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Enlargement Of The Eurozone
The enlargement of the eurozone is an ongoing process within the European Union (EU). All member states of the European Union, except Denmark which negotiated an opt-out from the provisions, are obliged to adopt the euro as their sole currency once they meet the criteria, which include: complying with the debt and deficit criteria outlined by the Stability and Growth Pact, keeping inflation and long-term governmental interest rates below certain reference values, stabilising their currency's exchange rate versus the euro by participating in the European Exchange Rate Mechanism (ERM II), and ensuring that their national laws comply with the ECB statute, ESCB statute and articles 130+131 of the Treaty on the Functioning of the European Union. The obligation for EU member states to adopt the euro was first outlined by article 109.1j of the Maastricht Treaty of 1992, which became binding on all new member states by the terms of their treaties of accession. , there are 20 EU member ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The union has a total area of and an estimated population of over 449million as of 2024. The EU is often described as a ''sui generis'' political entity combining characteristics of both a federation and a confederation. Containing 5.5% of the world population in 2023, EU member states generated a nominal gross domestic product (GDP) of around €17.935 trillion in 2024, accounting for approximately one sixth of global economic output. Its cornerstone, the European Union Customs Union, Customs Union, paved the way to establishing European Single Market, an internal single market based on standardised European Union law, legal framework and legislation that applies in all member states in those matters, and only those matters, where the states ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Slovak Euro Coins
The Slovak euro coins are the European monetary union euro coins issued by Slovakia since 2009. They feature three separate designs for the three series of coins. Slovakia has been a member of the European Union since May 2004, and is a member of the European Economic and Monetary Union. Slovakia adopted the euro on 1 January 2009, replacing its previous currency, the Slovak koruna. Adopting the euro In 2005, an official public contest for Slovak euro coin designs was held, which took place over two rounds. The deadline for the first round was 31 January 2005, after which the ten top designers chosen by the National Bank of Slovakia (NBS) were invited to make plaster reliefs of their designs. In the second round, the NBS called a public vote conducted from 12 November until 20 November 2005 on the ten designs that were picked from the over 200 submissions. On 21 November 2005, the results were made public; the most popular design was the coat of arms of Slovakia. On 20 Decembe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Danish Opt-outs From The European Union
Denmark holds opt-outs from European Union policies in relation to police and justice and the adoption of the euro. They were secured under the Edinburgh Agreement in 1992 after a referendum for the ratification of the Maastricht Treaty was rejected by Danish voters, as a package of measures to assuage concerns raised during that referendum. The Danish government has held three referendums on modifying its opt-outs. The first in 2000 rejected the adoption of the euro by 53.2% to 46.8% on a turnout of 87.6%. The second in 2015 rejected converting Denmark's current full opt-out on home and justice matters into a case-by-case opt-out similar to that held by Ireland and the United Kingdom (the latter until its exit from the EU) by 53.1% to 46.9%. The third in 2022, on abolishing the defence opt-out, took place on 1 June 2022 with 66.9% voting yes, and 33.1% voting no. As a result, as of November 2022, Denmark has had three opt-outs: the euro opt-out, the policing-justice opt- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Denmark And The Euro
Denmark uses the krone as its currency and does not use the euro, having negotiated the right to opt out from participation under the Maastricht Treaty of 1992. In 2000, the government held a referendum on introducing the euro, which was defeated with 53.2% voting no and 46.8% voting yes. The Danish krone is part of the ERM II mechanism, so its exchange rate is tied to within 2.25% of the euro. Many political parties in Denmark favour the introduction of the euro and the idea of a second referendum has even been suggested several times since 2000. However, some important parties such as the Danish People's Party, Socialist People's Party and Red–Green Alliance do not support joining the currency. Public opinion surveys have shown fluctuating support for the single currency with majorities in favour for some years after the physical introduction of the currency. However, following the 2008 financial crisis, support began to fall, and in late 2011, support for the euro declin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sweden And The Euro
Sweden does not currently use the euro as its currency and has no plans to replace the existing Swedish krona in the near future. Sweden's Treaty of Accession of 1994 made it subject to the Treaty of Maastricht, which obliges states to join the eurozone once they meet the necessary conditions. Sweden maintains that joining the European Exchange Rate Mechanism II (ERM II), in which participation for at least two years is a requirement for euro adoption, is voluntary, and has chosen to remain outside pending public approval by a referendum, thereby intentionally avoiding the fulfilment of the adoption requirements. Status The Swedish krona had a fixed exchange rate from the last devaluation in 1982, until 1992. On 17 May 1991, the Swedish Central Bank pegged the krona to the European Currency Unit (ECU), but outside the European Exchange Rate Mechanism ERM I. The pegging was unilateral. At first, the ECU attachment seemed to bring about increased confidence in the Swedish k ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Romania And The Euro
Romania's national currency is the leu / RON. After Romania joined the European Union (EU) in 2007, the country became required to replace the leu with the euro once it meets all four euro convergence criteria, as stated in article 140 of the Treaty on the Functioning of the European Union. As of 2025, the only currency on the market is the leu and the euro is not yet used. The Romanian leu is not part of the European Exchange Rate Mechanism (ERM II), although Romanian authorities are working to prepare the changeover to the euro. To achieve the currency changeover, Romania must undergo at least two years of stability within the limits of the convergence criteria. The previous Romanian government established a self-imposed criterion to reach a certain level of real convergence as a steering anchor to decide the appropriate target year for ERM II membership and Euro adoption. In March 2023, the government set the target to enter the antechamber of the eurozone (ERM-II) to 2026 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Poland And The Euro
Poland does not use the euro as its currency. However, under the terms of their Treaty of Accession with the European Union, all new Member States "shall participate in the Economic and Monetary Union from the date of accession as a Member State with a derogation", which means that Poland is obliged to eventually replace its currency, the złoty, with the euro. On the other hand, as of 2024, adoption of euro is not supported by either of the two biggest Polish parties. There is no target date for Polish euro adoption, and no fixed date for when the country will join ERM-II (the fifth euro convergence criterion). Euro adoption will require the approval of at least two-thirds of the Sejm to make a constitutional amendment changing the official currency from the złoty to the euro. The Law and Justice (PiS) party, Poland's largest political party, opposes euro adoption. Prime Minister Donald Tusk has said that he may agree to a referendum on euro participation in order to gain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hungary And The Euro
While the Hungarian government has been planning since 2003 to replace the Hungarian forint with the euro, the government has not set a target date and the forint is not part of the European Exchange Rate Mechanism (ERM II). In 2023, György Matolcsy, governor of the Hungarian National Bank and former Minister of the National Economy stated that adoption of the Euro by Hungary could take place "perhaps around 2030 or a bit later", calling it "club of the rich" and saying that at that time, in Hungary, "the economy is unprepared for it". Adopting the euro Under the MSZP governments between 2002 and 2010 Hungary originally planned to adopt the euro as its official currency in 2007 or 2008. Later 1 January 2010 became the target date, but that date was abandoned because of an excessively high budget deficit, inflation, and public debt. For years, Hungary could not meet any of the Maastricht criteria. After the 2006 election, Prime Minister Ferenc Gyurcsány introduced austerity me ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Czech Republic And The Euro
The Czech Republic is bound to adopt the euro in the future and to join the eurozone once it has satisfied the euro convergence criteria by the Treaty of Accession since it joined the European Union (EU) in 2004. The Czech Republic is therefore a candidate for the enlargement of the eurozone and it uses the Czech koruna as its currency, regulated by the Czech National Bank, a member of the European System of Central Banks, and does not participate in European Exchange Rate Mechanism II (ERM II). Although the Czech Republic is economically well positioned to adopt the euro, following the European debt crisis there has been considerable opposition among the public to the adoption of the euro currency. There is no target date by the government for joining the ERM II or adopting the euro. The cabinet that was formed following the 2017 legislative election did not plan to proceed with euro adoption within its term, and this policy was continued by the succeeding cabinet forme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bulgaria And The Euro
Bulgaria is expected to adopt the euro on 1 January 2026, which would make it the 21st member state of the eurozone. When Bulgaria joined the EU in 2007 it committed to join the eurozone and replace its currency with the euro. In February 2025, the country officially requested off-cycle assessments of their convergence by the European Commission and ECB to determine the country's readiness. The 2025 convergence reports published on 4 June 2025 concluded that Bulgaria met the convergence criteria. The Bulgarian lev has been under a currency board since 1997, with a fixed exchange rate initially against the Deutsche Mark and subsequently its replacement, the euro. The convergence exchange rate is fixed at 1 EUR = 1.95583 BGN. When Bulgaria adopts the euro, it would become only the second official currency in the country's history, replacing the lev, which was established in 1880 and first introduced in 1881. Convergence criteria When it joined the European Union in 2007, Bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Croatia And The Euro
Croatia adopted the euro as its currency on 1 January 2023, becoming the 20th member state of the eurozone. A fixed conversion rate was set at €1 = 7.5345 kn. Croatia's previous currency, the kuna (Croatian for marten), used the euro (and prior to that one of the euro's major predecessors, the German mark or Deutsche Mark) as its main reference since its creation in 1994, and a long-held policy of the Croatian National Bank was to keep the kuna's exchange rate with the euro within a relatively stable range. Croatia's European Union (EU) membership obliged it to introduce the euro once it had fulfilled the euro convergence criteria. Prior to Croatian entry to the EU on 1 July 2013, Boris Vujčić, governor of the Croatian National Bank, stated that he would like the kuna to be replaced by the euro as soon as possible after accession. This had to be at least two years after Croatia joined the European Exchange Rate Mechanism (ERM II), in addition to it meeting other crit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lithuania And The Euro
Lithuania, as an EU member state, joined the eurozone by adopting the euro on 1 January 2015. This made it the last of the three Baltic states to adopt the euro, after Estonia (2011) and Latvia (2014). Before then, its currency, the litas, was pegged to the euro at 3.4528 litas to 1 euro. History All members of the European Union, except Denmark, are required by treaty to join the eurozone once certain economic criteria have been met. The Lithuanian litas participated in ERM II since 28 June 2004, and was pegged to the euro at a rate of 3.45280 litai = €1. Lithuania originally set 1 January 2007 as its target date for adopting the euro, and in March 2006 requested that the European Commission and the European Central Bank conduct an assessment on their readiness to adopt the currency. The Commission's report found that while Lithuania met four of the five criteria, their average annual inflation was 2.7%, exceeding the limit of 2.6%. As a result, the Commission concluded t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
