council decis june accord articl treati adopt greec singl currenc januari ec council european union regard treati establish european commun articl thereof regard propos commiss regard report commiss regard report european central bank regard opinion european parliament regard discuss council meet composit head state govern stage econom monetari union emu start januari council meet brussel composit head state govern decid belgium germani spain franc ireland itali luxembourg netherland austria portug finland fulfil condit adopt singl currenc januari accord paragraph protocol provis relat unit kingdom great britain northern ireland annex treati unit kingdom notifi council intend move stage emu januari notif chang accord paragraph protocol provis relat denmark annex treati decis head state govern edinburgh decemb denmark notifi council particip stage emu denmark request procedur refer articl treati initi virtu decis ec greec sweden derog defin articl treati european central bank ecb establish juli european monetari system replac exchang rate mechan set agre resolut european council establish exchang rate mechan stage econom monetari union june procedur exchang rate mechan stage econom monetari union erm ii laid agreement septemb ecb nation central bank member state euro area lai oper procedur exchang rate mechan stage econom monetari union articl treati lai procedur abrog derog member state concern articl year request member state derog commiss ecb report council accord procedur laid articl treati report prepar march greec made request nation legisl member state includ statut nation central bank adapt view ensur compat articl treati statut escb report commiss ecb provid detail assess compat legisl greec sweden articl treati statut escb articl protocol converg criteria refer articl treati establish european commun criterion price stabil refer indent articl treati mean member state price perform sustain averag rate inflat observ period year examin exce half percentag point perform member state term price stabil purpos criterion price stabil inflat measur harmonis indic consum price hicp defin council regul ec order assess price stabil criterion member state inflat measur percentag chang arithmet averag monthli indic rel arithmet averag monthli indic previou period year period end march perform member state term price stabil franc austria sweden inflat rate refer calcul simpl arithmet averag inflat rate perform member state term price stabil percentag point consid report commiss ecb basi refer year period end march articl protocol converg criteria refer articl treati establish european commun criterion govern budgetari posit refer indent articl treati time examin member state subject council decis articl treati excess deficit exist articl protocol converg criteria refer articl treati establish european commun criterion particip exchang rate mechan european monetari system refer indent articl treati mean member state respect normal fluctuat margin provid exchang rate mechan erm european monetari system sever tension year examin member state devalu currenc bilater central rate member state currenc initi period januari erm ii framework assess fulfil exchang rate criterion assess fulfil criterion report commiss ecb examin year period end march articl protocol converg criteria refer articl treati establish european commun criterion converg interest rate refer fourth indent articl treati mean observ period year examin member state averag nomin long term interest rate exce percentag point perform member state term price stabil purpos criteria converg interest rate compar interest rate year benchmark govern bond order assess fulfil interest rate criterion refer calcul simpl arithmet averag nomin long term interest rate perform member state term price stabil percentag point consid report commiss ecb basi refer year period end march accord articl protocol converg criteria refer articl treati establish european commun data current assess fulfil converg criteria provid commiss prepar propos commiss provid data budgetari data provid commiss report member state march accord council regul ec novemb applic protocol excess deficit procedur annex treati establish european commun greek domest legisl includ statut nation central bank compat articl treati statut escb fulfil greec converg criteria mention indent articl treati averag inflat rate greec year end march stood refer virtu council decis ec decemb abrog decis exist excess deficit greec greec subject council decis exist excess govern deficit greec member erm subsequ erm ii year period greek drachma grd subject sever tension greec devalu initi grd bilater central rate member state currenc januari euro year end march long term interest rate greec averag refer greec achiev high degre sustain converg refer criteria greec fulfil condit adopt singl currenc council act qualifi major propos commiss decid member state derog fulfil condit adopt singl currenc abrog derog member state concern adopt decis articl greec fulfil condit adopt singl currenc derog favour greec laid recit decis ec abrog effect januari articl decis address member state santa maria da feira june council presid pina moura opinion deliv publish offici journal opinion deliv publish offici journal opinion deliv april publish offici journal council decis ec accord articl treati oj oj oj council regul ec octob harmonis indic consum price oj oj regul amend council regul ec oj oj