Convergence Report 2016

European Economy Institutional Papers are important reports and communications from the European Commission to the Council of the European Union and the European Parliament on the economy and economic developments.

Article 140(1) of the Treaty on the Functioning of the European Union (TFEU) requires the Commission and the European Central Bank (ECB) to report to the Council, at least once every two years, or at the request of a Member State with a derogation, on the progress made by the Member States in fulfilling their obligations regarding the achievement of economic and monetary union. The 2016 Convergence Report covered the following seven Member States with a derogation: Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania and Sweden. A more detailed assessment of the state of convergence in those Member States was provided in a Technical Annex to this Report.