Overview of eurozone enlargements and exchange-rate regimes for EU members History of the euro

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sources: ec convergence reports 1996-2014, italian lira, spanish peseta, portuguese escudo, finish markka, greek drachma, uk pound



the eurozone born first 11 member states on 1 january 1999. first enlargement of eurozone, greece, took place on 1 january 2001, 1 year before euro had physically entered circulation. next enlargements states joined eu in 2004, , joined eurozone on 1 january in mentioned year: slovenia (2007), cyprus (2008), malta (2008), slovakia (2009), estonia (2011), latvia (2014), , lithuania (2015).


all new eu members having joined bloc after signing of maastricht treaty in 1992, obliged adopt euro under terms of accession treaties. however, last of 5 economic convergence criteria needs first complied in order qualify euro adoption, exchange rate stability criterion, requires having been erm-member minimum of 2 years without presence of severe tensions currency exchange rate.


in september 2011, diplomatic source close euro adoption preparation talks between 7 remaining new member states eastern europe had yet adopt euro (bulgaria, czech republic, hungary, latvia, lithuania, poland , romania), claimed monetary union (eurozone) had thought going join upon signing of accession treaty may end being different union entailing closer fiscal, economic , political convergence. changed legal status of eurozone potentially cause them conclude conditions promise join no longer valid, force them stage new referendums on euro adoption.








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