Report from the Commission (prepared in accordance with Article 122(2) of the Treaty). Convergence report 2000.

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. Thedecision1by 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); ex Article 109j(4))2,been prepared by the Ecofin Council on a recommendation from the Commissionand was based on the two convergence reports made by the Commission3and theEuropean Monetary Institute (EMI).4These reports, prepared in accordance withArticle 121(1) of the Treaty (ex Article 109j(1)), examined in considerable detailwhether the Member States satisfied the convergence criteria and met the legalrequirements5.