The 2026 European Central Bank Convergence Report found that progress toward euro adoption in the Czech Republic, Hungary, Poland, Romania and Sweden has stalled, largely because of external shocks such as Russia’s war in Ukraine, global trade tensions and the Middle East conflict. Inflation has remained above the 2.7 % reference rate in Romania, Hungary and Poland, while the Czech Republic and Sweden stay below it. Fiscal deficits exceeded the 3 % of GDP reference in Hungary, Poland and Romania, and debt‑to‑GDP ratios are approaching or surpassing the 60 % benchmark. None of the five currencies is in the exchange‑rate mechanism, and long‑term rates are higher than the 5.1 % reference in Poland, Hungary and Romania. Institutional quality and national legislation are still not fully aligned with euro‑adoption requirements.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
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