The euro was introduced on 1 January 1999. As of now, 13 European Union (EU) Member States have adopted the euro in line with the requirements of the Treaty, the most recent one being Slovenia on 1 January 2007. At the same time, following the enlargements of the EU in 2004 and 2007, 14 Member States are at present not full participants in Economic and Monetary Union (EMU) and have not yet adopted the euro.
This Convergence Report has been prepared following requests for a country examination received from Cyprus on 13 February 2007 and from Malta on 27 February 2007.
This Convergence Report is structured as follows. Chapter 2 describes the framework used for the examination of economic and legal convergence. Chapter 3 contains the country summaries, which provide the main results of the examination of economic and legal convergence. Chapter 4 examines the state of economic convergence in each of the two Member States under review in more detail and provides an overview of the statistical methodology of convergence indicators. Finally, Chapter 5 examines the compatibility between each of these Member States’ national legislation, including the statutes of their NCB, and Articles 108 and 109 of the Treaty and the Statute of the European System of Central Banks (ESCB). [...]
