BRUSSELS (Reuters) – The European Commission said on Wednesday that none of the six European Union countries that do not yet use the euro meet the criteria to join the euro zone, although Bulgaria was closest.
Of the 27 countries that make up the EU, Sweden, Poland, the Czech Republic, Bulgaria, Romania and Hungary still use their own currency instead of the euro, but they are legally obliged to eventually adopt the common currency.
Denmark also still uses its own currency, but has a legal exception to the introduction of the euro.
“None of these Member States currently meet all the criteria to join the eurozone. Bulgaria is the only country that meets all but one of the criteria and where national legislation can be considered compatible with the rules of Economic and Monetary Union.” said the Commission.
To start using the euro, each of the six countries must meet criteria of low inflation and financing costs, government debts and deficits in line with EU laws and a stable exchange rate.
They must also make their central banking law compatible with EU law on the European Central Bank to protect the independence of the central bank, prohibit monetary financing and integrate the national central bank into the European System of Central Banks.
