An expansion of the euro currency bloc from the current size of 17 nations is unlikely to work out soon, the latest 2012 Convergence Report from the European Central Bank indicated Wednesday.
"In none of the eight countries examined, the legal framework is fully compatible with all requirements for the adoption of the euro as laid down in the Treaties and the Statute of the European System of Central Banks (ESCB) and of the ECB," the ECB said.
The report covers Bulgaria, the Czech Republic, Latvia, Lithuania, Hungary, Poland, Romania and Sweden.
Among eight nations, only Latvia and Lithuania are currently participating in the exchange rate mechanism II. Latvia plans to join the currency bloc in 2014.
However, average inflation for April 2011 to March 2012 period stayed above the reference value of 3.1 percent in Lithuania and Latvia.
Further, with the exception of Sweden, all countries under review are subject to a decision of the EU Council on the existence of an excessive deficit.
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