convergence programme

What is convergence programme?

convergence programme definition and meaning on Finance terms:
A programme outlining the path towards the achievement of reference values indicated in the Treaty on the Functioning of the European Union, containing medium-term government plans and assumptions regarding the development of key economic variables. Measures to consolidate fiscal balances are also highlighted, together with underlying economic scenarios. Convergence programmes normally cover the following three to four years and are updated annually. They are examined by the European Commission and the Economic and Financial Committee, whose reports serve as the basis for an assessment by the ECOFIN Council. Following the start of Stage Three of Economic and Monetary Union, EU Member States with a derogation continue to submit convergence programmes, whereas countries which are members of the euro area present annual stability programmes, in accordance with the Stability and Growth Pact. See also
Stability and Growth Pact (SGP)
Treaty on the Functioning of the European Union (TFEU)<