CONVERGENCE CRITERIA

The criteria established in Article 121 (1) of the Treaty (and developed further in Protocol No 21) as a basis for the assessment of whether a country may adopt the euro. They relate to performance with regard to price stability, the government financial position, exchange rates and long-term interest rates. They also cover the compatibility of national legislation, including the statutes of national central banks, with both the Treaty and the Statute of the European System of Central Banks and of the European Central Bank.