(10 June 2020) - The European Commission has published the 2020 convergence report in which it provides its assessment of the progress non-euro area Member States have made towards adopting the euro.
The report covers the seven non-euro area Member States that are legally committed to adopting the euro: Bulgaria, Czechia, Croatia, Hungary, Poland, Romania and Sweden.
Convergence reports have to be issued every two years, independently of potentially ongoing euro-area accessions. The report concludes that:
• Croatia and Sweden fulfil the price stability criterion.
• Bulgaria, Czechia, Croatia, Hungary, Poland and Sweden fulfil the criterion on public finances.
• Bulgaria, Czechia, Croatia, Hungary, Poland and Sweden fulfil the long-term interest rate criterion.
• None of the Member States fulfils the exchange rate criterion, as none of them is a member of the Exchange Rate Mechanism (ERM II): at least two years of participation in the mechanism without severe tensions is required before joining the euro area.