1 Jun 2012

Euro candidates not ready yet - ECB

6:01 am on 1 June 2012

The European Central Bank says none of the eight countries that are supposed to join the euro are ready yet.

There are growing fears over the future of the currency itself amid the worst crisis it has faced.

The ECB says Bulgaria, the Czech Republic, Latvia, Lithuania, Hungary, Poland, Romania and Sweden are not yet ready to join the 17 nations that use the euro.

The bank bases its assessment on inflation, deficits, exchange rates, long-term interest rates and legal compliance with the eurosystem of the individual countries' central banks.