Report from the Commission (prepared in accordance with Article 140(1) of the Treaty on the functioning of the European Union). Convergence report 2012-technical annex accompanying the document convergence report 2012

Abstract

The euro was introduced on 1 January 1999 by eleven Member States. 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 whether the Member States satisfied the convergence criteria and met the legal requirements.