Report from the Commission (prepared in accordance with Article 122(2) of the Treaty). Convergence report 2002 Sweden.

Abstract

The move into the third stage of economic and monetary union (EMU) and theintroduction of the single currency, the euro, on 1 January 1999 was a major stepforward in European economic integration. It followed several years of successfulbut often difficult adjustment efforts by the Member States during the second stageof EMU to achieve the high degree of sustainable convergence required for EMUparticipation and needed for the stability and success of the new currency. Thedecision1 by the Council (of Heads of State or Government) on 3 May 1998 inBrussels on the 11 Member States ready to participate in the single currency from thebeginning had, in accordance with the Treaty (Article 121(4)), been prepared by theEcofin Council on a recommendation from the Commission. The decision was basedon the two convergence reports made by the Commission2 and the EuropeanMonetary Institute (EMI).3 These reports, prepared in accordance with Article 121(1)of the Treaty, examined in considerable detail whether the Member States satisfiedthe convergence criteria and met the legal requirements.