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None of candidates for joining eurozone meets necessary criteria — EC

The criteria evaluate indicators such as the stability of the financial system, price levels, and stable exchange rates

BRUSSELS, June 27. /TASS/. None of the EU countries that are candidates for joining the eurozone fully meet the necessary financial and economic criteria, according to a report by the European Commission (EC).

The EC assessed six countries for meeting the Maastricht criteria necessary to join the eurozone. These include Bulgaria, Hungary, Poland, Romania, the Czech Republic, and Sweden. The criteria evaluate indicators such as the stability of the financial system, price levels, and stable exchange rates. It was also noted that, despite progress on certain figures, not a single state currently meets all the criteria for joining the eurozone.

Every two years, or at the specific request of an EU country, the European Commission publishes reports on economic progress in order to assess a country's readiness to join the euro area. The EU Council then decides, on the basis of the received data, whether the country will be able to switch to the single European currency.

The EU's monetary union currently unites 20 countries with the euro as its official currency. Among the EU members, Bulgaria, Hungary, Denmark, Poland, Romania, the Czech Republic, and Sweden do not yet use the single currency. Croatia is currently the last country to join the euro zone (January 1, 2023).

In 1992, the Maastricht Treaty on the European Union was signed, which set up the procedure for the creation of a monetary union. The Maastricht criteria were established describing the requirements necessary for entry into the euro zone. Currently, there are 20 states in the euro zone, and the euro also circulates in five countries that are not formally members of the EU, including Andorra, Vatican City, Monaco, San Marino, Montenegro, and unrecognized Kosovo.

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