Factbox-Six EU countries not ready to adopt euro currency -Commission
7142 Mins Read
BRUSSELS (Reuters) – Six of the seven EU countries outside the euro zone are still not ready to join, the European Commission said in a report on Wednesday, with only Croatia meeting all the criteria to start using the EU currency from 2023.
Below are key elements of the assessment of the other countries according to EU criteria.
BULGARIA
The country’s central bank laws are not compatible with euro zone legislation on the European Central Bank and Bulgaria’s inflation is too high. It does, however, meet the requirements on public finances, exchange rate and the convergence of long-term interest rates.
CZECH REPUBLIC
The country’s central bank laws are not compatible with euro zone legislation on the European Central Bank, its inflation is too high and it does not meet the exchange rate requirement. But it does meet the criteria for public finances and long-term interest rates.
HUNGARY
The country’s central bank laws are not compatible with euro zone legislation on the European Central Bank, its inflation is too high and it does not meet the exchange rate requirement. It does fulfil the criterion on public finances and long-term interest rates.
POLAND
The country’s central bank laws are not compatible with euro zone legislation on the European Central Bank, its inflation is too high and it does not meet the exchange rate requirement or on the convergence of long-term interest rates. It meets only the criterion on public finances.
ROMANIA
The country does not meet any of the criteria.
SWEDEN
Sweden’s central bank laws are not compatible with euro zone legislation on the European Central Bank and it does not pass the exchange rate test. It meets all the other criteria.
1999 – 11 countries set up the euro zone, still only in electronic form: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.
2001 – Greece joins the still electronic euro zone
