The European Commission states in the Convergence Report 2026 that the Czech Republic, Hungary, Poland, Romania, and Sweden are not ready to adopt the euro.

The European Commission has published the convergence report for 2026 and shows that the Czech Republic, Hungary, Poland, Romania, and Sweden do not meet all the conditions for adopting the euro. The report checks inflation, public finances, exchange rate stability, long-term interest rates, and the compatibility of national legislation with the rules of the Economic and Monetary Union. Meanwhile, an Eurobarometer shows that support for the euro remains high in Romania and Hungary, but citizens fear price increases and believe their countries are not yet ready.

The European Commission states that none of the five EU countries analyzed in the convergence report for 2026 meet all the conditions for adopting the euro. The Czech Republic, Hungary, Poland, Romania, and Sweden are required by European treaties to adopt the single currency, but the report shows that each of them still has economic, legal, or institutional obstacles before entering the euro area.

In short

The European Commission states that the Czech Republic, Hungary, Poland, Romania, and Sweden currently do not meet all the criteria for adopting the euro.

The criteria analyzed are price stability, public finances, exchange rate stability, and long-term interest rates.

None of the five countries participate in the Exchange Rate Mechanism II, a mandatory step before adopting the euro.

The Czech Republic and Sweden meet three economic criteria, but do not meet the exchange rate criterion and do not have fully compatible legislation.

Romania, Hungary, and Poland do not meet several criteria, including those regarding inflation, public finances, and long-term interest rates.

The convergence report is one of the checks through which the European Union determines whether a country can transition from its national currency to the euro. The European Commission and the European Central Bank publish such reports at least once every two years for member states that have not yet adopted the single currency, with the exception of Denmark, which has a special derogation.

For citizens, the report answers a simple question: is a country's economy stable enough to give up its own currency and enter the euro area without significant risks for prices, budget, exchange rate, and financing costs?

The Commission checks four economic criteria, known as the Maastricht criteria. The first is inflation, which must remain close to that of the best-performing member states. The second concerns public finances, particularly the absence of excessive deficits. The third requires participation in the Exchange Rate Mechanism II for at least two years without severe tensions. The fourth concerns the level of long-term interest rates.

Alongside these criteria, the report checks whether national legislation is compatible with the rules of the Economic and Monetary Union. This part particularly concerns the independence of the central bank, the prohibition of direct state financing by the central bank, and the integration of the national central bank into the European System of Central Banks.

The Commission's conclusion is that none of the five countries analyzed is currently ready for the adoption of the euro. The Czech Republic and Sweden are the closest economically, as they meet the criteria regarding price stability, public finances, and long-term interest rates. However, they do not participate in the Exchange Rate Mechanism II, and their legislation is not fully compatible with European requirements.

Hungary, Poland, and Romania are further from entering the euro area. The Commission states that these three states do not meet the criteria regarding price stability, public finances, exchange rate stability, and long-term interest rates. All three are subject to procedures for excessive deficit.

None of the five analyzed countries participate in the Exchange Rate Mechanism II. This step is important as it tests whether the national currency can remain stable against the euro before adopting the single currency. Participation must last at least two years without severe tensions.

The Commission shows that the analyzed states are generally well integrated economically and financially into the European Union. They have strong trade and financial ties with the euro area, but some face macroeconomic vulnerabilities, business environment issues, or institutional weaknesses that may affect the stability of convergence.

The economic context makes the assessment more difficult. The report shows that Russia's war against Ukraine, global trade tensions, and the conflict in the Middle East have increased economic uncertainty. Energy prices, supply chains, trade, and investor confidence can influence inflation and public finances of countries that wish to adopt the euro.

The Commission insists on the sustainability of convergence. A country must not only numerically meet the criteria at a favorable moment. It must demonstrate that it can maintain long-term stability, with credible public finances, solid institutions, stable economic policies, and the capacity to withstand shocks.

The report is also accompanied by an Eurobarometer on citizens' attitudes towards the euro in the five analyzed states. The survey shows that 52% of respondents are in favor of introducing the euro in their country, but there are significant differences between states. Support is highest in Hungary, at 80%, and in Romania, at 65%. In Sweden, support is at 51%, in Poland at 43%, and in the Czech Republic at 42%.

The data also show a significant tension between support for the euro and the perception of readiness. Only 25% of respondents from the five countries believe that their state is ready to adopt the euro, while 73% say it is not ready. At the same time, 67% believe that the euro will be introduced in their country within the next ten years.

The dominant concern remains rising prices. The Eurobarometer shows that 59% of respondents expect the introduction of the euro to lead to higher prices, and 68% are worried about abusive price setting during the currency changeover period.

Valdis Dombrovskis, the European Commissioner for Economy and Productivity, linked the single currency to European resilience. "In the current geopolitical reality, the euro is one of Europe's key assets for our long-term prosperity, resilience, and sovereignty," he said.

The next step depends on the evolution of each country. If a country meets the criteria, the Commission can propose to the Council of the European Union a decision regarding the adoption of the euro. The Council consults the European Parliament, discusses in the Eurogroup and at the level of heads of state or government, then establishes the conversion rate at which the national currency will be replaced by the euro.

https://2eu.brussels/ro/stiri/comisia-europeana-spune-in-raportul-de-convergenta-2026-ca-cehia-ungaria-polonia-romania-si-suedia-nu-sunt-pregatite-sa-adopte-euro