None of the eight EU countries on the waiting list to join the eurozone satisfies the conditions for the adoption of the single currency. This was sanctioned by the European Central Bank in its convergence report, pace of Latvia, the only one to have confirmed its willingness to adopt the euro in 2014. The others – Bulgaria, Czech Republic, Lithuania, Hungary, Poland, Romania and Sweden – are instead much more tepid about joining a eurozone grappling with the debt crisis.
“In none of the eight countries under review is the legal framework fully compatible with all the conditions for adopting the euro envisaged by the Treaty and by the Statute of the European System of Central Banks and of the ECB” reads the report. time they opted out of the euro.
Latvia and Lithuania are the only two countries whose currencies have been part of the European exchange rate system, the EMS II, for more than two years. precondition for adopting the single currency. But while Riga has reaffirmed its willingness to join the eurozone in two years' time, Vilnius hasn't set any dates. Precisely for the Baltic countries, the ECB is sounding the alarm for inflation, which in the 12 months in March was more than one percentage point higher than 3,1%, which is the reference value to be respected to ensure price stability.
