Template:Euro convergence criteria

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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 ERM II member[5] Change in rate[6][7][nb 3]
Reference values Max. 1.7%[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. 6.2%[nb 4][nb 7]
(May 2013–April 2014)		 Yes[9]
(as of 30 Apr 2014)
Max. 3.0%
(Fiscal year 2013)[10]		 Max. 60%
(Fiscal year 2013)[11]
EU members (outside the Eurozone)
 Bulgaria −0.8% None No 0.0% 3.52% No
1.5% 18.9%
 Croatia 1.1% Open No −0.8% 4.8% Yes
4.9% 67.1%
 Czech Republic 0.9% Open (Closed in June 2014) No −3.3% 2.21% No
1.5% 46.0%
 Denmark 0.4% Open (Closed in June 2014) Script error: The function "age_generic" does not exist. −0.2% 1.78% Unknown
0.8% 44.5%
 Hungary 1.0% None No −2.6% 5.80% No
2.2% 79.2%
 Poland 0.6% Open No −0.3% 4.19% No
4.3% 57.0%
 Romania 2.1% None No 0.9% 5.26% No
2.3% 38.4%
 Sweden 0.3% None No 0.6% 2.24% No
1.1% 40.6%
 United Kingdom 2.2% Open No −4.7% 2.25% Unknown
5.8% 90.6%
Candidates for EU membership
 Albania 1.9%[12] N/A No Unknown Unknown Unknown
6.2% 70.5%[12]
 Macedonia 3.6%[13] N/A No Unknown Unknown Unknown
3.8%[14] 31.0%[14]
 Montenegro 2.2%[15] N/A No N/A[nb 8] Unknown Unknown
4.1% 56.8%[15]
 Serbia 7.9%[15] N/A No Unknown Unknown Unknown
4.9% 63.4%[15]
 Turkey 7.5% N/A No Unknown 7.90%[17] Unknown
1.6% 36.0%[15]
Potential candidates for EU membership
 Bosnia and Herzegovina −0.1%[12] N/A No Unknown Unknown Unknown
2.2% 42.7%[12]
 Kosovo[nb 9] 1.9%[12] N/A No N/A[nb 10] Unknown Unknown
2.5% 17.6% (estimated)[nb 11][19]


  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),[20] 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.[21][22] 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 12-month average for the annual HICP inflation rate 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 annual average for the yield of 10-year government bonds 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 be included in the calculation of the reference value.
  3. ↑ The change in the annual average exchange rate against the euro.
  4. ↑ 4.0 4.1 Average annual percentage change. Data for 2014 refer to the period May 2013–April 2014.[8]
  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.[16]
  9. ↑ Kosovo is the subject of a territorial dispute between the Republic of Kosovo and the Republic of Serbia. The Republic of Kosovo unilaterally declared independence on 17 February 2008, but Serbia continues to claim it as part of its own sovereign territory. The two governments began to normalise relations in 2013, as part of the Brussels Agreement. Kosovo has been recognised as an independent state by 108 out of 193 United Nations member states.
  10. ↑ The Republic of Kosovo adopted the Deutsche Mark in 1999 to replace the Serbian dinar.[18] 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.[16]
  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

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  12. ↑ 12.0 12.1 12.2 12.3 12.4 Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Macedonia's official 12m average CPI statistic (reflected by development of its monthly CPI index values as per 31 March 2013)
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