Nominal Convergence Criteria. Their significance and fulfilment by the Central and Eastern European countries with a derogation (en translation)

Abstract: The author examines the signifi cance of the nominal convergence criteria for the new EU Member States from Central and Eastern Europe in 2004-2012 and the extent to which they managed to satisfy these criteria then. In their accession treaties, these countries agreed to adopt a common currency although no specific time was precisely defined. In order to participate in and benefit from functioning in the euro area, the so-called criteria indicated in the Treaty of Maastricht need to be permanently satisfied. At first, this should contribute to a smooth introducing of the euro and later to an effective functioning of the entire economic and monetary union. The study on the degree of compliance with the nominal convergence criteria by Bulgaria, the Czech Republic, Lithuania, Latvia, Poland, Romania, and Hungary indicates that these countries are not ready to join the euro area now for none of them meets all of the membership conditions.