Press Release: Commission releases 2016 Convergence Report

The 2016 Convergence Report, published on 7 June 2016, assessed Member States' progress on moving towards euro adoption. The 2016 report covered the seven Member States that were legally committed to adopt the euro: Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania and Sweden.

The report was based on the convergence criteria, sometimes referred to as the ‘Maastricht criteria’, set out in article 140(1) of the Treaty on the Functioning of the European Union (TFEU). The criteria include price stability, sound public finances, exchange rate stability and convergence in long-term interest rates. The compatibility of national legislation with Economic and Monetary Union (EMU) rules was also assessed.

• Primary Source

European Commission: DG Communication: RAPID: MEMO/16/2117, 07.06.16: The 2016 Convergence Report: Assessment of Member States regarding the conditions for euro adoption http://europa.eu/rapid/press-release_MEMO-16-2117_en.htm

ESO: Background information: The 2015 Stability and Convergence Programmes: an overview http://www.europeansources.info/record/the-2015-stability-and-convergence-programmes-an-overview/

ESO: Background information: European Central Bank: Convergence Report 2016 http://www.europeansources.info/record/convergence-report-2016/

---