Report on convergence in the European Union in 1996. Prepared in accordance with Article 109j(I) of the Treaty.

Abstract

This report has been prepared in accordance with Article 1 09j(l) of the Treaty which requires the Commission to report to the Council on the progress made in the fulfilment by the Member States of their obligations regarding the achievement of economic and monetary union (EMU). The European Monetary Institute (EMI) is similarly required to report to the Council. These reports are the first steps of the procedure set out in Article 109j which leads to the Council, meeting in the composition of the Heads of State or Government, deciding for the first ,time, not later than31 December 1996, whether a majority ?f the Member States fulfils the necessary conditions for the adoption of a single currency and whether it is appropriate for the Community to enter the third stage.