council decis decemb accord articl treati establish european commun entri stage econom monetari union 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 opinion european parliament regard recommend council novemb articl treati procedur timet take decis passag stage econom monetari union emu laid articl treati articl treati lai report prepar commiss european monetari institut 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 relat price stabil govern financi posit exchang rate long term interest rate protocol treati lai detail converg criteria refer articl treati articl treati council basi report assess novemb member state fulfil condit adopt singl currenc major member state fulfil condit accord paragraph protocol treati unit kingdom notifi council intend move stage accord paragraph protocol treati danish govern notifi council particip stage council recommend novemb pursuant articl treati conclud present major member state fulfil condit adopt singl currenc recommend council meet composit head state govern decid major member state commun enter stage emu procedur laid articl treati appli member state nation legisl includ statut nation central bank adapt view ensur full compat articl treati statut escb adapt ensur full compat treati latest date establish escb progress made member state converg converg inflat interest rate exchang rate stabil prepar emu notabl govern financi posit indent articl treati sustain govern financi posit appar achiev govern budgetari posit deficit excess determin accord articl treati council decis septemb juli june pursuant articl treati member state excess govern deficit major member state achiev suffici high degre sustain converg articl treati end date begin stage set stage start januari european council confirm madrid decemb januari start date stage emu accord converg criteria timet procedur laid treati date european council confirm earli decid member state fulfil condit adopt singl currenc florenc june european council reconfirm stage emu begin januari agre madrid european council adopt decis articl assess member state fulfil condit adopt singl currenc major member state fulfil condit therefor articl commun enter stage emu procedur laid articl treati appli earli articl decis publish offici journal european commun dublin decemb council meet composit head state govern presid bruton opinion deliv novemb publish offici journal