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Convergence criteria (valid for April 2014)
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 Max. 3.3%[nb 4][nb 5]
(May 2013–April 2014) 		None open (as of 30 April 2014) Min. 2 years
(as of present) 		Max. ±15%[nb 6]
(for 2013) 		Max. 4.8%[nb 4][nb 7]
(May 2013–April 2014) 		Yes[10]
(as of 30 Apr 2014)
Max. 3.0%
(Fiscal year 2013)[11] 		Max. 60%
(Fiscal year 2013)[12]
EU members (outside the Eurozone)
Bulgaria [[and the euro|]] −0.8% None No 0.0% 3.52% No
1.5% 18.9%
Croatia Croatia 1.1% Open No −0.8% 4.8% Yes
4.9% 67.1%
Czech Republic Czech Republic 0.9% Open (Closed in June 2014) No −3.3% 2.21% No
1.5% 46.0%
Denmark [[and the euro|]] 0.4% Open (Closed in June 2014) 25 years, 11 months −0.2% 1.78% Un­known
0.8% 44.5%
Hungary Hungary 1.0% None No −2.6% 5.80% No
2.2% 79.2%
Poland Poland 0.6% Open No −0.3% 4.19% No
4.3% 57.0%
Romania Romania 2.1% None No 0.9% 5.26% No
2.3% 38.4%
Sweden Sweden 0.3% None No 0.6% 2.24% No
1.1% 40.6%
United Kingdom United Kingdom 2.2% Open No −4.7% 2.25% Un­known
5.8% 90.6%
Candidates for EU membership
Albania Albania 1.9%[13] — No Un­known Un­known Un­known
6.2% 70.5%[13]
North Macedonia North Macedonia 3.6%[14] — No Un­known Un­known Un­known
3.8%[15] 31.0%[15]
Montenegro Montenegro 2.2%[16] — No —[nb 8] Un­known Un­known
4.1% 56.8%[16]
Serbia Serbia 7.9%[16] — No Un­known Un­known Un­known
4.9% 63.4%[16]
Turkey Turkey 7.5% — No Un­known 7.90%[18] Un­known
1.6% 36.0%[16]
Potential candidates for EU membership
Bosnia and Herzegovina Bosnia and Herzegovina −0.1%[13] — No Un­known Un­known Un­known
2.2% 42.7%[13]
Kosovo [[and the euro|]][nb 9] 1.9%[13] — No —[nb 10] Un­known Un­known
2.5% 17.6% (estimated)[nb 11][20]
  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),[21] 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.[22][23] 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.[23]
  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. ^ a b Average annual percentage change. Data for 2014 refer to the period May 2013–April 2014.[9]
  5. ^ The 3 best performing countries in regards to HICP inflation were Latvia (0.1%), Portugal (0.3%) and Ireland (0.3%).The inflation rates of Greece, Bulgaria and Cyprus (−1.2%, −0.8% and −0.4%, respectively) have been excluded from the calculation of the reference value.
  6. ^ The maximum allowed change in rate is ± 2.25% for Denmark.
  7. ^ The three best performing countries in terms of price stability were subject to an interest rate of 3.3% (Latvia), 3.5% (Ireland) and 5.8% (Portugal).
  8. ^ Montenegro has not had a currency of its own since it decided to abandon the use of the Serbian Dinar in November 1999 and make the Deutsche Mark its de facto currency. When Germany yielded the Mark for the Euro on 1 January 2002, Montenegro unilaterally adopted the Euro as its currency. However, as they are not a member of the eurozone they do not have a seat at the ECB or the right to mint euro coins. It is undecided whether Montenegro will be required to reintroduce its own currency to comply with the ERM II criteria for official euro adoption.[17]
  9. ^ Template:Kosovo-note
  10. ^ The Republic of Kosovo adopted the Deutsche Mark in 1999 to replace the Serbian dinar.[19] The euro is currently the official currency of Kosovo.[citation needed] However, as they are not a member of the eurozone they do not have a seat at the ECB or the right to mint euro coins. It is undecided whether Kosovo will be required to reintroduce its own currency to comply with the ERM II criteria for official euro adoption.[17]
  11. ^ The debt level for Kosovo can currently only be estimated because no deal has been finalized to settle the Kosovo's share of the Serbian national debt.[citation needed]

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. ^ "Convergence report 2014" (PDF). European Central Bank. June 2014. Retrieved 2014-06-06.
  10. ^ "Convergence Report - 2014" (PDF). European Commission. April 2014. Retrieved 2014-09-26.
  11. ^ "Government deficit/surplus data". Eurostat. 6 June 2014. Retrieved 6 June 2014.
  12. ^ "Government debt data". Eurostat. 6 June 2014. Retrieved 6 June 2014.
  13. ^ a b c d e "World Economic Outlook Database, April 2014". IMF. April 2014.
  14. ^ Macedonia's official 12m average CPI statistic (reflected by development of its monthly CPI index values as per 31 March 2013)
  15. ^ a b "European economic forecast - Winter 2013" (PDF). European Commission. 2013-02-22. Retrieved 2013-02-22.
  16. ^ a b c d e Cite error: The named reference EC-winter-forecast 2014 was invoked but never defined (see the help page).
  17. ^ a b "Montenegro's peculiar path to EU membership". 2013-02-07. Retrieved 2013-02-19.
  18. ^ "Turkey 10-Year Bond Historical Data - Investing.com". investing.com.
  19. ^ "Kosovo adopts Deutschmark". BBC News. 1999-09-03. Retrieved 2013-01-15.
  20. ^ "IMF Country Report No.11/210 - Republic of Kosovo: 2011 Article IV Consultation and the Initiation of a Staff-Monitored Program" (PDF). IMF. 6 July 2011. Retrieved 9 September 2012.
  21. ^ "Luxembourg Report prepared in accordance with Article 126(3) of the Treaty" (PDF). European Commission. 12 May 2010. Retrieved 18 November 2012.
  22. ^ "EMI Annual Report 1994" (PDF). European Monetary Institute (EMI). April 1995. Retrieved 22 November 2012.
  23. ^ 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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