The committee reports on progress towards euro adoption in Bulgaria, the Czech Republic, Hungary, Poland, Romania and Sweden. The euro is the official currency of the 20 EU countries that make up the Eurozone, also known as the Eurozone. All EU countries except Denmark are legally committed to joining the eurozone. The six countries mentioned above are currently working towards that goal.
The European Commission’s assessment is based on specific criteria, including price stability, fiscal soundness, exchange rate stability and long-term interest rate convergence. Progress is being made in all six countries. However, no country currently meets all the criteria for membership in the euro area.
The 2024 Convergence Report outlines which standards each country has met so far.
Price stability: Realized in Sweden Public finance: Realized in Bulgaria, Sweden, and the Czech Republic Expected long-term interest rates: Realized in Bulgaria, the Czech Republic, and Sweden Exchange rate: Realized in Bulgaria
These progress reports are published every two years or in response to specific requests from EU countries to assess their readiness to join the euro area. Based on that, the Council of the EU will decide whether the country meets the conditions to adopt the euro. The latest country to join the eurozone was Croatia in 2023.
The euro is the second most used currency in the world, used by approximately 350 million people every day. A recent survey shows that the majority of citizens in non-euro area countries believe that the introduction of the euro will have positive consequences for their countries and individuals. Overall, 58% of respondents were in favor of adopting the euro in their country.
For more information
Press release: Convergence report reviews progress of member countries towards euro area membership
What is the euro area?
Benefits of the euro, history, etc.
economic and monetary union
Eurobarometer survey results
convergence report
