council decis accord articl treati ec council european union meet composit head state govern regard treati establish european commun articl thereof regard report commiss regard report european monetari institut regard recommend council regard opinion european parliament accord articl treati stage econom monetari union emu start januari accord articl treati basi report present commiss european monetari institut progress made fulfil member state oblig achiev emu council assess member state fulfil condit adopt singl currenc recommend council meet composit head state govern find belgium belgium nation legisl includ statut nation central bank compat articl treati statut european system central bank escb fulfil converg criteria mention indent articl treati averag inflat rate belgium year end januari stood refer belgium subject council decis exist excess govern deficit belgium member exchang rate mechan erm year period belgian franc bef subject sever tension belgium devalu initi bef bilater central rate member state currenc year end januari long term interest rate belgium averag refer belgium achiev high degre sustain converg refer criteria belgium fulfil condit adopt singl currenc germani germani nation legisl includ statut nation central bank compat articl treati statut escb fulfil converg criteria mention indent articl treati averag inflat rate germani year end januari stood refer germani subject council decis exist excess govern deficit germani member erm year period german mark dem subject sever tension germani devalu initi dem bilater central rate member state currenc year end januari long term interest rate germani averag refer germani achiev high degre sustain converg refer criteria germani fulfil condit adopt singl currenc greec greec nation legisl includ statut nation central bank compat articl treati statut escb fulfil converg criteria mention indent articl treati averag inflat rate greec year end januari stood refer council decid septemb excess govern deficit exist greec decis abrog currenc greec particip erm year end februari period greek drachma grd stabl erm currenc experienc time tension counteract temporari increas domest interest rate foreign exchang intervent grd join erm march year end januari long term interest rate greec averag refer greec fulfil converg criteria mention indent articl greec fulfil condit adopt singl currenc spain spain nation legisl includ statut nation central bank compat articl treati statut escb fulfil converg criteria mention indent articl treati averag inflat rate spain year end januari stood refer spain subject council decis exist excess govern deficit spain member erm year period spanish peseta esp subject sever tension spain devalu initi esp bilater central rate member state currenc year end januari long term interest rate spain averag refer spain achiev high degre sustain converg refer criteria spain fulfil condit adopt singl currenc franc franc step make nation legisl includ statut nation central bank compat articl treati statut escb fulfil converg criteria mention indent articl treati averag inflat rate franc year end januari stood refer franc subject council decis exist excess govern deficit franc member erm year period french franc frf subject sever tension franc devalu initi frf bilater central rate member state currenc year end januari long term interest rate franc averag refer franc achiev high degre sustain converg refer criteria franc fulfil condit adopt singl currenc ireland ireland nation legisl includ statut nation central bank compat articl treati statut escb fulfil converg criteria mention indent articl treati averag inflat rate ireland year end januari stood refer stage emu ireland subject council decis exist excess govern deficit ireland member erm year period irish pound iep subject sever tension iep bilater central rate devalu member state currenc march request irish author bilater central rate iep erm currenc revalu year end januari long term interest rate ireland averag refer ireland achiev high degre sustain converg refer criteria ireland fulfil condit adopt singl currenc itali itali nation legisl includ statut nation central bank compat articl treati statut escb fulfil converg criteria mention indent articl treati averag inflat rate itali year end januari stood refer itali subject council decis exist excess govern deficit itali rejoin erm novemb period march novemb italian lira itl appreci vi vi erm currenc enter erm itl subject sever tension itali devalu initi itl bilater central rate member state currenc year end januari long term interest rate itali averag refer itali fulfil converg criteria mention fourth indent articl criterion mention indent articl itl rejoin erm novemb displai suffici stabil year reason itali achiev high degre sustain converg itali fulfil condit adopt singl currenc luxembourg luxembourg step make nation legisl includ statut nation central bank compat articl treati statut escb fulfil converg criteria mention indent articl treati averag inflat rate luxembourg year end januari stood refer stage emu luxembourg subject council decis exist excess govern deficit luxembourg member erm year period luxembourg franc luf subject sever tension luxembourg devalu initi luf bilater central rate member state currenc year end januari long term interest rate luxembourg averag refer luxembourg achiev high degre sustain converg refer criteria luxembourg fulfil condit adopt singl currenc netherland netherland nation legisl includ statut nation central bank compat articl treati statut escb fulfil converg criteria mention indent articl treati averag inflat rate netherland year end januari stood refer netherland subject council decis exist excess govern deficit netherland member erm year period dutch guilder nlg subject sever tension netherland devalu initi nlg bilater central rate member state currenc year end januari long term interest rate netherland averag refer netherland achiev high degre sustain converg refer criteria netherland fulfil condit adopt singl currenc austria austria nation legisl includ statut nation central bank compat articl treati statut escb fulfil converg criteria mention indent articl treati averag inflat rate austria year end januari stood refer austria subject council decis exist excess govern deficit austria member erm year period austrian schill at subject sever tension austria devalu initi at bilater central rate member state currenc year end januari long term interest rate austria averag refer austria achiev high degre sustain converg refer criteria austria fulfil condit adopt singl currenc portug portug nation legisl includ statut nation central bank compat articl treati statut escb fulfil converg criteria mention indent articl treati averag inflat rate portug year end januari stood refer portug subject council decis exist excess govern deficit portug member erm year period portugues escudo pte subject sever tension portug devalu initi pte bilater central rate member state currenc year end januari long term interest rate portug averag refer portug achiev high degre sustain converg refer criteria portug fulfil condit adopt singl currenc finland finland nation legisl includ statut nation central bank compat articl treati statut escb fulfil converg criteria mention indent articl treati averag inflat rate finland year end januari stood refer finland subject council decis exist excess govern deficit finland member erm octob period march octob finnish markka fim appreci vi vi erm currenc enter erm fim subject sever tension finland devalu initi fim bilater central rate member state currenc year end januari long term interest rate finland averag refer finland fulfil converg criteria mention fourth indent articl converg criterion mention indent articl fim enter erm octob displai suffici stabil year reason finland achiev high degre sustain converg finland fulfil condit adopt singl currenc sweden sweden nation legisl includ statut nation central bank compat articl treati statut escb fulfil converg criteria mention indent articl treati averag inflat rate sweden year end januari stood refer sweden subject council decis exist excess govern deficit currenc sweden particip erm year review swedish crown sek fluctuat erm currenc reflect absenc exchang rate target year end januari long term interest rate sweden averag refer sweden fulfil converg criteria mention fourth indent articl fulfil converg criterion mention indent thereof sweden fulfil condit adopt singl currenc council meet composit head state govern made evalu member state take account report commiss european monetari institut opinion european parliament council recommend consid belgium germani spain franc ireland itali luxembourg netherland austria portug finland fulfil condit adopt singl currenc greec sweden stage fulfil condit adopt singl currenc greec sweden derog defin articl treati accord paragraph protocol treati unit kingdom notifi council intend move stage emu januari virtu notif paragraph protocol lai provis applic unit kingdom long unit kingdom move stage accord paragraph protocol treati decis head state govern edinburgh decemb denmark notifi council particip stage emu virtu notif articl provis treati statut escb refer derog applic denmark virtu notif council make assess articl unit kingdom denmark adopt decis articl belgium germani spain franc ireland itali luxembourg netherland austria portug finland fulfil condit adopt singl currenc januari articl decis address member state articl decis publish offici journal european commun brussel council presid blair opinion deliv publish offici journal