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Further information: "Opt-outs in the European Union

During the negotiations of the "Maastricht Treaty of 1992 the "United Kingdom secured an opt-out,[12] 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.[13]

Historic currencies[edit]

History of the euro
Currency "State "Symbol "ISO Completely Yielded
Rate to
"Austrian schilling  "Austria S or öS (ATS) 1999/2002 13.7603
"Belgian franc  "Belgium fr. (BEF) 1999/2002 40.3399 Interchangeable with Luxembourgian franc ("BLEU)
"Cypriot pound  "Cyprus £ (CYP) 2008 0.585274
"Dutch guilder  "Netherlands ƒ or fl. (NLG) 1999/2002 2.20371
"Estonian kroon  "Estonia Kr (EEK) 2011 15.6466
"Finnish markka  "Finland mk (FIM) 1999/2002 5.94573
"French franc  "France ₣, F or FF (FRF) 1999/2002 6.55957 Linked to "Monegasque franc,[14] both valid in France, "Andorra and "Monaco.
"German mark  "Germany DM (DEM) 1999/2002 1.95583
"Greek drachma  "Greece Δρχ., Δρ. or ₯ (GRD) 2001/2002 340.75
"Irish pound  "Ireland £ (IEP) 1999/2002 0.787564
"Italian lira  "Italy ₤, L. or LIT (ITL) 1999/2002 1,936.27 Linked to "Sammarinese & "Vatican lira,[15] all valid in Italy, "San Marino and the "Vatican City.
"Latvian lats  "Latvia Ls (LVL) 2014 0.702804
"Lithuanian litas  "Lithuania Lt (LTL) 2015 3.4528
"Luxembourgian franc  "Luxembourg fr. or F (LUF) 1999/2002 40.3399 Interchangeable with Belgian franc ("BLEU).
"Maltese lira  "Malta ₤ or Lm (MTL) 2008 0.4293
"Portuguese escudo  "Portugal or $ (PTE) 1999/2002 200.482
"Slovak koruna  "Slovakia Sk (SKK) 2009 30.126
"Slovenian tolar  "Slovenia SIT (SIT) 2007 239.64
"Spanish peseta  "Spain (ESP) 1999/2002 166.386
"European Currency Unit Accounting only ₠, ECU or XEU (XEU) 1999/2002 1 "Accounting currency alongside national currencies until the euro introduction.


Future enlargement of the European Union and "Enlargement of the eurozone

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.[16] 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.

See also[edit]


  1. ^ Sweden, while obliged to adopt the euro under its "Treaty of Accession, has chosen to deliberately fail to meet the "convergence criteria for euro adoption by not joining "ERM II without prior approval by a referendum.


  1. ^ "Government of Romania - Convergence programme - 2014-2017" (PDF). "Government of Romania. April 2014. Retrieved 2014-06-04. 
  2. ^ "Romania Sets 2019 as Target Date to Join Euro Area, Voinea Says". "Bloomberg. 2014-05-06. Retrieved 2014-05-14. 
  3. ^ Swiss franc is the official currency and "euro is widely accepted.
  4. ^ But capped as of September 2011
  5. ^ "Euro is the officially currency, but the Swiss franc is commonly used
  6. ^ Carmen Reinhart's homepage"Exchange Rate Regime Reinhart and Rogoff Classification - Annual fine classification, 1946-2010." 5th November 2014.
  7. ^ Protocol 10 to the Treaty of Accession 2003 (OJ L 236, 23.9.2003, p. 955).
  8. ^ De Facto Classification of Exchange Rate Regimes and Monetary Policy Frameworks, IMF 2008
  9. ^ Hadjicostis, Menelaos (30 December 2007) In north Cyprus, the Turkish lira is the official currency, but euro is embraced, "International Herald Tribune
  10. ^ Cyprus and Malta adopt the euro BBC
  11. ^ Cyprus' isolated north will be enthusiastic – if unofficial – euro users
  12. ^ "Parliament of the United Kingdom (12 March 1998). "Volume: 587, Part: 120 (12 Mar 1998: Column 391, Baroness Williams of Crosby)". "House of Lords "Hansard. Retrieved 13 October 2007. 
  13. ^ cite web|
  14. ^ Replaced alongside French franc with euro
  15. ^ Replaced alongside Italian lira with euro
  16. ^ The euro - European Commission
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