(European Economy. 3. May 2012.
Brussels. PDF. 172pp. Tab. Free.)
KC-AR-12-003-EN-C ISBN: 978-92-79-22851-3
Convergence Reports examine whether Member States satisfy the conditions for adopting the single currency. Convergence reports are issued by the European Commission and the European Central Bank every two years, or more often if a country intending to join the euro requests it. These reports form the basis for the decision on whether a Member State may join the euro area.
The 2012 Convergence Report, adopted on 30 May 2012, is a regular biennial report and examines progress with convergence in eight Member States with a derogation - Bulgaria, the Czech Republic, Latvia, Lithuania, Hungary, Poland, Romania and Sweden. It contains the Report from the Commission COM(2012)  final, and the accompanying Staff Working Document with a more detailed analysis of the fulfilment of the criteria by all countries assessed.
The report concludes that none of the countries examined fulfils all conditions for adopting the euro at this stage.