Convergence Criteria
Aside from approval in a domestic referendum, the UK would be required to meet the euro convergence criteria before being granted approval to adopt the euro. As of the last report by the European Central Bank in May 2012, the UK only met 1 of 5 of the criteria.
| Convergence criteria | ||||||
|---|---|---|---|---|---|---|
| Assessment month | Country | HICP inflation rate |
Budget deficit to GDP | Debt-to-GDP ratio | ERM II member | Long-term interest rate |
| 2012 ECB Report | Reference values | max. 3.1% |
max. 3.0% |
max. 60% |
min. 2 years |
max. 5.80% |
| United Kingdom | 4.3% | 8.3% | 85% | No | 2.49% | |
| April 2013 | Reference values | max. 2.5% |
max. 3.0% |
max. 60% |
min. 2 years |
max. 4.81% |
| United Kingdom | 2.6% | 6.3% | 90.0% | No | 1.62% | |
- Notes
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