EU Nations Lag Behind on Euro Convergence
The European Central Bank (ECB) has released its biennial report on convergence progress among EU nations, and the results are not encouraging. Most countries have made little to no progress in recent years, with debt-to-GDP ratios rising significantly in some cases.
Hungary, one of the five prospective members actively discussing accession, meets none of the key criteria for joining the eurozone. The country has a high debt and interest rate level, and its budget deficit, inflation rate, and currency volatility are all outside reference values.
The ECB report notes that external shocks have held back progress towards compliance with convergence criteria. While Bulgaria joined the eurozone at the start of 2026, the other prospective members appear many years away from membership.