Press Release: Commission adopts the 2002 Convergence Report on Sweden

The European Commission adopted today its 2002 Convergence Report, in which convergence progress made by Sweden is examined in accordance with Article 122(2) of the Treaty. As the other two Member States not participating in the euro area, Denmark and the United Kingdom, negotiated opt-out clauses before the adoption of the Maastricht Treaty, this year's Report deals only with Sweden. In order to participate in the euro area, Member States must fulfil legal convergence and the convergence criteria on price stability, government budgetary position, exchange rate and interest rate. The report concludes that Sweden fulfils three of the convergence criteria (on price stability, the government budgetary position and convergence of interest rates) but does not fulfil the exchange rate criterion. Moreover, central bank legislation in Sweden is assessed not to be compatible with the Treaty and the Statute of the ESCB. In the light of this assessment the Commission concludes that there should be no change in the status of Sweden as a Member State with a derogation.