ECB reports on progress towards euro adoption

Limited progress has been made by the non-euro area Member States of the European Union (EU) on economic convergence with the euro area since 2024, according to the 2026 Convergence Report of the European Central Bank (ECB) published today. A key factor holding back economic convergence is the economic impact of external shocks, including Russia’s war against Ukraine, global trade tensions and the outbreak of the war in the Middle East.

Despite these external challenges, economic activity in the countries under review has shown resilience, but the pace of growth has differed across countries. Looking ahead, the economic outlook is clouded by heightened geopolitical tensions. The war in the Middle East has contributed to greater volatility in global energy markets and rising energy costs, compounding the uncertainty about economic prospects. These developments have already had visible effects on inflation and economic sentiment, and may weigh on output growth in the future. While the degree of sensitivity and direct exposure of these economies to energy shocks has subsided over time and is currently lower than in 2022, the medium-term economic implications will depend on the intens

Fuente original: Banco Central Europeo (https://www.ecb.europa.eu//press/pr/date/2026/html/ecb.pr260624~ec1dcac037.en.html)