The European Central Bank (ECB) has said that none of the eight countries that are supposed to join the euro are ready yet. It said Bulgaria, the Czech Republic, Latvia, Lithuania, Hungary, Poland, Romania and Sweden are not yet ready to join the 17 nations that use the euro. The ECB is obliged to report on their progress at least once every two years.

Of the 10 countries in the European Union that are not in the eurozone, only the UK and Denmark have opt-outs from joining the currency. The rest are supposed to join at some point. The ECB assesses its convergence criteria based on inflation, deficits, exchange rates, long-term interest rates and legal compliance with the eurosystem of central banks.

 

Source

(C) BBC News

(C) European Commission Report

Views: 602

Tags: Bulgaria, Czech Republic, Denmark, Hungary, Latvia, Lithuania, Poland, Romania, Sweden, United Kingdom

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Comment by euroHOBBY on May 31, 2012 at 12:02

@Vitaly

in general the new euro states follow the EU rules more strictly than the older euro states

 

problems are only in the countries that have joined the euro in 2002 and none of the new euro zone countries have these problems

Comment by Pabitra Saha on May 31, 2012 at 11:59

Rather than go out, some countries may need to be kicked out of Eurozone.

Some countires may never be able to make in to it for many years to come.

 

Comment by euroHOBBY on May 31, 2012 at 11:58

Andorra will only issue euro coins and will not be an official member of the eurozone just like San Marino ...

Comment by Vitaly on May 31, 2012 at 11:44

it is already enough ! EU do not need new Grecee, Spain and Portugal !!!

Comment by Ctirad on May 31, 2012 at 11:34

Andorra is small country and in CZE our governement don't want €

Comment by Wayne Lam on May 31, 2012 at 11:15

Probably Andorra will be the only country within a decade.

Comment by Li Ji on May 31, 2012 at 10:39

no go out of eurozone is better than go into eurozon.

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