convergence criteria

What is convergence criteria?

convergence criteria definition and meaning on Finance terms:
The four criteria set out in Article 140(1) TFEU that must be fulfilled by each EU Member State before it can adopt the euro, namely a stable price level, sound public finances (a deficit and a level of debt that are both limited in terms of GDP), a stable exchange rate and low and stable long-term interest rates. In addition, each EU Member State must ensure the compatibility of its national legislation, including the statutes of the national central bank, with both the TFEU and the Statute of the European System of Central Banks and of the European Central Bank. <