The rules for joining the Eurozone specified monetary economic conditions that the potential entrants had to achieve for admission. The convergence criteria of the ECB were:

Question

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The convergence criteria for joining the Eurozone were primarily based on economic conditions, including inflation rates roughly matching the lowest in the Eurozone, stable exchange rate peg for two years, and equivalent long-term interest rates. Moderate inflation, low unemployment, and adequate foreign currency reserves were also important factors but not listed as the primary criteria. No national debt and no current account deficits within the past five years were not required for admission, although it was preferred. A stable political situation and high GDP growth rate were not included in the convergence criteria.

The Rules for Joining the Eurozone Specified Monetary Economic Conditions