12/05/2010

Article 140(1) of the Treaty on the Functioning of the European Union (henceforth TFEU) requires the Commission and the ECB to report to the Council, at least once every two years, or at the request of a Member State with a derogation, on the progress made by the Member States in fulfilling their obligations regarding the achievement of economic and monetary union. The latest Commission and ECB regular Convergence Reports were adopted in May 2008.

The 2010 Convergence Report covers the following nine Member States with a derogation: Bulgaria, the Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland, Romania and Sweden. Denmark and the United Kingdom have not expressed a wish to adopt the euro and are therefore not covered in the assessment. A more detailed assessment of the state of convergence in these countries is provided in a Technical Annex to this report (SEC(2010) 598).