When are the new Member States expected to adopt the euro?
Slovenia adopted the euro as its currency on 1 January 2007, as the first of the new EU Member States. On 1 January 2008 Cyprus and Malta followed. There is no pre-set timetable for the adoption of the euro by these countries as the Governing Council of the ECB noted in its “Policy position of the Governing Council of the ECB on exchange rate issues relating to the acceding countries”, published on 18 December 2003. In order to adopt the euro, they have to achieve a high degree of sustainable economic convergence. This is assessed by the EU Council on the basis of reports produced by the Commission and the ECB on the degree of these countries’ fulfilment of the Maastricht convergence criteria. These reports are prepared at least once every two years, or at the request of a Member State wishing to adopt the euro.
