Euro adoption and full participation in EMU represent the third and final stage in the monetary convergence process. Euro adoption requires the achievement of a high degree of sustainable convergence, measured by the fulfillment of the conditions set out in the Treaty and its Protocols.
Every two years, or upon request by a Member State, the European Commission and the European Central Bank prepare Convergence Reports to assess the progress achieved in terms of economic and legal convergence. I would like to emphasize that this assessment is based on the principle of equal treatment both among non-euro area members and in comparison with current euro area countries.