Paweł Pasierbiak Nominal Convergence Criteria. heir significance and fulfilment by the Central and Eastern European countries with a derogation Abstract: The author examines the significance of the nominal convergence cri- teria for the new EU Member States from Central and Eastern Europe in - and the extent to which they managed to satisfy these criteria then. In their ac- cession treaties, these countries agreed to adopt a common currency although no specific time was precisely defined. In order to participate in and benefit from func- tioning in the euro area, the so-called criteria indicated in the Treaty of Maastricht need to be permanently satisfied. At first, this should contribute to a smooth intro- ducing of the euro and later to an effective functioning of the entire economic and monetary union. The study on the degree of compliance with the nominal conver- gence criteria by Bulgaria, the Czech Republic, Lithuania, Latvia, Poland, Romania, and Hungary indicates that these countries are not ready to join the euro area now for none of them meets all of the membership conditions. Keywords: European Union, Currency Union, Nominal Convergence, Convergence Criteria, Member States with a derogation Introduction he process of European monetary integration dates back to the 1960s when the irst plans for closer cooperation were formulated. Although Raymond Barre and then Pierre Werner were preparing some proposals