The Economic and Monetary Union is a union of countries originally driven by economic cooperation between six founder states. Today, it is a unique political union and it combines centralised monetary policy and decentralized macroeconomic and structural policies. EMU is a single market with a single currency (euro) managed by a single central bank, more precisely European Central Bank. High employment, constant economic growth and stability of prices, interest rates, financial markets, and general stability in the foreign exchange market are the goals of EMU’s monetary policy. In other words, its goal is to achieve prosperity and sustainable economic development. To achieve these goals, the Maastricht Treaty defined convergence criteria - conditions that EU member states must meet to become the part of the Eurozone. However, the new member states have several problems in meeting these criteria, mainly due to their fiscal legacy and poor economic situation. The nominal convergence criteria cannot be met in all Member States, more precisely in the Member States that have not yet joined the euro area, such as in Croatia, Hungary, Bulgaria, Romania, Poland, and the Czech Republic. Although, according to the latest Convergence Report of the European Central Bank, progress can be seen in many segments. Certain countries, especially Croatia and Bulgaria, have met a part of the commitments that are extremely important for the accession to ERM II. It is an indisputable fact that the crisis caused by the COVID-19 pandemic will slow down the process of EMU accession and that it will introduce numerous changes. However, the fiscal situation of each of these countries is unique, and for the euro area to function in the best possible way and for these countries to be able to access it, certain structural reforms have to be done.