Template:Euro convergence criteria (2020)

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Convergence criteria (valid for the compliance check conducted by ECB in their June 2020 Report)
Country HICP inflation rate[1][nb 1] Excessive deficit procedure[2] Exchange rate Long-term interest rate[3][nb 2] Compatibility of legislation
Budget deficit to GDP[4] Debt-to-GDP ratio[5] ERM II member[6] Change in rate[7][8][nb 3]
Reference values[nb 4] Max. 1.8%[nb 5]
(as of 31 Mar 2020)
None openTemplate:Sp(as of 7 May 2020) Min. 2 years
(as of 7 May 2020)
Max. ±15%[nb 6]
(for 2019)
Max. 2.9%[nb 7]
(as of 31 Mar 2020)
Yes[9][10]
(as of 24 March 2020)
Max. 3.0%
(Fiscal year 2019)[11]
Max. 60%
(Fiscal year 2019)[11]
EU members (outside the eurozone)
 Bulgaria 2.6% None No 0.0% 0.3% No
-2.1% (surplus) 20.4%
 Croatia 0.9% None No 0.0% 0.9% No
-0.4% (surplus) 73.2%
 Czech Republic 2.9% None No -0.1% 1.5% No
-0.3% (surplus) 30.8%
 Denmark 0.6% None Error: Second date should be year, month, day -0.2% -0.3% rowspan="2" Template:Unknown
-3.7% (surplus) 33.2%
 Hungary 3.7% None No -2.0% 2.3% No
2.0% 66.3%
 Poland 2.8% None No -0.8% 2.2% No
0.7% 46.0%
 Romania 3.7% Open No -2.0% 4.4% No
4.3% 35.2%
 Sweden 1.6% None No -3.2% -0.1% No
-0.5% (surplus) 35.1%

Template:Smalldiv

Notes
  1. The rate of increase of the 12-month average HICP over the prior 12-month average must be no more than 1.5% larger than the unweighted arithmetic average of the similar HICP inflation rates in the 3 EU member states with the lowest HICP inflation. If any of these 3 states have a HICP rate significantly below the similarly averaged HICP rate for the eurozone (which according to ECB practice means more than 2% below), and if this low HICP rate has been primarily caused by exceptional circumstances (i.e. severe wage cuts or a strong recession), then such a state is not included in the calculation of the reference value and is replaced by the EU state with the fourth lowest HICP rate.
  2. The arithmetic average of the annual yield of 10-year government bonds as of the end of the past 12 months must be no more than 2.0% larger than the unweighted arithmetic average of the bond yields in the 3 EU member states with the lowest HICP inflation. If any of these states have bond yields which are significantly larger than the similarly averaged yield for the eurozone (which according to previous ECB reports means more than 2% above) and at the same time does not have complete funding access to financial markets (which is the case for as long as a government receives bailout funds), then such a state is not be included in the calculation of the reference value.
  3. The change in the annual average exchange rate against the euro.
  4. Reference values from the ECB convergence report of June 2020.[9]
  5. Portugal, Cyprus, and Italy were the reference states.[9]
  6. The maximum allowed change in rate is ± 2.25% for Denmark.
  7. Portugal, Cyprus, and Italy were the reference states.[9]

References

  1. "HICP (2005=100): Monthly data (12-month average rate of annual change)". Eurostat. 16 August 2012. Retrieved 6 September 2012.
  2. "The corrective arm/ Excessive Deficit Procedure". European Commission. Retrieved 2018-06-02.
  3. "Long-term interest rate statistics for EU Member States (monthly data for the average of the past year)". Eurostat. Retrieved 18 December 2012.
  4. "Government deficit/surplus data". Eurostat. 22 April 2013. Retrieved 22 April 2013.
  5. "General government gross debt (EDP concept), consolidated - annual data". Eurostat. Retrieved 2018-06-02.
  6. "ERM II – the EU's Exchange Rate Mechanism". European Commission. Retrieved 2018-06-02.
  7. "Euro/ECU exchange rates - annual data (average)". Eurostat. Retrieved 5 July 2014.
  8. "Former euro area national currencies vs. euro/ECU - annual data (average)". Eurostat. Retrieved 5 July 2014.
  9. 9.0 9.1 9.2 9.3 "Convergence Report 2020" (PDF). European Central Bank. 2020-06-01. Retrieved 2020-06-13.
  10. "Convergence Report - June 2020". European Commission. June 2020. Retrieved 2020-06-13.
  11. 11.0 11.1 "European economic forecast - spring 2020". European Commission. 6 May 2020. Retrieved 13 June 2020.
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Usage

This template accepts one unnamed parameter which dictates how much of the table to output. Output of parts of the table allows for this template to be used for country specific tables such as Sweden and the euro#Status.

  • FULL - outputs the full table (default behaviour)
  • TOP - outputs just the header of the table
  • REF - outputs just the reference values row of the table
  • ISO - outputs just the row for country "ISO"
  • BOT - outputs just the closing parenthesis of the table and the legend and notes

The {{Euro convergence criteria row}} template invoked by this table depends on reference values which are stored at Template:Euro convergence criteria (2020)/REF to determine if a state meets the criteria.