EC: Czechia meets only one of four criteria necessary for euro adoption

Czechia has so far met only one of the four criteria necessary for admission into the eurozone, that one criterion being the convergence of long-term interest rates, the European Commission stated on Wednesday in its Convergence Report 2024. The country has however not achieved price stability, healthy public finances or exchange rate stability, although the EC expects that it will soon achieve the second of these three unmet criteria.

In its report, the Commission assessed six EU member states that have pledged to eventually switch to the euro as their primary currency, the other five being Bulgaria, Hungary, Poland, Romania and Sweden. Not one of these countries yet fulfills all the necessary criteria, and in the case of Poland and Hungary, not a single criterion has been met.