In this year’s Convergence Report, the European Central Bank (ECB) uses the framework applied in the Convergence Reports produced by the European Monetary Institute (EMI) in March 1998 and the ECB in May 2000 to examine, with regard to Sweden, whether a high degree of sustainable convergence has been achieved, as well as compliance with the statutory requirements to be fulfilled for national central banks (NCBs) to become an integral part of the European System of Central Banks (ESCB).
Following the introduction of the euro on 1 January 1999 in 11 Member States and on 1 January 2001 in Greece, three Member States of the European Union (EU) are not yet full participants in Economic and Monetary Union (EMU). Two of these Member States, namely Denmark and the United Kingdom, have a special status. In accordance with the terms of the relevant protocols, annexed to the Treaty, these countries gave notification that they would not participate in Stage Three of EMU on 1 January 1999. As a consequence, convergence reports for these two Member States only have to be provided if they so request. Since no such request has been made, this year’s Convergence Report covers only Sweden.
This year’s Convergence Report contains three chapters. Chapter I describes the key aspects of the examination of economic convergence in 2002. Chapter II assesses the state of economic convergence in Sweden, and Chapter III investigates the compatibility of Sweden’s national legislation, including the Sveriges Riksbank Act, with Articles 108 and 109 of the Treaty and the Statute of the ESCB.
This year’s Convergence Report contains three chapters. Chapter I describes the key aspects of the examination of economic convergence in 2002. Chapter II assesses the state of economic convergence in Sweden, and Chapter III investigates the compatibility of Sweden’s national legislation, including the Sveriges Riksbank Act, with Articles 108 and 109 of the Treaty and the Statute of the ESCB. [...]
