Economic Criteria
The economic criteria, broadly speaking, require that candidate countries have a functioning market economy and that their producers have the capability to cope with competitive pressure and market forces within the Union. The Euro convergence criteria and European Exchange Rate Mechanism has been used to prepare countries for joining the Eurozone, both founding and later members.
Read more about this topic: Copenhagen Criteria
Famous quotes containing the words economic and/or criteria:
“The economic dependence of woman and her apparently indestructible illusion that marriage will release her from loneliness and work and worry are potent factors in immunizing her from common sense in dealing with men at work.”
—Mary Barnett Gilson (1877–?)
“We should have learnt by now that laws and court decisions can only point the way. They can establish criteria of right and wrong. And they can provide a basis for rooting out the evils of bigotry and racism. But they cannot wipe away centuries of oppression and injustice—however much we might desire it.”
—Hubert H. Humphrey (1911–1978)