The Committee, Bulgarian Progress, Czech Republic, Hungary, Poland, Romaniaand Sweden Towards Hire of EURThe euro Official Currency The 20 EU member states make up the Eurozone, also known as the Eurozone. All EU member states except Denmark have a legal commitment to join the Eurozone. The six countries listed above are currently working towards that goal.
The Commission's assessment is based on certain criteria, including price stability, sound public finances, exchange rate stability, and convergence of long-term interest rates. All six countries have made progress. However, none currently meets all the criteria for euro area membership.
The 2024 Convergence Report outlines how countries have met the benchmarks so far.
- Price stabilitySweden fulfills
- Finance: Bulgaria and Sweden have achieved this, and the Czech Republic is expected to achieve it.
- Long-term interest rates: Bulgaria, Czech Republic and Sweden
- exchange rate: Fulfilled by Bulgaria
These progress reports are published every two years or upon special request from an EU member state to assess its readiness to join the euro area. On this basis, the Council of the EU decides whether the country meets the conditions for euro adoption. The last country to join the euro area is Croatia, due to join in 2023.
The euro is the second most widely used currency in the world, used by around 350 million people daily. A recent survey showed that the majority of citizens in member states outside the euro area believe that adopting the euro would be good for their country and for them personally. Overall, 58% of respondents were in favour of their country adopting the euro.
More Information
Press release: Convergence report examines member states' progress towards euro area membership
What is the Eurozone?
Benefits of the Euro, its history and more
Economic and Monetary Union
Eurobarometer Survey Results
Convergence Report
