During the negotiations of the "Maastricht Treaty of 1992 the "United Kingdom secured an opt-out, while a protocol gave "Denmark the right to decide if and when they would join the euro. Denmark subsequently notified the Council of the European Communities of their decision to opt out of the euro, and this was included as part of the 1992 "Edinburgh Agreement, a "Decision of Council, reached following the Maastricht Treaty's initial rejection in a "1992 Danish referendum. The purpose of the agreement was to assist in its approval in a "second referendum, which it did.
"Sweden, which is obliged to adopt the treaty under the terms of its accession treaty, held a "referendum in 2003 on adopting the euro which was rejected by the Swedish electorate. The government has chosen to deliberately fail to meet the "convergence criteria for euro adoption by not joining "ERM II without prior approval by a referendum. The European Commission stated it would respect this decision for now but not tolerate similar moves from countries that join the EU after the euro is introduced.
Those European Union states that have adopted it are known as the "eurozone and share the "European Central Bank (ECB). The ECB and the national central banks of all EU countries, including those who operate an independent currency, are part of the "European System of Central Banks. Before a state adopts the euro, its currency has to spend at least two years in the "European Exchange Rate Mechanism which pegs it to the euro within a fixed band. Currently two currencies are in ERM, including the Danish Krone which has an opt-out. The Bulgaria lev is also pegged via a "currency board.
|"Austrian schilling||"Austria||S or öS||
||1999/2002||40.3399||Interchangeable with Luxembourgian franc ("BLEU)|
|"Dutch guilder||"Netherlands||ƒ or fl.||
|"French franc||"France||₣, F or FF||
||1999/2002||6.55957||Linked to "Monegasque franc, both valid in France, "Andorra and "Monaco.|
|"Greek drachma||"Greece||Δρχ., Δρ. or ₯||
|"Italian lira||"Italy||₤, L. or LIT||
||1999/2002||1,936.27||Linked to "Sammarinese & "Vatican lira, all valid in Italy, "San Marino and the "Vatican City.|
|"Luxembourgian franc||"Luxembourg||fr. or F||
||1999/2002||40.3399||Interchangeable with Belgian franc ("BLEU).|
|"Maltese lira||"Malta||₤ or Lm||
|"Portuguese escudo||"Portugal||or $||
|"European Currency Unit||Accounting only||₠, ECU or XEU||
||1999/2002||1||"Accounting currency alongside national currencies until the euro introduction.|
Except for the two states with opt outs, all current and future members of the EU are obliged to adopt the Euro as their currency, thus replacing their current ones. Denmark, which has an opt out, is planning to hold a "referendum on its opt-outs due to increasing pressure to adopt the euro. The Danish Kroner is already pegged to the euro, and Denmark has fulfilled all the "requirements for adoption.