The Maastricht convergence criteria allow the determination of the degree of convergence of EU Member States required to join the euro-area. They are as follows:
1. Price stability – sustainable price levels and an average rate of inflation over a period of one year before the examination, not exceeding by more than 1.5 percentage points the inflation of the three best performing Member States in terms of price stability. A Harmonised Index of Consumer Prices (HICP) is implemented, which accounts for the differences in the national definitions.
2. Long-term interest rates - over a period of one year before the examination the Member State has an average nominal long-term interest rate which does not exceed by more than 2 percentage points that of the three best performing Member States in terms of price stability. Interest rates are measured on the basis of long-term government bonds or similar securities, taking into account differences in national definitions.
3. Government budgetary position - a Member State should have a ratio of government deficit to GDP at market prices that does not exceed 3%, unless:
- either the ratio has declined substantially and continuously and reached a level that comes close to the reference value,
- or, alternatively, the excess over the reference value is only exceptional and temporary and the ratio remains close to the reference value.
4. Government debt - a Member State should have a ratio of government debt to GDP at market prices that does not exceed 60%, unless the ratio is sufficiently diminishing and approaching the reference value at a satisfactory pace.
5. The criterion on exchange rate stability and participation in ERM II means that a Member State has respected the normal fluctuation margins provided for by the exchange rate mechanism of the European Monetary System without severe tensions for at least two years before the examination.
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