In order to join the euro area, EU member states are required to fulfil so-called 'convergence criteria'.
These binding economic and legal conditions were agreed in the Maastricht Treaty in 1992 and are also known as 'Maastricht criteria'. All EU Member States, except Denmark, are required to adopt the euro and join the euro area, once they are ready to fulfil them.
The Treaty does not specify a particular timetable for joining the euro area, but leaves it to member states to develop their own strategies for meeting the condition for euro adoption.
TheEuropean Commissionand the European Central Bank jointly decide whether the conditions are met for euro area candidate countries to adopt the euro. After assessing the progress made against theconvergence criteria, the two bodies publish their conclusions in respectivereports. These are further ratified by theECOFIN Councilin consultation with theParliamentand Heads of State. If favourable, theadoption processcan begin.
