Type "True" or "False." If you answer "False", then explain why the statement is false (1 line). If you answer "True" do NOT explain.

"Membership applications for the European Monetary Union require prospective members to meet specific economic criteria:

1. Similarity of inflation rates to low inflation countries in the Monetary Union

2. Private Debt-to GDP ratio <120%

3. Similarity of long term interest rates of 10 years government bonds to the lowest interest rates in the Monetary Union

4. Deficit-to-GDP ratio <3%

5. Stable Fixed Exchange Rate with respect to the Euro "