On 22 May 2002, the European Commission adopted the 2002 Convergence Report, in which convergence progress made by Sweden was examined in accordance with Article 122(2) of the Treaty. As the other two Member States not participating in the euro area, Denmark and the United Kingdom, negotiated opt-out clauses before the adoption of the Maastricht Treaty, the 2002 report dealt only with Sweden.

In order to participate in the euro area, Member States must fulfil certain legal requirements and the convergence criteria on price stability, government budgetary position, exchange rate and interest rate. The report concluded that Sweden fulfilled three of the convergence criteria (on price stability, the government budgetary position and convergence of interest rates) but did not fulfil the exchange rate criterion. Moreover, central bank legislation in Sweden was assessed not to be compatible with the Treaty and the Statute of the ESCB. In the light of this assessment the Commission concluded that there should be no change in the status of Sweden as a Member State with a derogation.