council recommend accord articl treati ec council european union regard treati establish european commun articl thereof regard recommend commiss regard report commiss regard report european monetari institut regard opinion european parliament procedur timet take decis passag stage econom monetari union emu laid articl treati council meet dublin decemb composit head state govern decid major member state fulfil condit adopt singl currenc commun enter stage emu procedur laid articl appli earli articl end date begin stage emu set stage start januari accord articl procedur provid paragraph articl except indent paragraph repeat articl lai report prepar commiss european monetari institut emi includ examin compat member state nation legisl includ statut nation central bank articl treati statut european system central bank escb examin achiev high degre sustain converg refer fulfil member state criteria mention indent articl treati achiev high degre price stabil appar rate inflat close perform member state term price stabil sustain govern financi posit appar achiev govern budgetari posit deficit excess determin accord articl observ normal fluctuat margin provid exchang rate mechan european monetari system year devalu currenc member state durabl converg achiev member state particip exchang rate mechan european monetari system reflect long term interest rate level criteria relev period respect develop protocol treati report commiss emi account develop ecu result integr market situat develop balanc payment current account examin develop unit labour cost price indic indent articl basi report council assess member state fulfil condit adopt singl currenc recommend find council meet composit head state govern consult european parliament accord articl confirm member state fulfil condit adopt singl currenc member state nation legisl includ statut nation central bank adapt view ensur compat articl treati statut escb adapt ensur compat treati latest date establish escb report commiss emi provid detail assess compat legisl member state articl treati statut escb process adapt nation legisl complet spain franc luxembourg austria time present report commiss emi spain austria legisl enact luxembourg franc step make nation legisl includ statut nation central bank compat articl treati statut escb articl protocol treati criterion price stabil refer indent articl treati member state price perform sustain averag rate inflat observ period year examin exce percentag point perform member state term price stabil purpos criterion price stabil inflat measur harmonis indic consum price defin 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 januari perform member state term price stabil franc ireland austria inflat rate refer calcul simpl arithmet averag inflat rate perform member state term price stabil percentag point consid report commiss emi refer year period end januari articl protocol treati criterion govern budgetari posit refer indent articl treati time current assess council member state subject council decis articl treati excess deficit exist accord articl protocol treati data current assess fulfil converg criteria provid commiss prepar recommend commiss provid data budgetari data provid commiss report member state march accord regul ec stage emu council decis exist excess deficit exist ireland luxembourg decis june articl council abrog previou decis exist excess deficit denmark decis june articl council abrog previou decis exist excess deficit netherland finland decis articl council abrog previou decis exist excess deficit belgium germani spain franc itali austria portug sweden unit kingdom articl protocol treati criterion particip exchang rate mechan european monetari system refer indent articl treati 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 assess fulfil criterion report commiss emi examin year period end februari account decis august minist central bank governor member state widen temporarili fluctuat margin erm bilater central rate articl protocol treati criterion converg interest rate refer fourth indent articl treati 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 emi refer year period end januari 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 treati unit kingdom denmark basi present recommend council meet composit head state govern confirm member state fulfil condit adopt singl currenc recommend section assess articl 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 articl 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 articl 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 articl 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 articl 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 articl 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 articl 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 articl 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 articl 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 articl 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 articl 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 articl 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 articl 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 section find articl light find council belgium germani spain franc ireland itali luxembourg netherland austria portug finland fulfil condit adopt singl currenc council recommend council meet composit head state govern confirm member state fulfil condit adopt singl currenc januari section public articl recommend publish offici journal european commun brussel council presid brown opinion deliv april publish offici journal oj oj