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Convergence criteria (valid for the compliance check conducted by ECB in their June 2022 Report)
Country HICP inflation rate[1][nb 1] Excessive deficit procedure[2] Exchange rate Long-term interest rate[3][nb 2] Compatibility of legislation
Budget deficit to GDP[4] Debt-to-GDP ratio[5] ERM II member[6] Change in rate[7][8][nb 3]
Reference values[nb 4] Max. 3.3%[nb 5]
(as of April 2022) 		None open (as of 25 May 2022) Min. 2 years Max. ±15%[nb 6]
(for 2021) 		Max. 4.8%[nb 5]
(as of April 2022) 		Yes[9][10]
(as of 25 March 2022)
Max. 3.0%
(Fiscal year 2021)[9] 		Max. 60%
(Fiscal year 2021)[9]
EU members (outside the eurozone)
Bulgaria [[and the euro|]] 5.9% None 4 years, 5 months 0.0% 0.5% No
4.1% (exempt) 25.1%
Czech Republic Czech Republic 6.2% None No 3.1% 2.5% No
5.9% (exempt) 41.9%
Denmark [[and the euro|]] 3.6% None 25 years, 11 months 0.2% 0.2% Un­known
-2.3% (surplus) 36.7%
Hungary Hungary 6.8% None No -2.1% 4.1% No
6.8% (exempt) 76.8% (exempt)
Poland Poland 7.0% None No -2.7% 3.0% No
1.9% 53.8%
Romania Romania 6.4% Open No -1.7% 4.7% No
7.1% 48.8%
Sweden Sweden 3.7% None No 3.2% 0.4% No
0.2% 36.7%
  Criterion fulfilled
  Criterion potentially fulfilled: If the budget deficit exceeds the 3% limit, but is "close" to this value (the European Commission has deemed 3.5% to be close by in the past),[11] then the criteria can still potentially be fulfilled if either the deficits in the previous two years are significantly declining towards the 3% limit, or if the excessive deficit is the result of exceptional circumstances which are temporary in nature (i.e. one-off expenditures triggered by a significant economic downturn, or by the implementation of economic reforms that are expected to deliver a significant positive impact on the government's future fiscal budgets). However, even if such "special circumstances" are found to exist, additional criteria must also be met to comply with the fiscal budget criterion.[12][13] Additionally, if the debt-to-GDP ratio exceeds 60% but is "sufficiently diminishing and approaching the reference value at a satisfactory pace" it can be deemed to be in compliance.[13]
  Criterion not fulfilled
Notes
  1. ^ The rate of increase of the 12-month average HICP over the prior 12-month average must be no more than 1.5% larger than the unweighted arithmetic average of the similar HICP inflation rates in the 3 EU member states with the lowest HICP inflation. If any of these 3 states have a HICP rate significantly below the similarly averaged HICP rate for the eurozone (which according to ECB practice means more than 2% below), and if this low HICP rate has been primarily caused by exceptional circumstances (i.e. severe wage cuts or a strong recession), then such a state is not included in the calculation of the reference value and is replaced by the EU state with the fourth lowest HICP rate.
  2. ^ The arithmetic average of the annual yield of 10-year government bonds as of the end of the past 12 months must be no more than 2.0% larger than the unweighted arithmetic average of the bond yields in the 3 EU member states with the lowest HICP inflation. If any of these states have bond yields which are significantly larger than the similarly averaged yield for the eurozone (which according to previous ECB reports means more than 2% above) and at the same time does not have complete funding access to financial markets (which is the case for as long as a government receives bailout funds), then such a state is not to be included in the calculation of the reference value.
  3. ^ The change in the annual average exchange rate against the euro.
  4. ^ Reference values from the Convergence Report of June 2022.[9]
  5. ^ a b France, Finland, and Greece were the reference states.[9]
  6. ^ The maximum allowed change in rate is ± 2.25% for Denmark.

References

These references will appear in the article, but this list appears only on this page.
  1. ^ "HICP (2005=100): Monthly data (12-month average rate of annual change)". Eurostat. 16 August 2012. Retrieved 14 March 2024.
  2. ^ "The corrective arm/ Excessive Deficit Procedure". European Commission. Retrieved 14 March 2024.
  3. ^ "Long-term interest rate statistics for EU Member States (monthly data for the average of the past year)". Eurostat. Retrieved 18 December 2012.
  4. ^ "Government deficit/surplus, debt and associated data". Eurostat. 22 April 2013. Retrieved 22 April 2013.
  5. ^ "General government debt". Eurostat. Retrieved 2018-06-02.
  6. ^ "ERM II – the EU's Exchange Rate Mechanism". European Commission. Retrieved 14 March 2024.
  7. ^ "Euro/ECU exchange rates - annual data". Eurostat. Retrieved 14 March 2024.
  8. ^ "Former euro area national currencies vs. euro/ECU - annual data". Eurostat. Retrieved 14 March 2024.
  9. ^ a b c d e "Convergence Report June 2022" (PDF). European Central Bank. 2022-06-01. Retrieved 2022-06-01.
  10. ^ "Convergence Report 2022" (PDF). European Commission. 2022-06-01. Retrieved 2024-03-14.
  11. ^ "Luxembourg Report prepared in accordance with Article 126(3) of the Treaty" (PDF). European Commission. 12 May 2010. Retrieved 18 November 2012.
  12. ^ "EMI Annual Report 1994" (PDF). European Monetary Institute (EMI). April 1995. Retrieved 22 November 2012.
  13. ^ a b "Progress towards convergence - November 1995 (report prepared in accordance with article 7 of the EMI statute)" (PDF). European Monetary Institute (EMI). November 1995. Retrieved 22 November 2012.


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