Progress with regard to economic and monetary convergence and with the implementation of Community law concerning the internal market. Report. (Article 109e, 2(b) of the Treaty on European Union).

Abstract

Achieving a high degree of convergence is a precondition for moving to the final stage economic and monetary union (EMU) as defined in the Treaty on European Union whichentered into force on 1 November 1993. The second stage of EMU will start on January 1994. The move to stage two is not .conditional on any particular achievementson convergence, neither economic nor institutional. However, the current state of playregarding economic and monetary convergence must be assessed in order to have a viewof the progress made during stage one. The Treaty requires the Council to make such anassessment, based on a report presented by the commission (article 109 e 2 (b));moreover, the Treaty requires the assessment to cover also the progress made with theimplementation of Community law concerning the internal market. The attached report isintended to fu1fi1 these Treaty requirements.