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:
“A different world can be created or re-created—but not until we stop enshrining the economic values of invisible labor, infinite and obsessive growth, and a slow environmental suicide.”
—Gloria Steinem (b. 1934)
“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)