BRUSSELS (Reuters) – None of the six European Union countries that have not yet used the euro meet the criteria to join the euro zone, although Bulgaria was the closest, the European Commission said on Wednesday.
Of the 27 countries that make up the European Union, Sweden, Poland, the Czech Republic, Bulgaria, Romania and Hungary still use their own currencies instead of the euro, but they are legally obligated to eventually adopt the single currency.
Denmark still uses its own currency, but enjoys a legal exemption from adopting the euro.
“None of these Member States currently meets all the criteria for joining the euro area. Bulgaria is the only country that meets all but one of the criteria and where national legislation can be considered compatible with the rules of the Economic and Monetary Union,” the Commission said.
To start using the euro, each of the six countries must meet criteria of low inflation, borrowing costs, public debt and deficits in line with EU laws and a stable exchange rate.
They also have to bring their central bank law into line with EU law on the European Central Bank to protect central bank independence, prohibit monetary financing and integrate the national central bank into the European System of Central Banks.