Template:Euro convergence criteria (2013)

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Convergence criteria (valid for the compliance check conducted by ECB in their June 2013 Report)
Country HICP inflation rate[1][nb 1] Excessive deficit procedure[2] Exchange rate Long-term interest rate[3][nb 2] Compatibility of legislation
Budget deficit to GDP[4] Debt-to-GDP ratio ERM II member[5] Change in rate[6][7][nb 3]
Reference values[nb 4] max. 2.7%[nb 5]
(as of 30 Apr 2013)
None open (as of 30 Apr 2013) min. 2 years
(as of 30 Apr 2013)
max. ±15%[nb 6]
(for 2012)
max. 5.5%[nb 5]
(as of 30 Apr 2013)
Yes[9]
(as of 30 Apr 2013)
max. 3.0%
(Fiscal year 2012)[10]
max. 60%
(Fiscal year 2012)[10]
EU members (outside the eurozone)
 Bulgaria 2.4% None No 0.0% 3.89%  ?
0.8% 18.5%
 Czech Republic 2.8% Open No -2.3% 2.30%  ?
4.4% 45.8%
 Denmark 1.8% Open 14 years, 3 months 0.1% 1.33%  ?
4.0% 45.8%
 Hungary 4.6% Open (Closed in June 2013) No -3.5% 6.97%  ?
1.9% 79.2%
 Latvia 1.3% Open (Closed in June 2013) 7 years, 11 months 1.3% 3.84% Yes
1.2% 40.7%
 Lithuania 2.7% Open (Closed in June 2013) 8 years, 10 months 0.0% 4.42%  ?
3.2% 40.7%
 Poland 2.7% Open No -1.6% 4.44%  ?
3.9% 55.6%
 Romania 4.1% Open (Closed in June 2013) No -5.2% 6.36%  ?
2.9% 37.8%
 Sweden 0.8% None No 3.6% 1.59%  ?
0.5% 38.2%
 United Kingdom 2.6% Open No 6.6% 1.62%  ?
6.3% 90.0%


  Criterion fulfilled
  Criterion potentially fulfilled: If the budget deficit exceeds the 3% limit, but is "close" to this value (the European Commission has deemed 3.5% to be close by in the past),[11] then the criteria can still potentially be fulfilled if either the deficits in the previous two years are significantly declining towards the 3% limit, or if the excessive deficit is the result of exceptional circumstances which are temporary in nature (i.e. one-off expenditures triggered by a significant economic downturn, or by the implementation of economic reforms that are expected to deliver a significant positive impact on the government's future fiscal budgets). However, even if such "special circumstances" are found to exist, additional criteria must also be met to comply with the fiscal budget criterion.[12][13] Additionally, if the debt-to-GDP ratio exceeds 60% but is "sufficiently diminishing and approaching the reference value at a satisfactory pace" it can be deemed to be in compliance.[14]
  Criterion not fulfilled


Notes
  1. ^ The 12-months average for the annual HICP inflation rate must be no more than 1.5% larger than the unweighted arithmetic average of the similar HICP inflation rates in the 3 EU member states with the lowest HICP inflation. If any of these 3 states have a HICP rate significantly below the similarly averaged HICP rate for the eurozone (which according to ECB practice means more than 2% below), and if this low HICP rate has been primarily caused by exceptional circumstances (i.e. severe wage cuts or a strong recession), then such a state is not included in the calculation of the reference value and is replaced by the EU state with the fourth lowest HICP rate.
  2. ^ The annual average for the yield of 10-year government bonds must be no more than 2.0% larger than the unweighted arithmetic average of the bond yields in the 3 EU member states with the lowest HICP inflation. If any of these states have bond yields which are significantly larger than the similarly averaged yield for the eurozone (which according to previous ECB reports means more than 2% above) and at the same time does not have complete funding access to financial markets (which is the case for as long as a government receives bailout funds), then such a state is not be included in the calculation of the reference value.
  3. ^ The change in the annual average exchange rate against the euro.
  4. ^ Reference values from the ECB convergence report of June 2013.[8]
  5. ^ a b Sweden, Latvia and Ireland were the reference states.[8]
  6. ^ The maximum allowed change in rate is ± 2.25% for Denmark.

References

These references will appear in the article, but this list appears only on this page.
  1. ^ "HICP (2005=100): Monthly data (12-month average rate of annual change)". Eurostat. 16 August 2012. Retrieved 6 September 2012. 
  2. ^ "The corrective arm". European Commission. Retrieved 2014-07-05. 
  3. ^ "Long-term interest rate statistics for EU Member States (monthly data for the average of the past year)". Eurostat. Retrieved 18 December 2012. 
  4. ^ "Government deficit/surplus data". Eurostat. 22 April 2013. Retrieved 22 April 2013. 
  5. ^ "What is ERM II?". European Commission. 31 July 2012. Retrieved 8 September 2012. 
  6. ^ "Euro/ECU exchange rates - annual data (average)". Eurostat. Retrieved 5 July 2014. 
  7. ^ "Former euro area national currencies vs. euro/ECU - annual data (average)". Eurostat. Retrieved 5 July 2014. 
  8. ^ a b "Convergence Report". European Central Bank. June 2013. Retrieved 2013-06-17. 
  9. ^ "Convergence Report - 2013". European Commission. March 2013. Retrieved 2014-09-26. 
  10. ^ a b "European economic forecast - spring 2013" (PDF). European Commission. February 2013. Retrieved 4 July 2014. 
  11. ^ "Luxembourg Report prepared in accordance with Article 126(3) of the Treaty" (PDF). European Commission. 12 May 2010. Retrieved 18 November 2012. 
  12. ^ "EMI Annual Report 1994" (PDF). European Monetary Institute (EMI). April 1995. Retrieved 22 November 2012. 
  13. ^ "Progress towards convergence - Nov. 1995 (report prepared in accordance with article 7 of the EMI statute)" (PDF). European Monetary Institute (EMI). November 1995. Retrieved 22 November 2012. 
  14. ^ "Progress towards convergence - November 1995 (report prepared in accordance with article 7 of the EMI statute)" (PDF). European Monetary Institute (EMI). November 1995. Retrieved 17 March 2013. 
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Usage[edit]

This template accepts one unnamed parameter which dictates how much of the table to output. Output of parts of the table allows for this template to be used for country specific tables such as Sweden and the euro#Status.

  • FULL - outputs the full table (default behaviour)
  • TOP - outputs just the header of the table
  • REF - outputs just the reference values row of the table
  • ISO - outputs just the row for country "ISO"
  • BOT - outputs just the closing parenthesis of the table and the legend and notes

The {{Euro convergence criteria row}} template invoked by this table depends on reference values which are stored at Template:Euro convergence criteria (2013)/REF to determine if a state meets the criteria.