
1787:
1293:
160:
and ensure it wasn't negatively impacted when new member states accede. The framework of the five criteria was outlined by
1410:
742:
225:
1839:
1625:
1384:
723:
260:
126:
1724:
2618:
1405:
973:
817:
734:
543:
460:
264:
229:
2102:"Regeringsgrundlag December 2022: Ansvar for Danmark (Government manifest December 2022: Responsibility for Denmark)"
1670:
761:
until they met all the convergence criteria. However, the EU has not made use of this alternative accession process.
2316:
2007:"The National Assembly adopted at first reading a bill for the introduction of the euro in the Republic of Bulgaria"
1928:
202:
Shall not exceed the HICP reference value, which is calculated by the end of the last month with available data as
2229:
271:, which only will be abrogated again when the state simultaneously comply with both the deficit and debt criteria.
236:, which only will be abrogated again when the state simultaneously comply with both the deficit and debt criteria.
1856:
1421:
836:
210:
114:
1542:"Progress towards convergence - November 1995 (report prepared in accordance with article 7 of the EMI statute)"
283:
2572:
1541:
1502:
1500:
1272:
255:
130:
1903:
840:
129:
which entered into force in
December 2011, and it was followed in January 2013 by the even more ambitious
2317:"Long-term interest rate statistics for EU Member States (monthly data for the average of the past year)"
1767:
1750:
2464:
1984:
1702:
931:
775:
754:
414:
103:
224:. If a state is found by the commission to have breached the deficit criteria, they will recommend the
1695:
1297:
1275:
pursues its primary objective of price stability through an exchange rate anchor in the context of a
1147:
1063:
1018:
645:
557:
505:
31:
2597:
2493:
2295:
2255:
2232:[DN Debate Replicas. "There is no popular support for exchanging the krona for the euro"].
1728:
1416:
1242:
1189:
1105:
689:
601:
217:
1482:
1955:
2664:
1400:
845:
241:
149:
2643:
2203:
562:
252:"sufficiently diminished and must be approaching the reference value at a satisfactory pace"
173:
1536:
1534:
1532:
1530:
1528:
738:
447:
The
Bulgarian government expects to be in compliance with all criteria by the end of 2024
247:
122:
118:
71:
606:
27:
Criteria which
European Union member states must meet to adopt the euro as their currency
2598:"Nominal Convergence Monitor April 2014 (Monitor konwergencji nominalnej kwietniu 2014)"
1276:
968:
455:
308:"first possible euro adoption date following the publication of the convergence report"
48:
2658:
2648:
826:
694:
419:
314:
Long-term interest rates (average yields for 10yr government bonds in the past year):
1794:
1591:
650:
510:
466:
113:
As part of the EU treaty, all of the EU Member States are obliged to adhere to the
91:
17:
172:. The original treaty article was later renumbered to become article 121.1 of the
2540:
1566:
1507:
2075:
1280:
1241:: If the budget deficit exceeds the 3% limit, but is "close" to this value (the
156:. The purpose of setting the criteria was to achieve price stability within the
99:
87:
2230:"DN Debatt Repliker. 'Folkligt stöd saknas för att byta ut kronan mot euron'"
98:
which allow them officially to adopt the euro and issue their own variant of
2516:"Luxembourg Report prepared in accordance with Article 126(3) of the Treaty"
1643:"Luxembourg Report prepared in accordance with Article 126(3) of the Treaty"
758:
107:
926:
409:
366:
157:
2270:"HICP (2005=100): Monthly data (12-month average rate of annual change)"
2133:"Poland is still not ready to adopt the euro, its finance minister says"
2006:
1857:"Report on convergence in the European Union in 1996 (COM.96 560 final)"
1142:
1058:
1013:
640:
552:
500:
79:
30:"Convergence criteria" redirects here. For the mathematical term, see
1301:
1184:
1100:
684:
596:
299:
291:
83:
2054:"Czech Government to Evaluate Merits of Joining 'Euro Waiting Room'"
726:. Still obliged to adopt the euro once compliant with all criteria.
136:
Countries are expected to participate in the second version of the
51:
member states are required to meet to enter the third stage of the
295:
287:
2427:"Former euro area national currencies vs. euro/ECU - annual data"
2119:"Orbán: Hungary will not adopt the euro for many decades to come"
2178:"Iohannis: No 'realistic' deadline for Romania to join eurozone"
1448:(1) The HICP rate to be significantly below the eurozone average
1358:
Belgium, Denmark, and the Netherlands were the reference states.
1337:
The change in the annual average exchange rate against the euro.
153:
56:
1367:
The maximum allowed change in rate is ± 2.25% for Denmark.
2206:[Romania would advance the introduction of the euro].
1768:"European Economy no 1/2006: Convergence Report December 2006"
133:, which was signed by 25 out of the then-27 EU member states.
2042:(in Bulgarian). Ministry of Finance (Bulgaria). 26 June 2024.
1950:
1948:
1946:
1834:
1832:
1725:"REPORT FROM THE COMMISSION – CONVERGENCE REPORT 2002 SWEDEN"
1283:, and the peg subsequently changed to euro on 1 January 1999.
488:
Assessment of joining ERM-II to be completed by October 2024
1665:
1663:
1620:
1618:
1616:
1614:
1612:
2644:
http://europa.eu/legislation_summaries/other/l25014_en.htm
2107:(in Danish). Danish Ministry of Finance. 14 December 2022.
1782:
1780:
1346:
Reference values from the Convergence Report of June 2024.
444:
Compliant with 4 out of 5 criteria (all except inflation)
1859:. Commission of the European Communities. 6 November 1996
1411:
Economy of the European Union#Economies of member states
2603:(in Polish). Ministry of Finance (Poland). 4 July 2014.
2571:. European Commission. 20 October 2004. Archived from
2339:"Government deficit/surplus, debt and associated data"
1751:"European Economy no.65 1998: CONVERGENCE REPORT 1998"
2649:http://www.statistics.gov.uk/CCI/nugget.asp?ID=277
1626:"EUROPEAN ECONOMY 4/2014: Convergence Report 2014"
1547:. European Monetary Institute (EMI). November 1995
1413:which contains values also for eurozone countries.
1292:Sweden, while obliged to adopt the euro under its
2292:"The corrective arm/ Excessive Deficit Procedure"
1929:"Latvia formally applies for eurozone membership"
1793:. European Central Bank. May 2012. Archived from
1354:
1352:
140:(ERM-II) for two years before joining the Euro.
32:Series (mathematics) § Convergence criteria
2546:. European Monetary Institute (EMI). April 1995
1879:"Council Decision 96/736/EC (13 December 1996)"
1513:. European Monetary Institute (EMI). April 1995
182:Treaty on the Functioning of the European Union
94:, which are not members of the EU, have signed
65:Treaty on the Functioning of the European Union
1296:, has chosen to deliberately fail to meet the
2452:
2450:
2448:
2446:
2444:
2152:"Romania wants to push euro adoption by 2026"
2013:. National Assembly of Bulgaria. 26 July 2024
1313:The rate of increase of the 12-month average
791:
774:(valid for the compliance check conducted by
341:
117:(SGP), which serves as a framework to ensure
8:
2256:"Lithuanian PM keen on fast-track euro idea"
2383:"ERM II – the EU's Exchange Rate Mechanism"
2204:"Románia előrébb hozná az euró bevezetését"
329:EU members which have not adopted the euro
190:Protocol on the Excessive Deficit Procedure
170:Protocol on the Excessive Deficit Procedure
164:of the Maastricht Treaty, and the attached
2030:
2028:
798:
784:
672:ERM-II by 2026 and euro by 1 January 2029
348:
334:
327:
1567:"Progress towards convergence (Nov 1996)"
1481:. Eur-Lex. 2 October 1997. Archived from
675:Not compliant with any of the 5 criteria
631:Not compliant with any of the 5 criteria
587:Not compliant with any of the 5 criteria
768:
2405:"Euro/ECU exchange rates - annual data"
1470:
1438:
1304:without prior approval by a referendum.
1264:
737:(IMF) report suggested that due to the
733:In 2009, the authors of a confidential
441:Euro adoption on 1 July 2025
2615:"Release Calendar for Euro Indicators"
1676:. European Commission. 24 January 2012
1479:"Full text of the Treaty of Amsterdam"
2080:European Council on Foreign Relations
1773:. European Commission. December 2006.
267:against the state in accordance with
232:against the state in accordance with
7:
2176:Smarandache, Maria (24 March 2023).
2150:Smarandache, Maria (20 March 2023).
2121:. Hungarian Free Press. 3 June 2015.
1909:. European Commission. 16 March 1998
200:(12-months average of yearly rates):
186:Protocol on the Convergence Criteria
166:Protocol on the Convergence Criteria
70:Full EMU membership is only open to
1845:. European Commission. 3 June 2013.
1825:. European Commission. 30 May 2012.
1631:. European Commission. 4 June 2014.
719:Compliant with 2 out of 5 criteria
491:Compliant with 2 out of 5 criteria
387:Government policy on euro adoption
2521:. European Commission. 12 May 2010
2258:. London South East. 7 April 2007.
1756:. European Commission. March 1998.
1648:. European Commission. 12 May 2010
25:
1597:. European Central Bank. May 2010
1300:for euro adoption by not joining
256:new debt reduction benchmark rule
1427:European Exchange Rate Mechanism
1183:
1141:
1099:
1057:
1012:
967:
925:
683:
639:
595:
551:
499:
454:
408:
176:, and later renumbered again to
138:European Exchange Rate Mechanism
2202:Balázs Márton (20 March 2023).
1788:"Convergence Report (May 2012)"
1592:"Convergence Report (May 2010)"
1239:Criterion potentially fulfilled
96:monetary agreements with the EU
2458:"Convergence Report June 2024"
1978:"Convergence Report June 2024"
228:to open up a deficit-breached
1:
1956:"Foreign exchange operations"
1030:25 years, 5 months
943:3 years, 11 months
831:Compatibility of legislation
226:Council of the European Union
2236:(in Swedish). 3 January 2022
1931:. Euractiv.com. 4 March 2013
693:
649:
605:
561:
509:
465:
418:
1406:Enlargement of the eurozone
818:Excessive deficit procedure
735:International Monetary Fund
716:Not on government's agenda
628:Not on government's agenda
584:Not on government's agenda
532:Not on government's agenda
53:Economic and Monetary Union
2681:
2617:. Eurostat. Archived from
2272:. Eurostat. 16 August 2012
2056:. Reuters. 7 February 2024
1385:Polish Ministry of Finance
1277:Currency Board Arrangement
778:in their June 2024 Report)
722:Rejected euro adoption by
542:Rejected euro adoption by
359:Non-eurozone member state
63:(ex article 121.1) of the
29:
2566:"Convergence Report 2004"
2487:"Convergence Report 2024"
2361:"General government debt"
2341:. Eurostat. 22 April 2013
1840:"Convergence Report 2013"
1820:"Convergence Report 2012"
1422:Stability and Growth Pact
1209:
1206:
1203:
1200:
1197:
1194:
1180:
1167:
1164:
1161:
1158:
1155:
1152:
1138:
1125:
1122:
1119:
1116:
1113:
1110:
1096:
1083:
1080:
1077:
1074:
1071:
1068:
1054:
1038:
1035:
1032:
1029:
1026:
1023:
1009:
993:
990:
987:
984:
981:
978:
964:
951:
948:
945:
942:
939:
936:
922:
897:
890:
883:
876:
870:
863:
860:
830:
824:
821:
816:
811:
808:
539:from eurozone membership
282:(ERM / ERM II) under the
211:Government budget deficit
115:Stability and Growth Pact
41:euro convergence criteria
2541:"EMI Annual Report 1994"
1884:. CVCE. 13 December 1996
1508:"EMI Annual Report 1994"
284:European Monetary System
275:Exchange rate stability:
2076:"Denmark's Zeitenwende"
1958:. European Central Bank
1273:Bulgarian National Bank
1254:Criterion not fulfilled
765:Fulfillment of criteria
280:exchange-rate mechanism
2651:(non-functional link)
2465:European Central Bank
2385:. European Commission
1985:European Central Bank
1703:European Central Bank
901:(as of 27 March 2024)
123:fiscal responsibility
104:European Central Bank
1572:. EMI. November 1996
1298:convergence criteria
880:(as of 19 June 2024)
873:(as of 19 June 2024)
771:Convergence criteria
751:European microstates
535:Not assessed due to
391:Convergence criteria
373:Central rate per €1
76:European microstates
55:(EMU) and adopt the
2494:European Commission
2296:European Commission
1729:European Commission
1417:Copenhagen criteria
1294:Treaty of Accession
1243:European Commission
1230:Criterion fulfilled
813:HICP inflation rate
805:
747:monetary agreements
355:
246:The ratio of gross
218:European Commission
47:) are the criteria
45:Maastricht criteria
43:(also known as the
18:Maastricht criteria
2621:on 19 January 2013
2578:on 15 October 2020
1800:on 25 October 2012
1705:. 18 December 2003
917:(Fiscal year 2023)
910:(Fiscal year 2023)
769:
724:referendum in 2003
544:referendum in 2000
328:
1401:Maastricht Treaty
1222:
1221:
1047:
1002:
918:
911:
902:
895:
888:
881:
874:
868:
861:Reference values
846:Debt-to-GDP ratio
730:
729:
397:(as of June 2024)
242:debt-to-GDP ratio
150:Maastricht Treaty
16:(Redirected from
2672:
2631:
2630:
2628:
2626:
2611:
2605:
2604:
2602:
2594:
2588:
2587:
2585:
2583:
2577:
2570:
2562:
2556:
2555:
2553:
2551:
2545:
2537:
2531:
2530:
2528:
2526:
2520:
2512:
2506:
2505:
2503:
2501:
2491:
2483:
2477:
2476:
2474:
2472:
2462:
2454:
2439:
2438:
2436:
2434:
2423:
2417:
2416:
2414:
2412:
2401:
2395:
2394:
2392:
2390:
2379:
2373:
2372:
2370:
2368:
2357:
2351:
2350:
2348:
2346:
2335:
2329:
2328:
2326:
2324:
2313:
2307:
2306:
2304:
2302:
2288:
2282:
2281:
2279:
2277:
2266:
2260:
2259:
2252:
2246:
2245:
2243:
2241:
2226:
2220:
2219:
2217:
2215:
2199:
2193:
2192:
2190:
2188:
2173:
2167:
2166:
2164:
2162:
2147:
2141:
2140:
2139:. 30 April 2024.
2137:Ekathimerini.com
2129:
2123:
2122:
2115:
2109:
2108:
2106:
2098:
2092:
2091:
2089:
2087:
2072:
2066:
2065:
2063:
2061:
2050:
2044:
2043:
2032:
2023:
2022:
2020:
2018:
2003:
1997:
1996:
1994:
1992:
1982:
1974:
1968:
1967:
1965:
1963:
1952:
1941:
1940:
1938:
1936:
1925:
1919:
1918:
1916:
1914:
1908:
1900:
1894:
1893:
1891:
1889:
1883:
1875:
1869:
1868:
1866:
1864:
1853:
1847:
1846:
1844:
1836:
1827:
1826:
1824:
1816:
1810:
1809:
1807:
1805:
1799:
1792:
1784:
1775:
1774:
1772:
1764:
1758:
1757:
1755:
1747:
1741:
1740:
1738:
1736:
1721:
1715:
1714:
1712:
1710:
1700:
1692:
1686:
1685:
1683:
1681:
1675:
1667:
1658:
1657:
1655:
1653:
1647:
1639:
1633:
1632:
1630:
1622:
1607:
1606:
1604:
1602:
1596:
1588:
1582:
1581:
1579:
1577:
1571:
1563:
1557:
1556:
1554:
1552:
1546:
1538:
1523:
1522:
1520:
1518:
1512:
1504:
1495:
1494:
1492:
1490:
1475:
1458:
1443:
1374:Reference values
1368:
1365:
1359:
1356:
1347:
1344:
1338:
1335:
1329:
1325:
1319:
1311:
1305:
1290:
1284:
1269:
1251:
1236:
1227:
1188:
1187:
1146:
1145:
1104:
1103:
1062:
1061:
1045:
1017:
1016:
1000:
972:
971:
930:
929:
916:
909:
900:
894:(as of May 2024)
893:
886:
879:
872:
867:(as of May 2024)
866:
806:
800:
793:
786:
779:
749:signed with the
704:
702:
688:
687:
660:
658:
644:
643:
616:
614:
600:
599:
572:
570:
556:
555:
520:
518:
504:
503:
476:
474:
463:
459:
458:
429:
427:
413:
412:
399:
398:
370:
356:
350:
343:
336:
174:Amsterdam Treaty
72:EU member states
21:
2680:
2679:
2675:
2674:
2673:
2671:
2670:
2669:
2655:
2654:
2640:
2635:
2634:
2624:
2622:
2613:
2612:
2608:
2600:
2596:
2595:
2591:
2581:
2579:
2575:
2568:
2564:
2563:
2559:
2549:
2547:
2543:
2539:
2538:
2534:
2524:
2522:
2518:
2514:
2513:
2509:
2499:
2497:
2489:
2485:
2484:
2480:
2470:
2468:
2460:
2456:
2455:
2442:
2432:
2430:
2425:
2424:
2420:
2410:
2408:
2403:
2402:
2398:
2388:
2386:
2381:
2380:
2376:
2366:
2364:
2359:
2358:
2354:
2344:
2342:
2337:
2336:
2332:
2322:
2320:
2315:
2314:
2310:
2300:
2298:
2290:
2289:
2285:
2275:
2273:
2268:
2267:
2263:
2254:
2253:
2249:
2239:
2237:
2228:
2227:
2223:
2213:
2211:
2201:
2200:
2196:
2186:
2184:
2175:
2174:
2170:
2160:
2158:
2149:
2148:
2144:
2131:
2130:
2126:
2117:
2116:
2112:
2104:
2100:
2099:
2095:
2085:
2083:
2074:
2073:
2069:
2059:
2057:
2052:
2051:
2047:
2034:
2033:
2026:
2016:
2014:
2005:
2004:
2000:
1990:
1988:
1980:
1976:
1975:
1971:
1961:
1959:
1954:
1953:
1944:
1934:
1932:
1927:
1926:
1922:
1912:
1910:
1906:
1902:
1901:
1897:
1887:
1885:
1881:
1877:
1876:
1872:
1862:
1860:
1855:
1854:
1850:
1842:
1838:
1837:
1830:
1822:
1818:
1817:
1813:
1803:
1801:
1797:
1790:
1786:
1785:
1778:
1770:
1766:
1765:
1761:
1753:
1749:
1748:
1744:
1734:
1732:
1723:
1722:
1718:
1708:
1706:
1698:
1694:
1693:
1689:
1679:
1677:
1673:
1669:
1668:
1661:
1651:
1649:
1645:
1641:
1640:
1636:
1628:
1624:
1623:
1610:
1600:
1598:
1594:
1590:
1589:
1585:
1575:
1573:
1569:
1565:
1564:
1560:
1550:
1548:
1544:
1540:
1539:
1526:
1516:
1514:
1510:
1506:
1505:
1498:
1488:
1486:
1485:on 9 March 2013
1477:
1476:
1472:
1467:
1462:
1461:
1455:
1444:
1440:
1435:
1397:
1376:
1371:
1366:
1362:
1357:
1350:
1345:
1341:
1336:
1332:
1326:
1322:
1312:
1308:
1291:
1287:
1270:
1266:
1257:
1256:
1249:
1247:
1234:
1232:
1225:
1182:
1140:
1098:
1056:
1011:
966:
924:
915:
908:
899:
892:
885:
878:
865:
856:Change in rate
804:
773:
767:
739:Great Recession
732:
700:
698:
697:
682:
656:
654:
653:
638:
612:
610:
609:
594:
568:
566:
565:
550:
516:
514:
513:
498:
472:
470:
469:
453:
452:
425:
423:
422:
407:
396:
395:
394:
364:
363:
354:
325:
248:government debt
146:
119:price stability
74:. However, the
35:
28:
23:
22:
15:
12:
11:
5:
2678:
2676:
2668:
2667:
2657:
2656:
2653:
2652:
2646:
2639:
2638:External links
2636:
2633:
2632:
2606:
2589:
2557:
2532:
2507:
2496:. 26 June 2024
2478:
2467:. 26 June 2024
2440:
2418:
2396:
2374:
2352:
2330:
2308:
2283:
2261:
2247:
2234:Dagens Nyheter
2221:
2210:(in Hungarian)
2194:
2168:
2142:
2124:
2110:
2093:
2067:
2045:
2024:
1998:
1987:. 26 June 2024
1969:
1942:
1920:
1895:
1870:
1848:
1828:
1811:
1776:
1759:
1742:
1716:
1687:
1659:
1634:
1608:
1583:
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1524:
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1469:
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1128:
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1118:
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1109:
1094:
1093:
1090:
1086:
1085:
1082:
1079:
1076:
1073:
1070:
1067:
1052:
1051:
1048:
1041:
1040:
1037:
1034:
1031:
1028:
1025:
1022:
1007:
1006:
1003:
996:
995:
992:
989:
986:
983:
980:
977:
974:Czech Republic
962:
961:
958:
954:
953:
950:
947:
944:
941:
938:
935:
920:
919:
912:
904:
903:
896:
889:
882:
875:
871:None open
869:
862:
858:
857:
854:
848:
843:
837:Budget deficit
833:
832:
829:
823:
822:Exchange rate
820:
815:
810:
803:
802:
795:
788:
780:
766:
763:
728:
727:
720:
717:
714:
711:
708:
707:Free floating
705:
692:
679:
678:
676:
673:
670:
667:
664:
663:Free floating
661:
648:
635:
634:
632:
629:
626:
623:
620:
619:Free floating
617:
604:
591:
590:
588:
585:
582:
579:
576:
575:Free floating
573:
560:
547:
546:
540:
533:
530:
527:
524:
521:
508:
495:
494:
492:
489:
486:
483:
480:
479:Free floating
477:
464:
449:
448:
445:
442:
439:
436:
433:
430:
417:
404:
403:
400:
388:
385:
379:
374:
371:
360:
353:
352:
345:
338:
330:
319:
318:
311:
272:
269:Article 126(6)
237:
234:Article 126(6)
207:
198:HICP inflation
162:article 109j.1
145:
142:
131:Fiscal Compact
49:European Union
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
2677:
2666:
2663:
2662:
2660:
2650:
2647:
2645:
2642:
2641:
2637:
2620:
2616:
2610:
2607:
2599:
2593:
2590:
2574:
2567:
2561:
2558:
2542:
2536:
2533:
2517:
2511:
2508:
2495:
2488:
2482:
2479:
2466:
2459:
2453:
2451:
2449:
2447:
2445:
2441:
2428:
2422:
2419:
2406:
2400:
2397:
2384:
2378:
2375:
2362:
2356:
2353:
2340:
2334:
2331:
2318:
2312:
2309:
2297:
2293:
2287:
2284:
2271:
2265:
2262:
2257:
2251:
2248:
2235:
2231:
2225:
2222:
2209:
2205:
2198:
2195:
2183:
2179:
2172:
2169:
2157:
2153:
2146:
2143:
2138:
2134:
2128:
2125:
2120:
2114:
2111:
2103:
2097:
2094:
2082:. 7 June 2022
2081:
2077:
2071:
2068:
2055:
2049:
2046:
2041:
2037:
2031:
2029:
2025:
2012:
2011:Parliament.bg
2008:
2002:
1999:
1986:
1979:
1973:
1970:
1957:
1951:
1949:
1947:
1943:
1930:
1924:
1921:
1905:
1899:
1896:
1880:
1874:
1871:
1858:
1852:
1849:
1841:
1835:
1833:
1829:
1821:
1815:
1812:
1796:
1789:
1783:
1781:
1777:
1769:
1763:
1760:
1752:
1746:
1743:
1731:. 22 May 2002
1730:
1726:
1720:
1717:
1704:
1697:
1691:
1688:
1672:
1666:
1664:
1660:
1644:
1638:
1635:
1627:
1621:
1619:
1617:
1615:
1613:
1609:
1593:
1587:
1584:
1568:
1562:
1559:
1543:
1537:
1535:
1533:
1531:
1529:
1525:
1509:
1503:
1501:
1497:
1484:
1480:
1474:
1471:
1464:
1453:
1449:
1442:
1439:
1432:
1428:
1425:
1423:
1420:
1418:
1415:
1412:
1409:
1407:
1404:
1402:
1399:
1398:
1394:
1392:
1388:
1386:
1380:
1373:
1364:
1361:
1355:
1353:
1349:
1343:
1340:
1334:
1331:
1324:
1321:
1316:
1310:
1307:
1303:
1299:
1295:
1289:
1286:
1282:
1278:
1274:
1268:
1265:
1259:
1258:
1255:
1244:
1240:
1231:
1217:
1214:
1213:
1192:
1191:
1186:
1179:
1175:
1172:
1171:
1150:
1149:
1144:
1137:
1133:
1130:
1129:
1108:
1107:
1102:
1095:
1091:
1088:
1087:
1066:
1065:
1060:
1053:
1049:
1043:
1042:
1021:
1020:
1015:
1008:
1004:
998:
997:
976:
975:
970:
963:
959:
956:
955:
934:
933:
928:
921:
913:
906:
905:
859:
855:
852:
849:
847:
844:
842:
838:
835:
834:
828:
827:interest rate
819:
814:
807:
801:
796:
794:
789:
787:
782:
781:
777:
772:
764:
762:
760:
756:
752:
748:
744:
740:
736:
725:
721:
718:
715:
712:
709:
706:
696:
691:
686:
681:
680:
677:
674:
671:
668:
665:
662:
652:
647:
642:
637:
636:
633:
630:
627:
624:
621:
618:
608:
603:
598:
593:
592:
589:
586:
583:
580:
577:
574:
564:
559:
554:
549:
548:
545:
541:
538:
534:
531:
528:
525:
522:
512:
507:
502:
497:
496:
493:
490:
487:
484:
481:
478:
468:
462:
457:
451:
450:
446:
443:
440:
437:
434:
431:
421:
416:
411:
406:
405:
401:
392:
389:
386:
383:
380:
378:
375:
372:
368:
361:
358:
357:
351:
346:
344:
339:
337:
332:
331:
326:
323:
315:
312:
309:
305:
301:
297:
293:
289:
285:
281:
276:
273:
270:
266:
262:
257:
253:
249:
245:
243:
238:
235:
231:
227:
223:
219:
214:
212:
208:
205:
201:
199:
195:
194:
193:
191:
187:
183:
179:
175:
171:
167:
163:
159:
155:
151:
143:
141:
139:
134:
132:
128:
124:
120:
116:
111:
109:
106:(ECB) or the
105:
101:
97:
93:
89:
85:
81:
77:
73:
68:
66:
62:
58:
54:
50:
46:
42:
37:
33:
19:
2623:. Retrieved
2619:the original
2609:
2592:
2580:. Retrieved
2573:the original
2560:
2548:. Retrieved
2535:
2523:. Retrieved
2510:
2498:. Retrieved
2481:
2469:. Retrieved
2431:. Retrieved
2421:
2409:. Retrieved
2399:
2387:. Retrieved
2377:
2365:. Retrieved
2355:
2343:. Retrieved
2333:
2321:. Retrieved
2311:
2299:. Retrieved
2286:
2274:. Retrieved
2264:
2250:
2238:. Retrieved
2233:
2224:
2212:. Retrieved
2207:
2197:
2185:. Retrieved
2182:Euractiv.com
2181:
2171:
2159:. Retrieved
2156:Euractiv.com
2155:
2145:
2136:
2127:
2113:
2096:
2084:. Retrieved
2070:
2058:. Retrieved
2048:
2039:
2015:. Retrieved
2010:
2001:
1989:. Retrieved
1972:
1960:. Retrieved
1933:. Retrieved
1923:
1911:. Retrieved
1898:
1886:. Retrieved
1873:
1861:. Retrieved
1851:
1814:
1802:. Retrieved
1795:the original
1762:
1745:
1733:. Retrieved
1719:
1707:. Retrieved
1690:
1678:. Retrieved
1650:. Retrieved
1637:
1599:. Retrieved
1586:
1574:. Retrieved
1561:
1549:. Retrieved
1515:. Retrieved
1487:. Retrieved
1483:the original
1473:
1451:
1447:
1441:
1389:
1381:
1377:
1363:
1342:
1333:
1323:
1309:
1288:
1267:
1253:
1238:
1229:
1181:
1139:
1097:
1055:
1010:
965:
923:
877:Min. 2 years
770:
731:
390:
377:EU join date
324:
320:
313:
307:
303:
274:
251:
239:
221:
209:
203:
196:
147:
135:
112:
92:Vatican City
69:
44:
40:
38:
36:
2625:18 December
2550:22 November
2525:18 November
2323:18 December
2214:29 February
2187:29 February
2161:27 February
2086:25 February
1913:21 November
1888:21 November
1863:21 November
1804:18 November
1652:18 November
1601:18 November
1576:18 November
1551:22 November
1517:22 November
1281:German mark
710:1995-01-01
666:2007-01-01
622:2004-05-01
578:2004-05-01
529:1999-01-01
526:1973-01-01
482:2004-05-01
438:2020-07-10
435:2007-01-01
382:ERM II
240:Government
178:Article 140
61:Article 140
2429:. Eurostat
2407:. Eurostat
2363:. Eurostat
2319:. Eurostat
2060:7 February
1465:References
887:(for 2023)
825:Long-term
743:EU Council
461:Czech Rep.
393:compliance
384:join date
306:or by the
100:euro coins
88:San Marino
2582:19 August
2040:Evroto.bg
1735:19 August
1709:19 August
1680:13 August
1046:(surplus)
1039:Unknown
907:Max. 3.0%
891:Max. 4.8%
884:Max. ±15%
864:Max. 3.3%
759:Eurogroup
108:Eurogroup
2665:Eurozone
2659:Category
2433:14 March
2411:14 March
2389:14 March
2345:22 April
2301:14 March
2276:14 March
2208:Telex.hu
2017:7 August
1395:See also
1001:(exempt)
932:Bulgaria
914:Max. 60%
809:Country
523:7.46038
432:1.95583
415:Bulgaria
362:Currency
158:eurozone
144:Criteria
90:and the
2500:26 June
2471:26 June
1991:27 June
1962:12 July
1935:4 March
1489:9 March
1148:Romania
1064:Hungary
1019:Denmark
853:member
757:or the
646:Romania
558:Hungary
537:opt-out
506:Denmark
180:of the
127:Sixpack
80:Andorra
2367:2 June
1302:ERM II
1252:
1250:
1237:
1235:
1228:
1226:
1218:31.2%
1204:-8.0%
1190:Sweden
1176:48.8%
1162:-0.3%
1134:49.6%
1106:Poland
1092:73.5%
1050:29.3%
1005:44.0%
960:23.1%
851:ERM II
741:, the
690:Sweden
602:Poland
563:Forint
467:Koruna
402:Notes
300:Latvia
292:Cyprus
84:Monaco
2601:(PDF)
2576:(PDF)
2569:(PDF)
2544:(PDF)
2519:(PDF)
2490:(PDF)
2461:(PDF)
2240:6 May
2105:(PDF)
1981:(PDF)
1907:(PDF)
1882:(PDF)
1843:(PDF)
1823:(PDF)
1798:(PDF)
1791:(PDF)
1771:(PDF)
1754:(PDF)
1699:(PDF)
1674:(PDF)
1646:(PDF)
1629:(PDF)
1595:(PDF)
1570:(PDF)
1545:(PDF)
1511:(PDF)
1433:Notes
1260:Notes
1215:0.6%
1207:2.5%
1198:None
1195:3.6%
1173:6.6%
1165:6.4%
1156:Open
1153:7.6%
1131:5.1%
1123:5.6%
1120:3.1%
1114:None
1111:6.1%
1089:6.7%
1081:6.8%
1078:2.4%
1072:None
1069:8.4%
1044:-3.1%
1036:2.6%
1033:0.2%
1027:None
1024:1.1%
991:4.2%
988:2.3%
982:None
979:6.3%
957:1.9%
949:4.0%
946:0.0%
940:None
937:5.1%
713:None
695:Krona
669:None
625:None
607:Złoty
581:None
511:Krone
485:None
296:Malta
288:Italy
2627:2012
2584:2005
2552:2012
2527:2012
2502:2024
2473:2024
2435:2024
2413:2024
2391:2024
2369:2018
2347:2013
2325:2012
2303:2024
2278:2024
2242:2022
2216:2024
2189:2024
2163:2024
2088:2024
2062:2024
2019:2024
1993:2024
1964:2020
1937:2013
1915:2012
1890:2001
1865:2012
1806:2012
1737:2014
1711:2014
1682:2014
1654:2012
1603:2012
1578:2012
1553:2012
1519:2012
1491:2013
1450:and
1315:HICP
1271:The
999:3.7%
952:Yes
367:Code
298:and
188:and
168:and
154:euro
148:The
121:and
57:euro
39:The
1210:No
1201:No
1168:No
1159:No
1126:No
1117:No
1084:No
1075:No
994:No
985:No
898:Yes
841:GDP
839:to
776:ECB
755:ECB
701:SEK
657:RON
651:Leu
613:PLN
569:HUF
517:DKK
473:CZK
426:BGN
420:Lev
265:EDP
261:ESM
230:EDP
78:of
2661::
2492:.
2463:.
2443:^
2294:.
2180:.
2154:.
2135:.
2078:.
2027:^
2009:.
1983:.
1945:^
1831:^
1779:^
1727:.
1701:.
1662:^
1611:^
1527:^
1499:^
1351:^
294:,
110:.
86:,
82:,
67:.
2629:.
2586:.
2554:.
2529:.
2504:.
2475:.
2437:.
2415:.
2393:.
2371:.
2349:.
2327:.
2305:.
2280:.
2244:.
2218:.
2191:.
2165:.
2090:.
2064:.
2021:.
1995:.
1966:.
1939:.
1917:.
1892:.
1867:.
1808:.
1739:.
1713:.
1684:.
1656:.
1605:.
1580:.
1555:.
1521:.
1493:.
799:e
792:t
785:v
703:)
699:(
659:)
655:(
615:)
611:(
571:)
567:(
519:)
515:(
475:)
471:(
428:)
424:(
369:)
365:(
349:e
342:t
335:v
310:.
244::
213::
34:.
20:)
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