National budgets and the European Union budget since 2007

National budgets are a competence of the national governments of the Member States. However, EU countries adopting the euro have to meet specific conditions designed to ensure economic convergence, known as the convergence criteria or Maastricht criteria (agreed by the Member States in the Maastricht Treaty of 1992). They include conditions on sound and sustainable public finances, along with the macroeconomic indicators - price stability, durability of convergence, and exchange rate stability.