Press Release: Commission adopts the 2004 Convergence Report assessing readiness for euro membership

The European Commission on 20 October 2004 adopted its Convergence Report 2004. Progress with convergence towards the requirements of EMU is examined in the Czech Republic, Estonia, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Slovenia, Slovakia and Sweden. The report examined whether the Member States without an opt-out met the convergence criteria on price stability, the government budgetary position, exchange rates and interest rates and whether they ensured compatibility of their legislation with that required for euro membership. The report indicated that none of the countries examined fulfilled all conditions for adopting the euro at that stage. In this light the Commission concluded that there should be no change in the status of the eleven countries assessed as a 'Member State with a derogation'.

European Commission: COM(2004) 690, Convergence Report 2004 http://ec.europa.eu/comm/economy_finance/publications/european_economy/2004/cr2004_en.pdf

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