eurozone

The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. The European Central Bank is responsible for monetary policy within the zone.

Countries with the euro as currency

Official members

In 1998 eleven EU member-states had met the convergence criteria, and the Eurozone came into existence with the official launch of the euro on 1 January 1999. Greece qualified in 2000 and was admitted on 1 January 2001. Physical coins and banknotes were introduced on 1 January 2002. Slovenia qualified in 2006 and was admitted on 1 January 2007 bringing total Eurozone membership to its current level of over 316 million people and thirteen member states:

Non-member states with formal euro agreements

  • The template is . Please use instead.
    This usage is deprecated. Please replace it with {{tdeprecated|Eurozone|Country}}.
    '''The template is deprecated. Please use instead.
    Monaco, San Marino, and Vatican City also use the euro, although they are officially neither eurozone members nor members of the EU. (They previously used currencies that were replaced by the euro: Vatican and San Marino had their currencies pegged to the Italian lira (Vatican and San Marinese lira) and Monaco used the Monegasque franc, which was pegged on a 1:1 basis to the French franc).

    These countries use the euro by virtue of agreements[1] concluded with EU member states (Italy in the case of San Marino and Vatican City, France in the case of Monaco), on behalf of the European Community. Those arrangements have been approved by the European Commission and the European Council. In virtue of these agreements, Monaco, San Marino and the Vatican city state are currently allowed to issue a limited amount of euro coins with their own national symbols on the obverse every year. In practice, Monaco's coins are minted by France, and coins for the Vatican and San Marino coins are minted by Italy. Nevertheless, coins issued by the Vatican, by Monaco and by San Marino are legal tender in the Eurozone, and vice versa.

    San Marino, Monaco and the Vatican currently do not issue euro banknotes, using instead the ones issued by Eurozone member states.

    Non-member states or territories without formal euro agreements

    Andorra does not have an official currency and hence no specific euro coins. It previously used the French franc and Spanish peseta as de facto legal tender currency. There has never been a monetary arrangement with either Spain or France; however, the EU and Andorra are currently in negotiations regarding the official status of the euro in Andorra. According to Andorran officials, Andorra would have minted its own euro coins for the first time in 2006; as of January 2007, this has not yet happened, partially due to stalling over bank secrets in December 2005.[2]

    Likewise, Montenegro and Kosovo, which used to have the German mark as their de facto currency, also adopted the euro without having entered into any legal arrangements with the EU explicitly permitting them to do so. Kosovo uses the euro instead of the Serbian dinar, mainly for political reasons.

    As of 1 December 2002, North Korea has replaced the U.S. dollar with the euro as its official currency for international trading. (Its internal currency, the won, is not convertible and thus cannot be used to purchase foreign goods.) The euro also enjoys popularity domestically, especially among resident foreigners. Cuba had announced the same in 1998[3] and Syria followed North Korea in 2006.[4]

    Prior to the 2003 Invasion of Iraq, President Saddam Hussein announced that he intended to price Iraqi oil in euro, rather than US dollars, since the majority of Iraqi oil trade was with the EU, India and the People's Republic of China, not with the United States. This was reverted after the invasion.

    Iceland's former foreign minister Valgerğur Sverrisdóttir has said in an interview on 15 January 2007 that she seriously wishes to look into whether Iceland can join the Euro without being a member of the EU. She believes it is difficult to maintain an independent currency in a small economy on the open European market.[5]

    Non-Eurozone EU countries



    The fourteen countries of the European Union that do not use the euro are: Denmark, Sweden, the United Kingdom, Bulgaria, Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania and Slovakia.

    Denmark and the United Kingdom obtained special derogations in the original Maastricht Treaty of the European Union. Both countries are not legally required to join the Eurozone unless their governments decide otherwise, either by parliamentary vote or referendum. Sweden did not, and is technically obliged to introduce the euro at some point in the future. However, the EU has made public that they have no intention to enforce this with regard to Sweden.

    Inside ERM II

    As of 1 May 2004, the ten National Central Banks (NCBs) of the new member countries are party to the second European Exchange Rate Mechanism (ERM II). The following table shows the dates when each member state became a full participant in the ERM II mechanism.

    Date of entry Country Notes
    1 January 1999 DenmarkThe Danish krone entered the ERM II in 1999, when the euro was created. Since then, it floats against the euro in a ±2.25% range (1 EUR = 7.46038 DKK).
    28 June 2004 EstoniaThe Estonian kroon had been pegged to the German mark since its re-introduction on 20 June 1992, and then to the euro (1 EUR = 15.6466 EEK).
     LithuaniaThe Lithuanian litas was pegged to the US dollar until 2 February 2002, when it switched to a euro peg (1 EUR = 3.45280 LTL).
    2 May 2005 CyprusThe Cypriot pound is pegged to the euro (1 EUR = 0.585274 CYP). Before admission into the eurozone, it floated against the euro in a ±15% range.
     LatviaLatvia has a currency board arrangement whose anchor switched from the SDR to the euro on 1 January 2005. The current lats fluctuation margin is ±1% against the euro (1 EUR = 0.702804 LVL).
     MaltaThe Maltese lira is pegged to the euro (1 EUR = 0.429300 MTL). Before admission into the eurozone, it floated against the euro in a ±15% range.
    28 November 2005 SlovakiaThe Slovak koruna now floats in a ±15% range against the euro (1 EUR = 35.4424 SKK,[6] was 38.4550 SKK before 17 March 2007).[7][8]

    Cyprus

    Cyprus will adopt the euro on 1 January 2008.[9] A formal letter of application was submitted on 13 February 2007.[10] The final decision was taken by the EU finance ministers (Ecofin) on 10 July 2007 and the conversion rate was fixed at 0.585274 CYP. On May 16, 2007 the European Commission backed by the European Central Bank gave its green light for the introduction in January 2008.[11] The new currency will only be used in the government-controlled areas of the Republic: de facto state, the Turkish Republic of Northern Cyprus, will keep on using the new Turkish lira.

    Denmark

    A referendum on joining the Eurozone was held on 28 September 2000, resulting in a 53.2% vote against joining. In recent years, monthly polls[12] usually show that the majority now wants to join the Eurozone. In 2007, the Danish parliament is considering an assessment of Denmark's four exceptions from the Maastricht Treaty, that may be the first step to a referendum about some or all exceptions, and thus about adopting the euro.

    It remains unclear if Greenland and the Faroe Islands will adopt the euro should Denmark choose to do so. Both are parts of the Kingdom of Denmark, but remain outside of the EU. The Faroe Islands currently uses Danish banknotes printed with Faroese motifs - the Faroese króna - and Greenland plans to introduce a similar system. Under the current system, both will continue to use Danish coins.

    Estonia

    Estonia has currently no target date for the changeover, and does not expect it to be possible before 2011, although the last target date was for 1 January 2010.[13] The kroon is pegged to the euro at a fixed rate, almost all shops show prices in euro and many accept it. Stamps also carry their euro face value.[14] Estonia originally aimed to adopt the euro on 1 January 2007, but this was postponed to 1 January 2008 (because Estonia did not meet the inflation criterion[15][16]) and then to 1 January 2010.[17] The date has slipped further due to the expected inflation level.[18]

    Latvia

    Latvia expects to adopt the euro in 2012 at the earliest,[19] but originally aimed to adopt the euro on 1 January 2008. Due to problems with inflation, Latvia was forced to delay this date.[20]

    Lithuania

    Lithuania originally set 1 January 2007 as the target date for joining the Euro, but their application was rejected by the European Commission because inflation was slightly higher than the permitted maximum.[20] In December 2006 the government approved a new convergence plan which, whilst reaffirming that the government wanted to join the Eurozone "as soon as possible", said that expected inflation increases in 2007-8 would mean the best period for joining the euro would be 2010 or after.[21] An opinion poll published in January 2007 showed that more Lithuanians opposed Euro adoption than supported it.[20]

    Malta

    Malta will adopt the euro on 1 January 2008.[23] The aims were officially confirmed on 26 February 2007.[23] The EU finance ministers gave the green light on 10 July 2007 and the conversion rate was fixed at 0.429300 MTL. On May 16, 2007 the European Commission backed by the European Central Bank gave its green light for the introduction in January 2008.[11]

    Slovakia

    Slovakia aims to adopt the euro on 1 January 2009.[11] The target date still holds. Although in June 2007 an analyst of one Danish bank said that "there is still a chance that Slovakia...will be blocked from joining... due to the reluctance of the Slovak government to keep spending under control,"[24] it turns out that the government deficit is even lower than expected as of autumn 2007.

    Outside ERM II

    Bulgaria

    Bulgaria planned to join the ERM II by the summer of 2007.[25] The entry has been delayed, probably until early 2008,[26] due to high inflation and current account deficit.[27]

    The Bulgarian lev has been pegged to the euro since 1997 (between 1997 and 1999, before the euro came into existence, the lev was pegged to the German Mark) and the country has fulfilled the great majority of the EMU membership criteria. As a result of that, Bulgaria plans to adopt the euro on 1 January 2010,[28] although the date may be pushed forward since the country is not yet a member of ERM II.

    Czech Republic

    Since joining the EU in 2004, the Czech Republic has adopted a fiscal and monetary policy that aims to align its macroeconomic conditions with the rest of the European Union. Currently, the most pressing issue is the large Czech fiscal deficit. Originally, the Czech Republic aimed for entry into the ERM II in 2008 or 2009, but the current government has officially dropped the 2010 target date, saying it will clearly not meet the economic criteria. 2012 has been suggested as the earliest changeover date.[29][30]

    Hungary

    Hungary originally planned to adopt the euro as its official currency on 1 January 2010, but that date has been abandoned because of the excessively high budget deficit. The current plan is to prepare a road map in mid-2008, without any target date.[31]

    Realistically, it is difficult for Hungary to join the Eurozone in the foreseeable future until Hungarian public finances are better managed. Currently, the yearly budget deficit accounts for 6% of GDP, while public debt accounts for 69% of GDP.[32] Hungarian public debt is growing faster than Hungarian GDP.

    Poland

    Although Poland is obliged to join the Eurozone as "part of the EU package", Polish president Lech Kaczyński has said he wants to organize a referendum on euro adoption. Strictly speaking, the Polish people already voted in favour of euro adoption when it approved the EU entry referendum, which included EMU entry, by a substantial majority (77%). EU commissioner Joaquin Almunia reminded Poland that it does not have an EMU opt-out clause like the UK and Denmark do. Opinion polls indicate that most Poles would like the euro to be the Polish currency.

    In May 2006 the Polish government finally set its target date for euro introduction for 1 January 2012.

    Romania

    The Romanian government has announced plans to join the Eurozone by 2014. The plan also stipulates to adhere to the ERM-II no sooner than 2012.[33] The president of the ECB said in June 2007, that "Romania has a lot of homework to do ... over a number of years" before joining ERM II.[34]

    To simplify future adjustments to ATMs at the adoption of the euro, when the Romanian new leu was adopted in 2005 (at 10,000 old lei to 1 new leu) the new banknotes were issued to the same physical proportions as euro banknotes. The old leu notes were substantially wider than the new notes.

    Sweden

    Sweden does not have any derogation by any protocol or treaty. Nevertheless, Sweden decided in 1997 not to join the Eurozone from the beginning, and has not made any effort to fulfil the required criteria for a stable exchange rate.

    The first referendum held in Sweden regarding the adoption of the Euro was on 13 November 1994. The adoption of the euro is an integral part of its Treaty of Accession to the European Union. The vote was 53% in favour for joining the EU, and thus the Eurozone. However, the Swedish government had unilaterally declared in its proposition about EU accession (11 August 1994) that the Swedish parliament would decide if and when Sweden would adopt the common currency. The parliament decided in 1997 that Sweden would stay out from the beginning but possibly join later.

    The consultative national referendum on 14 September 2003, resulted in a rejection of adopting the euro, with the following figures: Yes 42.0%, No 55.9%. Consequently, the decision has been postponed, as all political parties have pledged to uphold the results for the time being. According to regular polls by the national institute of statistics, public opinion remains negative.[35] In contrast, the Eurobarometer shows that support for the euro has increased from 41% in 2003 to 51% in 2006.[36][37]

    Former Prime Minister Göran Persson said in September 2004 that the Swedish membership application will definitely not happen before the 2010 General Election.[38][39] This view is shared by the current Reinfeldt government, that also keeps a low profile on the issue. The final introduction of the euro in Sweden will definitely not happen before 2015, and having in mind the negative poll results, it could be delayed a very long time.

    According to a research made by Företagarna, 60% of Swedish corporations think that staying out of the Eurozone will be harmful for them. The leader of the Swedish organisation of corporations, Anna-Stina Nordmark-Nilsson, demanded that Sweden join the Eurozone.[40]

    The decision of Sweden not to adopt the euro in the near future is generally accepted within the European Union. Sweden joined the EU in 1995, and as such did not have the opportunity to gain an opt-out in the Maastricht treaty, which was already concluded in 1992. In 1995, however, the euro did not exist, neither physically (2002) nor legally (1999), and maybe because of this the European Commission has not taken any legal action about fulfilling this Swedish commitment so far. It has been warned however, that any move similar to that of Sweden in the new states will not be tolerated, as it has been with Sweden.

    United Kingdom

    See also:
    The British government under Prime Minister Gordon Brown has committed itself to a triple-approval procedure before joining the Eurozone, involving approval by the Cabinet, Parliament, and the British electorate in a referendum. However, considering that the government is reluctant to ever organise any referendums, it is unrealistic that a referendum about the European currency will be organised in the near future.

    Unlike other European countries, where the euro is seen mostly as an essential building block in a more politically integrated Europe, in the United Kingdom the possible benefits of Eurozone membership are seen mostly as principally economic, and an assessment of British membership based on five economic tests was published on 9 June 2003 by Gordon Brown, who at the time was Chancellor of the Exchequer.

    Though maintaining the government's positive view on the euro, the report came out against membership because four out of the five tests were not passed.

    Mr. Brown stated[41] in June 2003 that the best exchange rate for the UK to join the single currency would be around 73 pence per euro (a value which the pair had never reached). This rate has not been formalised as an official condition of entry.

    Opinion polls have all shown a decisive majority of the British public to be against joining the Eurozone.[42] Some perceive loss of political and economic sovereignty; others are unconvinced of the case for change from their familiar currency. A referendum in the near future has been ruled out.

    In fact, if the UK were to decide now (May 2007) they were going to join the Euro, it would be February 2010 before the currency was physically introduced. This is largely due to the prolonged amount of time the government would take to reach the decision.
    Sterling zone
    If the United Kingdom were to join the Eurozone, this may affect those jurisdictions that also use the pound sterling, or which have a currency on a par with sterling, the sterling area.

    The Crown dependencies use variants of the pound sterling, the Isle of Man pound, Jersey pound, Guernsey pound, and Alderney pound. They all share the same ISO 4217 code GBP.

    Some other British Overseas Territories have their currencies fixed at par with sterling: the exchange rate is fixed so that £1 in the local currency equals £1 in sterling. They are Gibraltar, the Falkland Islands and Saint Helena.

    The French overseas departments and territories were faced with a similar situation when France joined the Eurozone. Those which used the French franc themselves switched to using euro. Some overseas territories used the CFP franc. Whilst these had fixed exchange rates with the French franc, they were not at par - in fact for various historical reasons they were worth considerably less, at approximately 5 centimes. Both the CFA and CFP franc remain in existence, but are now linked to the euro at fixed rates instead. These fixed rates and free convertibility of these currencies are maintained at the expense of the French Treasury. A similar situation exists with the Comorian franc, which is also now fixed against the euro.

    The sterling zone territories therefore have four options:
    • Enter the Eurozone as a non-EU member, either as a distinct national variant of the euro — just as Monaco and the Vatican have done. The EU has demanded that 'monetary agreements' be entered into by non-EU members who wish to issue their own euro coinage, and has pressured Andorra into not issuing their own coins until this is resolved. Such agreements, the EU has stated, must include adherence to EU banking and finance regulation.
    • Use standard euro coins issued by the UK or other Eurozone countries. This may be perceived by some as losing an important symbol of independence.
    • Maintain their existing currency, but peg at a fixed rate with the euro. However, maintaining a fixed rate against the attentions of currency speculators can be extremely expensive, as the UK found on Black Wednesday. However small countries and dependencies are seldom if ever object of speculation, and since the costs of defending their currencies would be insignificant to the UK, any attacks would likely fail anyway.
    • Adopt a free-floating currency, or a currency fixed to another currency, as the Jersey government has hinted.[43]
    Gibraltar is in a separate position, as it is within the EU (as part of the UK's membership). If the UK were to adopt the euro it might not be possible to implement an opt-out for Gibraltar. It is unclear whether Gibraltar would be subject to its own referendum or would be included in a UK referendum, since Gibraltar votes as a part of the UK in European parliamentary elections.
    Banknotes of the UK nations
    Currently, some private banks in Scotland and Northern Ireland are able to print and issue sterling banknotes of their own design. This is seen by many in these areas as an important part of their national identities.

    Unless the UK Government were able to negotiate a suitable derogation from existing EU rules, it would not be possible for these private issues of banknotes to continue upon the UK joining the Eurozone. The European Central Bank only permits National Central Banks to issue banknotes. All euro banknotes are standardised across the Eurozone, without any national variation.

    National variation is allowed in the design of euro coins, and it is possible that the Royal Mint could continue to include the symbols of the home nations on the British designed coinage, although this would have to be included in place of the Queen's portrait.

    Euro adoption by the member states using other currencies

    See also:
    The new member states should be adopting the euro as soon as appropriate guidelines are met. For these new member states, the single currency was "part of the package" of European Union membership – unlike the UK and Denmark, "opting out" is not permitted.

    The dates the nine remaining states (Slovenia already joined) are expected to enter the third stage of the EMU and adopt the euro vary: 1 January 2008 for Cyprus and Malta; 2009 for Slovakia; early 2010 for Bulgaria, Latvia, Lithuania and Estonia; 2012 for Poland; 2014 for Romania. The Czech Republic was set to join on 1 January 2010, but can no longer do so due to economic conditions. A new date has not been set, but it will not probably be before 2012. Hungary has also abandoned its original target date 2010, without any new date.

    On 16 May 2006 the European Commission recommended Slovenia to become the only new member of the Eurozone. This occurred on 1 January 2007.

    Showing the ability to move towards full economic and monetary union is one requisite of "good membership". The ECB and European Commission produce reports every two years analyzing the economic and other conditions of non-Eurozone EU members, reporting on their suitability for joining the Eurozone. The first to include the 10 new members was published in October 2004.[44] The German Bundesbank, arguably the most important national bank in the ESCB, is criticizing the bloc's rush to enlarge the single currency zone.

     Malta  Cyprus  Slovakia  Estonia  Lithuania  Bulgaria  Hungary
    Target date for euro adoption1 January 20081 January 2008[45]1 January 20091 January 2010[46]1 January 20101 January 2010Not set
    ERM II entry2 May 20052 May 200528 Nov 200528 June 200428 June 2004Expected in early 2008[47]
    '''Co-ordinating institution Two Committees appointed on 13 June 2005: a Steering Committee and a Euro Changeover Committee reporting to it Joint coordination by the Minister of Finance and the Central Bank of Cyprus, created on 29 December 2004 Ministry of Finance The National Changeover Committee, created on 27 January 2005 Commission for the Coordination of the Adoption of the euro in Lithuania, created on 30 May 2005 Preparatory work is ongoing in the Ministry of Finance and Magyar Nemzeti Bank (Central Bank of Hungary)
    Approved National Changeover Plan[48] First draft approved on September 1, 2005[49] Report approved by the government on 21 June 2005. NCP will be approved in November 2005 First version approved by the government on 27 September 2005 Not yet approved
    Type of scenarioBig-BangBig-BangBig-BangBig-BangBig-BangBig-Bang with possible phase out features
    Dual circulation period1 month1 month16 days2 weeks15 days1 month
    Exchange of national currency Comm. banks: coins and notes for 6 months. Central bank: banknotes for 10 years and coins for 2 years. Comm. bank: banknotes until end 2009, coins until June 2009. Central bank: banknotes indefinitely, coins for 5 years Comm. banks at least 6 months, Central bank indefinitely Commercial banks 60 days, Central bank indefinitely.
    Dual display of prices from the day of fixing of conversion rate until 6 months after the adoption from the first day of the second month after fixing of conversion rate until 6 months after the adoption Compulsory: from one month after fixing of conversion rate till one year after euro adoption. Voluntary: for an additional 6 months 6 months before and after €-day 60 calendar days before until 60 days after €-day
    National mintNoNoYesNoYesYesYes
    National sideApprovedApprovedApprovedApprovedApprovedNot yet decidedNot yet decided
    Nr of different coin designs33313
    Need for banknotes and coins 450 million coins (€147m) and 85 million banknotes (€1.7b)150-200 million coins118.3 million banknotes, 290 million coins
    Law adaptations Umbrella law and a second and a third group of laws under consideration Umbrella law approved on 15 March 2007 Umbrella law under consideration Draft law on the adoption of the euro is prepared
    Communication strategy In process Undertaken by the Central Bank's "Communication Committee for the adoption of the euro" established on 18 January 2005 Endorsed by the National Changeover Committee on 21 June 2005 Endorsed by the government on 27 September 2005
     Latvia  Czech Republic  Poland  Romania  Sweden  Denmark  United Kingdom
    Target date for euro adoptionNot before 2012[50]Not before 2012[29]1 January 20121 January 2014[52]Not under considerationNot under considerationNot under consideration
    ERM II entry2 May 2005Not before 2012Not under consideration1 January 1999Not under consideration
    '''Co-ordinating institution The Steering Committee for the preparation and coordination of the euro changeover was established on 18 July 2005 Inter-institutional working group MoF-NBP
    Approved National Changeover PlanApproved on 6 July 2005Approved on 11 April 2007[53]
    Type of scenarioBig-Bang with possible phase out featuresBig-Bang
    Dual circulation period2 weeks???
    Exchange of national currencyCentral bank: indefinitely
    Dual display of pricesOctober 2007-June 20085 months before adoption
    12 months after adoption
    National mintNoYesYesYes
    National sideApprovedCompetition under considerationPublic survey under considerationNot yet decidedNot yet decided
    Nr of different coin designs4
    Need for banknotes and coins87 million banknotes and 300 million coins230 million banknotes and 950 million coins
    Law adaptations
    Communication strategy

    Non-EU currencies pegged to the euro



    Cape Verde's currency was pegged to the Portuguese escudo, and now the euro. Bosnia and Herzegovina's currency, the convertible mark, was pegged to the German Mark (and now the euro). The CFA and Comorian francs, used in former French colonies, and the CFP franc, used in French Pacific Ocean territories, were pegged to the French franc, and now the euro.

    People affected by the euro

    Category Population Countries and territories
    Official members320 millionAustria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, Spain
    Other European countries and territories using the euro2.7 millionAndorra, Kosovo, Montenegro, Monaco, San Marino, Vatican City
    EU countries with currencies pegged to the euro (or at a narrow margin)27 millionBulgaria, Cyprus, Denmark, Estonia, Latvia, Lithuania, Malta, Slovakia
    Other European countries with currencies pegged to the euro4 millionBosnia and Herzegovina
    African countries using the CFA franc110 millionBenin, Burkina Faso, Cameroon, Central African Republic, Chad, Côte d'Ivoire, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Republic of the Congo, Sénégal, Togo
    Pacific Island nations using the CFP franc0.5 millionFrench Polynesia, New Caledonia, Wallis and Futuna
    Other countries and territories with currencies pegged to the euro35 millionCape Verde, Comoros, Morocco
    Total496 million44 countries and 5 areas.

    Inflation

    • mid 1999: 1%
    • mid 2000: 2%
    • mid 2001: 2.8%
    • mid 2002: 1.9%
    • mid 2003: 1.9%
    • May 2004: 2.5%
    • May 2005: 1.9%

    Fiscal policies

    The primary means for fiscal coordination within the EU lies in the Broad Economic Policy Guidelines which are written for every member state, but with particular reference to the 13 current members of the Eurozone. These guidelines are not binding, but are intended to represent policy coordination among the EU member states, so as to take into account the linked structures of their economies.

    For their mutual assurance and stability of the currency, members of the Eurozone have to respect the Stability and Growth Pact, which sets agreed limits on deficits and national debt, with associated sanctions for deviation. The Pact originally set a limit of 3% of GDP for the yearly deficit of all Eurozone member states; with fines for any state which exceeded this amount. In 2005, Portugal, Germany, and France had all exceeded this amount, but the Council of Ministers had not voted to fine those states. Subsequently, reforms were adopted to provide more flexibility and ensure that the deficit criteria took into account the economic conditions of the member states, and additional factors.

    Notes

    1. ^ Agreements on monetary relations (Monaco, San Marino, the Vatican and Andorra). European Communities (2004-09-30). Retrieved on 2006-09-12.
    2. ^ Boldt, Hans H. and Sant Julià de Lòria (2006-11-15). Andorranische Euros nicht zu jedem Preis (German). Andorra-Intern. Retrieved on 2007-01-03.
    3. ^ Cuba to adopt Euro in foreign trade BBC News 08/11/98
    4. ^ US row leads Syria to snub dollar BBC News 14/02/06
    5. ^ Spongenberg, Helena. "Slovenia celebrates full entry into euro club", 2007-01-15. Retrieved on 2007-01-16. 
    6. ^ Radoslav Tomek and Meera Louis. "Slovakia, EU Raise Koruna's Central Rate After Appreciation", Bloomberg, 2007-03-17. Retrieved on 2007-03-17. 
    7. ^ "Slovak Koruna Included in the ERM II", National Bank of Slovakia, 2005-11-28. Retrieved on 2007-03-17. 
    8. ^ European Commission. Exchange Rate Mechanism II (ERM II). Retrieved on 2007-03-17.
    9. ^ The European Commission hails approval of the adoption of the Euro in Cyprus and Malta
    10. ^ EUobserver Small EU states rush to join single currency
    11. ^ Cyprus and Malta set to join eurozone in 2008
    12. ^ Dagbladet Børsen Meningsmålinger apr. 07 (Danish)
    13. ^ Report on the Adoption of the Euro (page 17). Eesti Pank (2007-06-08). Retrieved on 2007-09-19.
    14. ^ Estonian manor halls. Taagepera/361-16.08.06. Eesti Post. Retrieved on 2006-09-12.
    15. ^ Government: We must be technically prepared for the adoption of euro on 1 January 2008. Eesti Pank. Bank of Estonia (2006-04-27). Retrieved on 2006-09-12.
    16. ^ Estonia's National Changeover Plan. Eesti Pank. Bank of Estonia. Retrieved on 2006-09-12.
    17. ^ Non, nein, no: Europe turns negative on the euro, The Times, 2006-12-31, accessed on 2007-01-01
    18. ^ Estonia raises inflation forecast, further dimming euro entry. Budapest Business Journal. Retrieved on 2007-04-30.
    19. ^ [1]
    20. ^ Inflation will delay euro adoption in Latvia: Standard & Poor's. EUbusiness Ltd (2006-03-08). Retrieved on 2006-09-12.
    21. ^ Adoption of the Euro in Lithuania, Bank of Lithuania, accessed on 2007-01-11
    22. ^ Lithuanians Divided on Euro Adoption, Angus Reid Global Monitor, 2007-01-02, accessed on 2007-01-11
    23. ^ The European Commission hails approval of the adoption of the Euro in Cyprus and Malta
    24. ^ Doubts resurface about Slovakia's euro entry – analysis (English). Budapest Business Journal (2007-06-27). Retrieved on 2007-07-21.
    25. ^ "България започва тестове за въвеждане на еврото преди лятото", Money.bg, 2007-01-26. Retrieved on 2007-02-24. (Bulgarian) 
    26. ^ "Bulgaria: Bulgaria Reports 0,4% Deflation in June", Sofia News Agency, 2007-07-12. Retrieved on 2007-07-21. (English) 
    27. ^ "ECB: Introductory statement with Q&A", ECB, 2007-06-06. Retrieved on 2007-07-21. (English) 
    28. ^ "THE CONTRIBUTION OF THE BULGARIAN NATIONAL BANK TO THE EUROPEAN INTEGRATION PROCESS", Bulgarian National Bank, 2007-01-24. Retrieved on 2007-07-21. (English) 
    29. ^ European Commission Report (PDF). Retrieved on 2006-09-12.
    Preliminary date.
    30. ^ Czech euro adoption distant goal three years after EU entry (English). Prague Daily Monitor (2007-04-27). Retrieved on 2007-04-27.
    31. ^ "Hungary's euro adoption hinges on economy overhaul" (English). Budapest Business Journal (2007-03-23). Retrieved on 2007-04-27.
    32. ^ https://www.cia.gov/library/publications/the-world-factbook/geos/hu.html
    33. ^ "Guvernul a aprobat Programul de convergenţă" (The Government of Romania approves Convergence Plan) (Romanian). Press release of the Romanian Government (2007-01-24). Retrieved on 2007-01-25.
    34. ^ "ECB: Introductory statement with Q&A", ECB, 2007-06-06. Retrieved on 2007-07-21. (English) 
    35. ^ EMU-/eurosympatier 1997-2007 (Swedish). SCB (2007-06-19). Retrieved on 2007-07-21.
    36. ^ Eurobarometer 60.1 (Swedish). European Commission (2004-02-19). Retrieved on 2007-08-20.
    37. ^ Eurobarometer 66 (Swedish). European Commission (2006-12-22). Retrieved on 2007-08-20.
    38. ^ Hallgren, Mats (2005-07-15). Nuder känner sig utanför efter Sveriges EMU-nej (Swedish). Svenska Dagbladet. Retrieved on 2006-09-12.
    39. ^ Kerpner, Joachim (2004-09-12). Allt fler säger NEJ! (Swedish). Aftonbladet Nya Medier. Retrieved on 2006-09-12.
    40. ^ STT (2007-07-10). Ruotsin yrittäjät haluavat mukaan euroon (Finnish). Talentum.com. Retrieved on 2007-07-10.
    41. ^ Britain not ready to join euro. Guardian Unlimited (2003-06-09). Retrieved on 2006-09-12.
    42. ^ Joining The Euro. Ipsos MORI (2006). Archived from the original on 2007-02-16. Retrieved on 2006-09-12.
    43. ^ What should the Island do in the wake of Jersey’s curve ball?, PDMS, 2003-09-01, accessed on 2007-01-07
    44. ^ Convergence Report. European Central Bank (2006). Retrieved on 2006-09-12.
    45. ^ "Cyprus files formal application to join the Eurozone", Financial Mirror, 13/02/2007. Retrieved on 2007-02-13. 
    46. ^ Non, nein, no: Europe turns negative on the euro, The Times, 2006-12-31, accessed on 2006-12-31
    47. ^ "Bulgaria: Bulgaria Reports 0,4% Deflation in June", Sofia News Agency, 2007-07-12. Retrieved on 2007-07-21. (English) 
    48. ^ The National Euro Changeover Committee. Retrieved on 2006-09-12.
    49. ^ Eurole üleminek (Estonian). Rahandusministeerium (2006-04-27). Retrieved on 2006-09-12.
    50. ^ No euro in Latvia before 2012: premier, EU Business, 2006-06-01, accessed on 2007-06-02
    51. ^
    52. ^ Romania Plans to Adopt Euro in 2014. Retrieved on 2007-01-25.
    53. ^ [2]

    See also



    ..... Click the link for more information.
    Euro
    Ευρώ (Greek)
    Евро[1]

    ..... Click the link for more information.
    monetary union is a situation where several countries have agreed to share a single currency (also known as a unitary or common currency) among them, for example, the East Caribbean dollar.
    ..... Click the link for more information.

    '''
    ..... Click the link for more information.


    Economic policy
    Monetary policy
    Central bank   Money supply
    Fiscal policy
    Spending   Deficit   Debt
    Trade policy
    Tariff   Trade agreement

    Finance
    Financial market
    ..... Click the link for more information.
    Convergence criteria (also known as the Maastricht criteria) are the criteria for European Union member states to enter the third stage of European Economic and Monetary Union (EMU) and adopt the euro.
    ..... Click the link for more information.
    January 1 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining. The preceding day is December 31 of the previous year.
    ..... Click the link for more information.
    20th century - 21st century
    1960s  1970s  1980s  - 1990s -  2000s  2010s  2020s
    1996 1997 1998 - 1999 - 2000 2001 2002

    Year 1999 (MCMXCIX
    ..... Click the link for more information.
    Motto
    Ελευθερία ή θάνατος
    Eleftheria i thanatos  
    ..... Click the link for more information.
    January 1 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining. The preceding day is December 31 of the previous year.
    ..... Click the link for more information.
    21st century - 22nd century
    1970s  1980s  1990s  - 2000s -  2010s  2020s  2030s
    1998 1999 2000 - 2001 - 2002 2003 2004

    2001 by topic:
    News by month
    Jan - Feb - Mar - Apr - May - Jun
    ..... Click the link for more information.
    The euro (EUR or ) is the currency of 13 European Union (EU) member states (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, and Spain), three European microstates which have currency agreements
    ..... Click the link for more information.
    euro banknotes and coins (see euro coins) entered circulation in 12 member states on 1 January, 2002. On 1 January, 2007 Slovenia, a state that joined the EU in May 2004, became the 13th state to join the euro area.
    ..... Click the link for more information.
    January 1 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining. The preceding day is December 31 of the previous year.
    ..... Click the link for more information.
    20th century - 21st century - 22nd century
    1970s  1980s  1990s  - 2000s -  2010s  2020s  2030s
    1999 2000 2001 - 2002 - 2003 2004 2005

    2002 by topic:
    News by month
    Jan - Feb - Mar - Apr - May - Jun
    ..... Click the link for more information.
    Motto
    none
    Anthem
    7th stanza of Zdravljica
    "A Toast"


    ..... Click the link for more information.
    January 1 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining. The preceding day is December 31 of the previous year.
    ..... Click the link for more information.
    20th century - 21st century - 22nd century
    1970s  1980s  1990s  - 2000s -  2010s  2020s  2030s
    2004 2005 2006 - 2007 - 2008 2009 2010

    2007 by topic:
    News by month
    Jan - Feb - Mar - Apr - May - Jun
    ..... Click the link for more information.
    Anthem
    Land der Berge, Land am Strome   (German)
    Land of Mountains, Land on the River
    ..... Click the link for more information.
    Motto
    Eendracht maakt macht   (Dutch)
    L'union fait la force"   (French)
    Einigkeit macht stark
    ..... Click the link for more information.
    Anthem
    Maamme   (Finnish)
    Vårt land   (Swedish)
    Our Land
    ..... Click the link for more information.
    Motto
    Liberté, Égalité, Fraternité
    "Liberty, Equality, Fraternity"
    Anthem
    "La Marseillaise"


    ..... Click the link for more information.
    CFP franc
    franc pacifique (French)

    10,000 CFP Franc issued in 1985 (French Polynesia side)
    ISO 4217 Code XPF
    User(s) New Caledonia, French Polynesia, and
    ..... Click the link for more information.
    Anthem
    "Das Lied der Deutschen" (third stanza)
    also called "Einigkeit und Recht und Freiheit"
    ..... Click the link for more information.
    Motto
    Ελευθερία ή θάνατος
    Eleftheria i thanatos  
    ..... Click the link for more information.
    Anthem
    Amhrán na bhFiann  
    The Soldier's Song


    ..... Click the link for more information.
    Anthem
    Il Canto degli Italiani
    (also known as Fratelli d'Italia)


    ..... Click the link for more information.
    Motto
    "Mir wëlle bleiwe wat mir sinn"   (Luxembourgish)
    "We want to remain what we are"
    Anthem
    Ons Hémécht
    "Our Homeland"
    Royal anthem
    De Wilhelmus  1
    ..... Click the link for more information.
    Motto
    "Je maintiendrai"   (French)
    "Ik zal handhaven"   (Dutch)
    "I shall stand fast"1

    Anthem
    ..... Click the link for more information.
    Motto
    "One Happy Island"
    Anthem
    Aruba Dushi Tera


    Capital
    (and largest city) Oranjestad

    ..... Click the link for more information.


This article is copied from an article on Wikipedia.org - the free encyclopedia created and edited by online user community. The text was not checked or edited by anyone on our staff. Although the vast majority of the wikipedia encyclopedia articles provide accurate and timely information please do not assume the accuracy of any particular article. This article is distributed under the terms of GNU Free Documentation License.