Montenegro has chosen to comply its legislation with the EU legislation, in order to gradually create conditions for integration.  All the laws enacted in the last five years are in accordance with the European law, including those that are currently in the parliamentary procedure.  The ongoing reforms are bringing us closer to Europe; we expect the community of Serbia and Montenegro to become a candidate for full membership in the EU by 2004, and a full member seven to ten years after that. 

Copenhagen Criteria (1993) represent the political conditions for full membership in the: 

1.        stability of democratic institutions and rule of law – respect for civil rights and protection of national minorities,

2.        establishment and functioning of market economy,

3.        commitment to the objectives of the political, economic and monetary union

Maastricht Treaty 

The criteria from the Maastricht Treaty, the convergence criteria, should be met by the EU members that want to be members of the monetary union, and they relate also to potential euro-area members: 

1.        stability of prices and an inflation rate not exceeding the average inflation rate of three most successful member states by more then 1.5%;

2.        long-term interest rate not exceeding 2% over the average of the three most successful member states;

3.        amount of budget deficit – rate of planned or achieved budget deficit not exceeding 5% gross national product;

4.        public debt – not exceeding 60% of gross national product;

5.        stability of exchange rate and participation in the exchange rates mechanism. 

Although not an EU/EMU member, Montenegro introduced the euro as an official tender and currency of the reserve, following its strategic and economic interests.