ECB Convergence Report 2020

Summary:

Report published by the European Central Bank (ECB) in 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.

Further information:

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.

This Convergence Report covers the following seven Member States with a derogation: Bulgaria, Czechia, Croatia, Hungary, Poland, Romania and Sweden.

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