|Author (Corporate)||European Commission: DG Economic and Financial Affairs|
|Publisher||Publications Office of the European Union|
|Series Title||European Economy: Institutional Papers|
|Series Details||Number 129|
|Publication Date||June 2020|
Report published by the European Commission on 10 June 2020, comprising an assessment of Member States with a derogation regarding their fulfilment of the conditions for adoption of the common currency (Euro). It was prepared in accordance with Article 140(1) TFEU.
The Member States that have not yet fulfilled the necessary conditions for the adoption of the euro are referred to as 'Member States with a derogation'. Denmark negotiated an opt-out arrangement before the adoption of the Maastricht Treaty and does not participate in the third stage of Economic and Monetary Union (EMU). Article 140(1) TFEU requires the Commission and the European Central Bank (ECB) to report to the Council of the European Union, at least once every two years, or at the request of a Member State with a derogation, on the progress made by such Member States in fulfilling their obligations regarding the achievement of EMU.
The 2020 Convergence Report covers the following seven Member States with a derogation: Bulgaria, Czechia, Croatia, Hungary, Poland, Romania and Sweden. A more detailed assessment of the state of convergence in those Member States is provided in the Staff Working Document accompanying this Report.
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||Economic and Monetary Union [EMU]|
|Keywords||Euro | Single Currency
|Countries / Regions||Bulgaria, Croatia, Czechia, Hungary, Poland, Romania, Sweden|
|International Organisations||European Union [EU]|