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Seren Suna

The Copenhagen Criteria

Therefore, the European Council made a very important and central statement:

“The associated countries in Central and Eastern Europe that so desire shall become members of the European Union. Accession will take place as soon as an associated country is able to assume the obligations of membership by satisfying the economic and political conditions required.”

The Copenhagen Criteria

1. Political criterion: Stability of institutions

2. Economic criterion

3. Acquis criterion

4. Expansion of administrative structures for effective adoption of the acquis

Maastricht Criteria

The Copenhagen Criteria

The European Council summit in Copenhagen was dedicated to the countries of Central and Eastern Europe.

First of all, the efforts under- taken by the associated countries to modernize their economies were praised: “Peace and security in Europe depend on the success of those efforts”.

The European Community and all its Member States supported this reform process, which was aimed at a rapid transition to a market economy.

There are five criteria set out in the Treaty of Maastricht

1) Inflation of no more than 1.5 percentage points above the average rate of the three EU member states with the lowest inflation over the previous year.

2) A national budget deficit at or below 3 percent of gross domestic product (GDP).

3) National public debt not exceeding 60 percent of gross domestic product. A country with a higher level of debt can still adopt the euro provided its debt level is falling steadily.

4) Long-term interest rates should be no more than two percentage points above the rate in the three EU countries with the lowest inflation over the previous year.

5) The national currency is required to enter the ERM 2 exchange rate mechanism two years prior to entry.

To begin with,

Convergence Criteria

Candidate and Possibly Candidate Countries

There are currently five EU recognized candidate countries:

In June 1993, the Copenhagen European Council recognised the right of the countries of central and eastern Europe to join the European Union when they have fulfilled three criteria:

Croatia*

Iceland*

Macedonia*

Montenegro*

The convergence criteria established by the Maastricht Treaty, obligatory for both full members of the European and Monetary Union (EMU) and member countries with a derogation, have been arising controversies among economists and economic politicians alike and in particular the criterion of fiscal stabilization.

What gives rise to controversies is, first of all, the criteria’s relative arbitrariness but also theoretical and practical (political) approach to such issues as: the role and goals of the state in economy, the question of macroeconomic stabilization and economic growth, the issue of exogenity and endogenity of the criteria of the optimum currency area.

*The countries are part of the Stabilization and Association Process.

Prospect Countries

The following countries have been offered by the European Council the prospect of EU accession in the medium to long term:

Political: stable institutions guaranteeing democracy, the rule of law, human rights and respect for minorities;

Economic: a functioning market economy;

Incorporation of the Community Acquis: adherence to the various political, economic and monetary aims of the European Union.

These accession criteria were confirmed in December 1995 by the Madrid European Council, which also stressed the importance of adapting the applicant countries' administrative structures to create the conditions for a gradual, harmonious integration.

Albania

Bosnia

Herzegovina

Serbia

Kosovo

Copenhagen Criteria and European Union

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