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Politics : PRESIDENT GEORGE W. BUSH

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To: Lazarus_Long who wrote (518921)1/3/2004 4:01:57 PM
From: Kenneth E. Phillipps  Read Replies (1) of 769670
 
Criteria to join the euro zone pose hurdle

In order to adopt the common currency, the new EU member states have to fulfil the criteria set up in the Maastricht treaty:



1. The rate of inflation cannot exceed that of the euro zone’s three most stable countries by more than 1.5 percentage points.
2. Long-term interest rates can only be 2 percentage points higher than in those countries.
3.No exchange rate realignment for at least two years.
4.A government budget deficit of no more than 3 percent of gross domestic product.
5.National debt cannot be higher than 60 percent of gross domestic product.
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