On Wednesday, June 26, it presented a report on Poland, Bulgaria, the Czech Republic, Hungary, Romania and Sweden. These are EU Member States that have not yet adopted the European currency. To enter the euro zone, these countries must meet four so-called convergence criteria.
European Commission: Poland does not meet the conditions for joining the euro zone
The European Commission report shows that Poland currently does not meet any of the conditions for joining the euro area. These conditions apply to:
- stable prices – the inflation rate cannot be higher than 1.5 percentage points above the average price level calculated for the three countries in the euro zone with the lowest inflation;
- long-term balance of public finances – the country cannot be subject to the excessive deficit procedure (on June 19, the European Commission included Poland in this procedure);
- stable exchange rate – the country must have participated in the ERM II exchange rate mechanism for at least two years;
- stable long-term interest rates – these rates cannot be higher than two percentage points from the average, which is calculated for the three countries in the euro area with the lowest rates.
The European Commission emphasized the obligation for EU Member States to adopt the euro
None of the countries analyzed by the European Commission currently meet all the convergence criteria. At the same time, the Commission emphasized that the six countries described in the report are legally obliged to adopt the euro. As noted, this obligation applies to all EU countries, except Denmark.
Source: Gazeta
At 247 News Agency, Jason has covered a wide range of topics, from politics and business to crime and entertainment. He is highly respected by his colleagues and peers, and his articles are widely read and shared. With a passion for news and a commitment to accuracy, Jason Root is a valuable asset to the 247 News Agency team.
