Abstract
The article analyses the current euro area entry criteria with a special emphasis on their development resulting from the approach towards Bulgaria and Croatia on their way to the euro. Firstly, it is demonstrated that the convergence criteria set out in Article 140 TFEU have been amended over time by the Commission and the ECB in the process of examining the preparedness of Member States with a derogation.
Secondly, the entry criteria have been extended in the course of the post-crisis EMU reform, inter alia through several intergovernmental agreements. Finally, the entry criteria have been substantially broadened recently, as the accession of Bulgaria and Croatia to the Exchange Rate Mechanism II has been made conditional on the fulfilment of many other requirements including joining the Banking Union.
The article presents the full scope of the euro area entry criteria and identifies legal issues of their extension taking place without due Treaty amendment.