European Economy. Convergence Report 2010 3/2010

Abstract

Article 140(1) of the Treaty on the Functioning of the European Union (henceforthTFEU) requires the Commission and the ECB to report to the Council, at least onceevery two years, or at the request of a Member Statewith a derogation, on theprogressmade by the Member States infulfilling their obligationsregarding theachievement of economic andmonetary union. The latest Commission and ECBregular Convergence Reports were adopted in May 2008.The 2010 Convergence Report covers the following nine Member States with aderogation: Bulgaria, the Czech Republic,Estonia, Latvia, Lithuania, Hungary,Poland, Romania and Sweden. Denmark and the United Kingdom have not expresseda wish to adopt the euroand are therefore not covered in the assessment. Amoredetailed assessment of the state of convergence in these countries is provided in aTechnical Annex to this report.