Factbox-Six EU countries not ready to adopt euro currency -Commission

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.

SEE ALSO: Croatia Ready To Join Euro Zone From 2023 – EU Commission

The Euro timeline

Below is a timeline of the euro zone’s expansion.

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

2002 – Euro notes and coins come into circulation

2007 – Slovenia joins

2008 – Cyprus and Malta join

2009 – Slovakia joins

2011 – Estonia joins

2014 – Latvia joins

2015 – Lithuania joins

2023 – Croatia set to join