ECB Convergence Report

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The Convergence Reports fulfil the ECB's requirement to report to the Council of the European Union at least once every two years – or at the request of a Member State with a derogation – “on the progress made in the fulfilment by the Member States of their obligations regarding the achievement of economic and monetary union” (Article 122(2) in conjunction with Article 121(1) of the Treaty establishing the European Community).

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The Eurosystem

The Eurosystem is the system of central banks of the euro area responsible for conducting the single monetary policy. It comprises the European Central Bank (ECB) and the national central banks (NCBs) of the EU member states that have adopted the euro.