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The authorities' commitment to West African Economic and Monetary Union (WAEMU) convergence criteria concerning the overall fiscal deficit, revenue mobilization, the wage bill, and debt is welcome.
Continued implementation of the right mix of macroeconomic and structural policies is needed to preserve hard-won gains, address financial sector vulnerabilities, and contribute to meeting the regional fiscal convergence criteria.
The convergence criteria are legally defined in the Maastricht Treaty and I know that Bulgaria has made a significant progress in meeting those criteria but hasn't met all of them," he added.
The main objective of this research note is to define new (comprehensive) convergence criteria using factor analysis.
As regards the potential structural factors of the Eurozone that contributed to the crisis, literature specifies in particular the differentiation of economic cycles, impermanence of adopted convergence criteria and different levels of economic development of countries admitted to the Eurozone, which additionally reinforce the asymmetric shocks ensuing from the functioning of so-called core countries and peripheral countries within one economic zone.
But despite urgings from the UAE in particular to reconsider, the sultanate remains resolute that it will not join the monetary union because its development goals prevent it from meeting the convergence criteria.
New schedules and possible adjusted convergence criteria are expected by newcomers.
Prague pledged to join the eurozone under its 2004 EU accession terms and now meets the inflation, public finance and interest rate convergence criteria.
Nigeria is the only country to have met the four primary convergence criteria required for attaining the proposed single currency for the 15-member Economic Community of West African States (ECOWAS), according to local media reports Wednesday.
These countries have made uneven progress on the road to euro adoption, but Lithuania stands out from this group as it now fulfils the convergence criteria, EU Commissioner for economic and monetary affairs, Olli Rehn, told a press conference.
Instead, in the second attempt to implement a monetary union (which led to the Maastricht Treaty), it chose the fulfillment of some 'nominal' convergence criteria (inflation, government debt, household deficit, interest rate and exchange rate stability) as a precondition for entrance into the Eurozone (see, eg, James, 2012).
According to the European Commission's latest winter forecast, Lithuania's economy meets the convergence criteria.

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