This document is an excerpt from the EUR-Lex website
Convergence report 2018
WHAT IS THE AIM OF THE REPORT, OF ARTICLE 140 TFEU AND OF PROTOCOL (NO 13) TFEU?
Under Article 140(1) TFEU, the European Commission and the ECB must report to the Council at least once every 2 years on the progress countries are making towards meeting the criteria for adopting the euro. A convergence report is prepared at least once every 2 years or at the request of one of the EU countries concerned.
The convergence criteria are set out in detail in Protocol No 13 of the TFEU.
The analysis examines whether:
The report concludes that, of the 7 countries, only Croatia has the necessary compatible legislation in place.
In relation to the convergence criteria, the report’s main conclusions are:
The report also shows that the 7 countries are generally well-integrated economically and financially in the EU, even if some still have macroeconomic weaknesses or face challenges related to their business environment and institutional framework.
Long-term interest rate convergence is checked relative to the 3 best-performing EU economies in terms of price stability.
For more information, see:
Report from the Commission to the European Parliament and the Council — Convergence Report 2018 (prepared in accordance with Article 140(1) of the Treaty on the Functioning of the European Union) (COM(2018) 370 final, 23.5.2018)
Consolidated version of the Treaty on the Functioning of the European Union — Part Three — Union Policies and Internal Actions — Title VIII — Economic and Monetary Policy — Chapter 5 — Transitional Provisions — Article 140 (ex Articles 121(1), 122(2), second sentence, and 123(5) TEC) (OJ C 202, 7.6.2016, pp. 108-110)
Consolidated version of the Treaty on the Functioning of the European Union — Protocol (No 13) on the convergence criteria (OJ C 202, 7.6.2016, pp. 281-282)
Commission Staff Working Document — Convergence Report 2018 — Accompanying the document Report from the Commission to the European Parliament and the Council — Convergence Report 2018 (prepared in accordance with Article 140(1) of the Treaty on the Functioning of the European Union) (SWD(2018) 350 final, 23.5.2018)
Regulation (EU) No 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances (OJ L 306, 23.11.2011, pp. 25-32)
Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (OJ L 209, 2.8.1997, pp. 1-5)
Successive amendments to Regulation (EC) No 1466/97 have been incorporated into the original document. This consolidated version is of documentary value only.
last update 24.07.2019