“Sorry Teacher” - All 7 Euro candidate countries fail their entrance exam - again
EU report card shows Euro numbers will not grow any time soon
© Brexit Facts4EU.Org 2020
Most candidate countries received marks of 40% or less, one of the seven got 0%
Yesterday in Brussels the European Commission published its 2020 Euro Convergence Report in which it provides its two-yearly assessment of the progress non-euro area Member States have made towards adopting the euro.
Sweden and all other non-euro EU member states have just failed their latest exam. Seven countries are legally obliged to join the euro, but it seems the rush to comply with the joining criteria has not been overwhelming - once again.
EXCLUSIVE : Brexit Facts4EU.Org’s analysis and table shows just how bad things are
The EU's report does NOT start well for the EU. It’s opening sentence is:
“The euro is MEANT to be the single currency of the European Union as a whole.”
NOTE: All criteria relate to the two year period 2018-2019, so Coronavirus cannot be blamed
The report covers the seven non-euro area Member States which are legally committed to adopting the euro: Bulgaria, Czech Republic, Croatia, Hungary, Poland, Romania and Sweden.
The EU’s report is based on the convergence criteria, sometimes referred to as the ‘Maastricht criteria', set out in article 140(1) of the Treaty on the Functioning of the European Union. The criteria include price stability, sound public finances, exchange rate stability and convergence in long-term interest rates. The compatibility of national legislation with the rules of the Economic and Monetary Union is also tested.
Brexit Facts4EU.Org Summary
All seven non-Euro EU countries fail their Euro entrance exam - yet again
- Candidate countries are marked In five subjects
- They must pass in all five, and are under a legal obligation to do so
- Not one country passed in all five subjects
- One country (Romania) failed every exam
- Even rich and successful Sweden only got a 60% average
© Brexit Facts4EU.Org - click to enlarge
The EU Commission puts a brave face on the results
Valdis Dombrovskis is an EU Commissioner. He is also EU Executive Vice-President for ‘an Economy that Works for People’. On Wednesday he said:
“Today's convergence report shows encouraging progress by some countries, although there are still several milestones to pass before they can join the euro area.”
Mr Dombrovskis is a Latvian politician. He's the EU Commissioner for the EU's economy. He has no commercial experience. This is normal in the EU Commission.
The EU Commission was also forced to admit that in addition to the main criteria, some of the countries :
“show macroeconomic vulnerabilities and/or face challenges related to their business environment and institutional framework.”
This has been dragging on forever. Every two years the EU Commission pop up with their Euro Convergence Report, and every two years the ECB (‘European’ Central Bank) pop up with theirs. We have read both reports and there’s nothing startlingly-different in the ECB’s, in case any readers wondered.
The simple fact is that there isn’t the remotest chance of another EU Member State joining the euro before the next convergence report comes out in June 2022. Indeed many would say that privately some governments of candidate countries are perfectly happy about this.
BREXIT - and why Monsieur Barnier should stop preaching to the UK
TOMORROW : Don't miss our very revealing report on the hypocrisy of Monsieur Barnier and the EU.
The article will be available here and we will show - with evidence - why Michel Barnier might want to retract some of his threats against David Frost and the British Government.
Unique, original, and not to be missed! Now please read on...
The very slow death of the euro…?
In recent years the poor health of the euro has been such that its demise has been predicted with increasing regularity in the financial pages of the broadsheets. Perhaps ironically, Brexit Facts4EU.Org has never predicted the demise of the euro, despite all the economic indicators.
Our view has always been that the euro was in effect a giant macroeconomic con-trick perpetrated on the peoples of the EU by extreme EU-federalists in pursuit of a purely political and ideological goal. That goal is of course the unification of all EU countries into one ganglious superstate.
Still, at least Lithuania joined...
The last country to join the euro was the economic powerhouse of Lithuania. This was agreed between Lithuania and the EU back in 2014, six years ago. Lithuania’s economy is 1/53rd of the size of the UK economy. It’s GDP is 0.4% of the whole Eurozone economy.
Must have been a load off for the EU’s bankers, when Lithuania joined the euro…..
Why do we continue to report on something like this?
We live in a world where the British Establishment continues to be anti-Brexit. Only this week we read two articles from the CBI insisting that Brexit should be delayed for at least two years. These appeals made it into the Remainer press, naturally.
In the BBC we have a state-funded broadcaster that only ever seems to want to publish negative stories about the United Kingdom, and positive stories about the EU.
We feel there is still a place for publicising some of the most appalling news coming out of Brussels, and reminding people why they voted to leave this sclerotic union. We also feel that more and more ordinary people who voted to remain have now recognised just what an evil empire the EU has become. They have witnessed the dreadful treatment of our country akin to an attemped punishment beating, which the EU is trying to dish out to the UK.
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[ Sources: EU Commission | ‘European’ Central Bank (ECB) ] Politicians and journalists can contact us for details, as ever.
Brexit Facts4EU.Org, Sat 13 June 2020
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