Report from the Commission (prepared in accordance with Article 140(1) of the Treaty). Convergence report 2010 {COM(2010) 238 final}.

Abstract

The euro was introduced on 1 January 1999 by eleven Member States, following several years of successful adjustment efforts to achieve a high degree of sustainable convergence. The decision (1) by the Council (meeting in the composition of the Heads of State or Government) on 3 May 1998 in Brussels on the eleven Member States deemed ready to participate in the single currency had, in accordance with the Treaty (Article 121(4) TEC) (2), been prepared by the Ecofin Council on a recommendation from the Commission. The decision was based on the two Convergence Reports made by the Commission (3) and the European Monetary Institute (EMI), respectively (4). These reports, prepared in accordance with Article 121(1) TEC (5), examined in considerable detail whether the Member States satisfied the convergence criteria and met the legal requirements