EU: none of non-euro countries meet criteria for eurozone

The European Commission announced on Wednesday that none of the six European Union (EU) countries that have yet to adopt the euro meet the requirements to join the eurozone, although Bulgaria is the closest.

The countries in question are Sweden, Poland, the Czech Republic, Bulgaria, Romania, and Hungary, all of which are legally required to eventually adopt the single currency.

The EU, consisting of 27 member states, also includes Denmark, which continues to use its own currency under a legal exemption from adopting the euro.

To qualify for euro adoption, these countries must achieve low inflation and borrowing costs, maintain public debt and deficits in line with EU laws, and ensure a stable exchange rate.

Additionally, their central bank laws must align with EU regulations on the European Central Bank to guarantee central bank independence, prohibit monetary financing, and integrate their national central banks into the European System of Central Banks.

Attribution: Reuters.