Brussels, 2 August 2026

The European Union’s monetary map is unlikely to change again soon. After Bulgaria became the twenty-first member of the euro area on 1 January 2026, the European Commission’s latest Convergence Report concludes that none of the five remaining Member States legally required to adopt the single currency currently fulfils all the necessary conditions.

Czechia, Hungary, Poland, Romania and Sweden remain outside the euro area for different reasons. Czechia and Sweden already satisfy several of the principal economic thresholds, while Hungary, Poland and Romania continue to face larger gaps involving inflation, public deficits, debt or government borrowing costs.

All five countries nevertheless share two decisive obstacles. None participates in the Exchange Rate Mechanism II, and none has yet brought its central-bank legislation fully into line with EU requirements on independence, monetary financing and integration into the Eurosystem.

Euro enlargement has effectively stalled

The absence of further enlargement has practical consequences. Companies operating in these markets will continue to face exchange-rate exposure, conversion costs and monetary-policy differences between national central banks and the European Central Bank.

These risks are particularly relevant for businesses whose revenues are denominated in local currency but whose energy, machinery, financing or imported inputs are priced in euros. Currency movements can change profit margins even when sales volumes remain stable.