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Are new Member States introducing the euro?

New countries are under an obligation to introduce the euro in the long term, but it is not possible for a country to simply participate in the euro system. To do so it is necessary to meet certain conditions.

In order to participate a country must meet the convergence criteria. The fulfilment of the convergence criteria means, among other things, that for at least two years prior to admission into the euro system the country has participated in the European exchange rate mechanism (ERM II) without severe fluctuations. New member states are also subject to the procedure relating to disproportionately large public deficits (Article 104 of the Treaty establishing the European Community). They cannot however be instructed to make arrangements to bring down the deficit or have sanctions imposed upon them.

At present Sweden's status is equivalent to that of new member states, whereas Denmark and the UK have an opt-out clause. This means that the UK and Denmark determine themselves when they wish to introduce the euro. One of the criteria for participation is a prior participation in the European Exchange rate mechanism (EMR II). Currently Lithuania and Denmark participates in EMR II.

Sidst opdateret: 20-08-2013  - NMP