Czech Republic and the euro

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Eurozone participation .mw-parser-output .glossary dt{margin-top:0.4em}.mw-parser-output .glossary dt+dt{margin-top:-0.2em}.mw-parser-output .glossary .templatequote{margin-top:0;margin-bottom:-0.5em} European Union member states (special territories not shown) .mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{} 20 in the eurozone 1 in ERM II, without an opt-out (Bulgaria) 1 in ERM II, with an opt-out (Denmark) 5 not in ERM II, but obliged to join the eurozone on meeting the convergence criteria (Czech Republic, Hungary, Poland, Romania, and Sweden) Non-EU member states 4 using the euro with a monetary agreement (Andorra, Monaco, San Marino, and Vatican City) 2 using the euro unilaterally (Kosovo and Montenegro) .mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" * ";font-weight:bold}.mw-parser-output .hlist dd:last-child::after,.mw-parser-output .hlist dt:last-child::after,.mw-parser-output .hlist li:last-child::after{content:none}.mw-parser-output .hlist dd dd:first-child::before,.mw-parser-output .hlist dd dt:first-child::before,.mw-parser-output .hlist dd li:first-child::before,.mw-parser-output .hlist dt dd:first-child::before,.mw-parser-output .hlist dt dt:first-child::before,.mw-parser-output .hlist dt li:first-child::before,.mw-parser-output .hlist li dd:first-child::before,.mw-parser-output .hlist li dt:first-child::before,.mw-parser-output .hlist li li:first-child::before{content:" (";font-weight:normal}.mw-parser-output .hlist dd dd:last-child::after,.mw-parser-output .hlist dd dt:last-child::after,.mw-parser-output .hlist dd li:last-child::after,.mw-parser-output .hlist dt dd:last-child::after,.mw-parser-output .hlist dt dt:last-child::after,.mw-parser-output .hlist dt li:last-child::after,.mw-parser-output .hlist li dd:last-child::after,.mw-parser-output .hlist li dt:last-child::after,.mw-parser-output .hlist li li:last-child::after{content:")";font-weight:normal}.mw-parser-output .hlist ol{counter-reset:listitem}.mw-parser-output .hlist ol>li{counter-increment:listitem}.mw-parser-output .hlist ol>li::before{content:" "counter(listitem)"\a0 "}.mw-parser-output .hlist dd ol>li:first-child::before,.mw-parser-output .hlist dt ol>li:first-child::before,.mw-parser-output .hlist li ol>li:first-child::before{content:" ("counter(listitem)"\a0 "} .mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}} v t e Eurozone participation.svg
Eurozone participation
European Union member states
(special territories not shown)
  20 in the eurozone
  1 in ERM II, without an opt-out (Bulgaria)
  1 in ERM II, with an opt-out (Denmark)
  5 not in ERM II, but obliged to join the eurozone on meeting the convergence criteria (Czech Republic, Hungary, Poland, Romania, and Sweden)
Non–EU member states
  4 using the euro with a monetary agreement (Andorra, Monaco, San Marino, and Vatican City)
  2 using the euro unilaterally (Kosovo and Montenegro)

The Czech Republic is bound to adopt the euro in the future and to join the eurozone once it has satisfied the euro convergence criteria by the Treaty of Accession since it joined the European Union (EU) in 2004. The Czech Republic is therefore a candidate for the enlargement of the eurozone and it uses the Czech koruna as its currency, regulated by the Czech National Bank, a member of the European System of Central Banks, and does not participate in European Exchange Rate Mechanism II (ERM II).

Contents

Although the Czech Republic is economically well positioned to adopt the euro, following the European debt crisis there has been considerable opposition among the public to the adoption of the euro currency. [1] There is no target date by the government for joining the ERM II or adopting the euro. [2] The cabinet that was formed following the 2017 legislative election did not plan to proceed with euro adoption within its term, [3] and this policy was continued by the succeeding cabinet formed after the 2021 election. [4] However, by the start of 2024, President Petr Pavel called on the government to take concrete steps in adopting the euro. [5]

History

European Union accession and 2000s

EUR-CZK exchange rate since 1999 Euro exchange rate to CZK.svg
EUR–CZK exchange rate since 1999

The European Union membership referendum in 2003 approved the country's accession with 77.3% in favour, and in 2004 the Czech Republic joined the EU. [6]

Since joining the EU in May 2004, the Czech Republic has adopted fiscal and monetary policies that aim to align its macroeconomic conditions with the rest of the European Union. Initially, the Czech Republic planned to adopt the euro as its official currency in 2010, however evaluations in 2006 found this date to be unlikely and the target date was postponed indefinitely. [7] In February 2007, the Finance Minister said 2012 was a "realistic" date, [8] but by November 2007 this was said to be too soon. [9] In August 2008, an assessment said that adoption was not expected before 2015 due to political reluctance on the subject. [10] However, in October 2009, the then Finance Minister, Eduard Janota, stated that 2015 was no longer realistic. [11] In June 2008, the Central bank governor Zdeněk Tůma speculated about 2019. [12]

In late 2010 a discussion arose within the Czech government, partially initiated by then President Václav Klaus, a well known eurosceptic, over negotiating an opt-out from joining the eurozone. Czech Prime Minister Petr Nečas later stated that no opt-out was required because the Czech Republic could not be forced to join the ERM II and thus could decide if or when to fulfil one of the necessary criteria to join the eurozone, an approach similar to the one taken by Sweden. Nečas also stated that his cabinet would not decide upon joining the euro during its term. [13] [14]

2010s

The European debt crisis further decreased the Czech Republic's interest in joining the eurozone. [15] Nečas said that since the conditions governing the eurozone had significantly changed since their accession treaty was ratified, he believed that Czechs should be able to decide by a referendum whether to join the eurozone under the new terms. [16] One of the government's junior coalition parties, TOP09, was opposed to a euro referendum. [17] [18]

In April 2013, the Czech Ministry of Finance stated in its Convergence Programme delivered to the European Commission that the country had not yet set a target date for euro adoption and would not apply for ERM II membership in 2013. Their goal was to limit their time as an ERM II member, prior to acceding to the eurozone, to as brief a period as possible. [19] On 29 May 2013 Miroslav Singer, the Governor of the Czech National Bank (the Czech Republic's central bank) stated that in his professional opinion the Czech Republic will not adopt the euro before 2019. [20] In December 2013, the Czech government approved a recommendation from the Czech National Bank and Ministry of Finance against setting a formal target date for euro adoption or joining ERM II in 2014. [21]

Miloš Zeman, who was elected President of the Czech Republic in early 2013, supports euro adoption by the Czech Republic, though he also advocates a referendum on the decision. [22] [23] Shortly after taking office in March 2013, Zeman suggested that the Czech Republic would not be ready for the switch for at least five years. [24] Prime Minister Bohuslav Sobotka, from the Social Democrats, stated on 25 April 2013, prior to his party's election victory that October, that he was "convinced that the government that will be formed after next year's election should set the euro entry date" and that "1 January 2020 could be a date to look at". [25] [26] Shortly after being sworn into the new Cabinet in January 2014, Czech Foreign Minister Lubomír Zaorálek stated that the country should join the eurozone as soon as possible. [27] The opposition TOP 09 had also run on a platform in the 2013 parliamentary election, that called for the Czech Republic to adopt the euro between 2018 and 2020. [28] In line with this, the governor of the Czech National Bank, having an advisory role towards the government about the timing of euro adoption, described 2019 as the earliest possible euro entry date. [29]

In April 2014, the Czech Ministry of Finance clarified in its Convergence Programme delivered to the European Commission, that the country had not yet set a target date for euro adoption and would not apply for ERM-II membership in 2014. Their goal was to limit their time as an ERM-II member, prior to acceding to the eurozone, to as brief a period as possible. Moreover, it was the opinion of the previous government that: "the fiscal problems of the eurozone, together with continued difficulty to predict the development of the monetary union, do not create a favorable environment for the future adoption of the euro." [30]

Zeman stated in June 2014 that he hoped his country would adopt the euro as soon as 2017, arguing that adoption would be beneficial for the Czech economy overall. [31] The opposition ODS party responded by running a campaign for Czechs to sign an anti-euro petition, handed over to the Czech Senate in November 2014, but viewed by political commentators as not having any impact on changing the government's policy to adopt the euro in the medium-term without holding a referendum on it. [32]

In December 2014, the Czech government approved a joint recommendation from the Czech National Bank and Ministry of Finance, against setting a formal target date for euro adoption or joining ERM-II during the course of 2015. [33] In March 2015, the ruling Czech Social Democratic Party adopted a policy of striving to gather political support to adopt the euro by 2020. [34] In April 2015, the coalition government announced it had agreed to not set a euro adoption target and not to enter ERM-2 until after the next legislative election scheduled for 2017, making it unlikely that the Czech Republic will adopt the euro before 2020. In addition, the coalition government agreed that if it wins re-election it would set a deadline of 2020 to agree on a specific euro adoption roadmap. [35] In June 2015, finance minister Andrej Babiš suggested a nonbinding public referendum on euro adoption. [36] The Andrej Babiš' Cabinet that was formed following the 2017 legislative election never planned to proceed with euro adoption within its term. [3]

2020s

Petr Fiala's cabinet that emerged from the 2021 legislative election, maintained the predecessor cabinets' intention not to adopt the euro within its term, calling the adoption "disadvantageous" for the Czech Republic. [4] The position not to set a target date for euro adoption and not to apply for ERM-II membership, was however only supported by one of the five ruling cabinet parties (ODS), while all the other four parties supported to start a euro adoption process. [37] Czech President Petr Pavel announced in his New Year's speech for 2024, that he supported the Czech Republic to take imminent concrete steps towards adopting the euro. [38]

In February 2024, the Czech government then appointed a commissioner for euro adoption, economist Petr Zahradnik, to oversee efforts to adopt the euro and communicate the beneficiary prospects to the Czech public. [39] Prime Minister Petr Fiala (ODS) however immediately called a five-party coalition summit in response, as his party still disagreed with the idea to start preparing for ERM-II membership now, and hoped the government instead could negotiate and reach a new joint position on this issue - more closely aligned with the viewpoint of ODS. [40] The Czech minister for European affairs, Martin Dvořák, at the other side proposed a timeline of joining ERM-II before the general elections in late 2025 and adopting the euro on 1 January 2030. [41] The coalition summit resulted in a new common government policy on the issue, first cancelling the post of the recently appointed euro adoption commissioner, and then instead ordering an expert panel advice by October 2024 on the merits of joining ERM-II. The government will now await the report of the expert panel, before taking any further decisions about ERM-II membership or euro adoption. [42]

Euro use

Selected chain stores in the Czech Republic accept payments in euros, and return change in Czech koruna. [43]

Starting 1.1.2024, companies are legally allowed to keep their accounts and pay taxes using Euros if they choose to do so.

Opinion polls

The following are polls on the question of whether the Czech Republic should abolish the koruna and adopt the euro.

Date (survey taken)Date (when published)YesNoUndecidedConducted by
September 2004October 200439%55%7%Eurobarometer [44]
September 2005November 200533%58%9%Eurobarometer [45]
December 2005January 201144%56%0%STEM [46]
April 2006June 200656%35%9%Eurobarometer [47]
June 2006January 201146%54%0%STEM [46]
September 2006November 200644%47%9%Eurobarometer [48]
November 2006January 201147%53%0%STEM [46]
March 2007May 200746%46%8%Eurobarometer [49]
September 2007November 200742%48%10%Eurobarometer [50]
May 2008July 200842%48%10%Eurobarometer [51]
May 2009December 200950%44%6%Eurobarometer [52]
September 2009November 200937%54%9%Eurobarometer [53]
May 2010July 201039%58%3%Eurobarometer [54]
September 2010January 201130%70%0%STEM [46]
September 2010December 201036%61%2%Eurobarometer [55]
January 2011201122%78%0%STEM [46]
May 2011August 201126%69%5%Eurobarometer [56]
November 2011July 201213%82%5%Eurobarometer [57]
April 2012July 201213%81%6%Eurobarometer [58]
April 2013June 201314%80%6%Eurobarometer [59]
April 2014June 201416%77%7%Eurobarometer [60]
April 2015May 201524%69%7%CVVM [61]
April 2015May 201529%70%1%Eurobarometer [62]
April 2016May 201617%78%5%CVVM [63]
April 2016May 201629%70%1%Eurobarometer [64]
April 2017May 201721%72%7%CVVM [65]
April 2017May 201729%70%1%Eurobarometer [66]
April 2018May 201820%73%7%CVVM [67]
April 2018May 201833%66%1%Eurobarometer [68]
April 2019May 201920%75%5%CVVM [69]
April 2019June 201939%60%1%Eurobarometer [70]
June 2020July 202034%63%3%Eurobarometer [71]
May 2021July 202133%67%0%Eurobarometer [72]
April 2022June 202244%55%2%Eurobarometer [73]
April 2023June 202345%55%1%Eurobarometer [74]
May 2023July 202322%73%5%CVVM [75]
May 2024June 202449%50%1%Eurobarometer [76]

Adoption status

The 1992 Maastricht Treaty originally required that all members of the European Union join the euro once certain economic criteria are met. The Czech Republic meets two of the five conditions for joining the euro as of June 2022; their inflation rate, not being a member of the European exchange rate mechanism, and the incompatibility of its domestic legislation are the conditions not met.

Convergence criteria
Assessment monthCountry HICP inflation rate [77] [nb 1] Excessive deficit procedure [78] Exchange rateLong-term interest rate [79] [nb 2] Compatibility of legislation
Budget deficit to GDP [80] Debt-to-GDP ratio [81] ERM II member [82] Change in rate [83] [84] [nb 3]
2012 ECB Report [nb 4] Reference valuesMax. 3.1% [nb 5]
(as of 31 Mar 2012)		None open(as of 31 March 2012)Min. 2 years
(as of 31 Mar 2012)		Max. ±15% [nb 6]
(for 2011)		Max. 5.80% [nb 7]
(as of 31 Mar 2012)		Yes [85] [86]
(as of 31 Mar 2012)
Max. 3.0%
(Fiscal year 2011) [87] 		Max. 60%
(Fiscal year 2011) [87]
Flag of the Czech Republic.svg Czech Republic 2.7%OpenNo2.7%3.54%No
3.1%41.2%
2013 ECB Report [nb 8] Reference valuesMax. 2.7% [nb 9]
(as of 30 Apr 2013)		None open(as of 30 Apr 2013)Min. 2 years
(as of 30 Apr 2013)		Max. ±15% [nb 6]
(for 2012)		Max. 5.5% [nb 9]
(as of 30 Apr 2013)		Yes [88] [89]
(as of 30 Apr 2013)
Max. 3.0%
(Fiscal year 2012) [90] 		Max. 60%
(Fiscal year 2012) [90]
Flag of the Czech Republic.svg Czech Republic 2.8%OpenNo-2.3%2.30%Un­known
4.4%45.8%
2014 ECB Report [nb 10] Reference valuesMax. 1.7% [nb 11]
(as of 30 Apr 2014)		None open(as of 30 Apr 2014)Min. 2 years
(as of 30 Apr 2014)		Max. ±15% [nb 6]
(for 2013)		Max. 6.2% [nb 12]
(as of 30 Apr 2014)		Yes [91] [92]
(as of 30 Apr 2014)
Max. 3.0%
(Fiscal year 2013) [93] 		Max. 60%
(Fiscal year 2013) [93]
Flag of the Czech Republic.svg Czech Republic 0.9%Open(Closed in June 2014)No-3.3%2.21%No
1.5%46.0%
2016 ECB Report [nb 13] Reference valuesMax. 0.7% [nb 14]
(as of 30 Apr 2016)		None open(as of 18 May 2016)Min. 2 years
(as of 18 May 2016)		Max. ±15% [nb 6]
(for 2015)		Max. 4.0% [nb 15]
(as of 30 Apr 2016)		Yes [94] [95]
(as of 18 May 2016)
Max. 3.0%
(Fiscal year 2015) [96] 		Max. 60%
(Fiscal year 2015) [96]
Flag of the Czech Republic.svg Czech Republic 0.4%NoneNo0.9%0.6%No
0.4%41.1%
2018 ECB Report [nb 16] Reference valuesMax. 1.9% [nb 17]
(as of 31 Mar 2018)		None open(as of 3 May 2018)Min. 2 years
(as of 3 May 2018)		Max. ±15% [nb 6]
(for 2017)		Max. 3.2% [nb 18]
(as of 31 Mar 2018)		Yes [97] [98]
(as of 20 March 2018)
Max. 3.0%
(Fiscal year 2017) [99] 		Max. 60%
(Fiscal year 2017) [99]
Flag of the Czech Republic.svg Czech Republic 2.2%NoneNo2.6%1.3%No
-1.6% (surplus)34.6%
2020 ECB Report [nb 19] Reference valuesMax. 1.8% [nb 20]
(as of 31 Mar 2020)		None open(as of 7 May 2020)Min. 2 years
(as of 7 May 2020)		Max. ±15% [nb 6]
(for 2019)		Max. 2.9% [nb 21]
(as of 31 Mar 2020)		Yes [100] [101]
(as of 24 March 2020)
Max. 3.0%
(Fiscal year 2019) [102] 		Max. 60%
(Fiscal year 2019) [102]
Flag of the Czech Republic.svg Czech Republic 2.9%NoneNo-0.1%1.5%No
-0.3% (surplus)30.8%
2022 ECB Report [nb 22] Reference valuesMax. 4.9% [nb 23]
(as of April 2022)		None open(as of 25 May 2022)Min. 2 years
(as of 25 May 2022)		Max. ±15% [nb 6]
(for 2021)		Max. 2.6% [nb 23]
(as of April 2022)		Yes [103] [104]
(as of 25 March 2022)
Max. 3.0%
(Fiscal year 2021) [103] 		Max. 60%
(Fiscal year 2021) [103]
Flag of the Czech Republic.svg Czech Republic 6.2%NoneNo3.1%2.5%No
5.9% (exempt)41.9%
2024 ECB Report [nb 24] Reference valuesMax. 3.3% [nb 25]
(as of May 2024)		None open(as of 19 June 2024)Min. 2 years
(as of 19 June 2024)		Max. ±15% [nb 6]
(for 2023)		Max. 4.8% [nb 25]
(as of May 2024)		Yes [105] [106]
(as of 27 March 2024)
Max. 3.0%
(Fiscal year 2023) [105] 		Max. 60%
(Fiscal year 2023) [105]
Flag of the Czech Republic.svg Czech Republic 6.3%NoneNo2.3%4.2%No
3.7% (exempt)44.0%
  Criterion fulfilled
  Criterion potentially fulfilled: If the budget deficit exceeds the 3% limit, but is "close" to this value (the European Commission has deemed 3.5% to be close by in the past), [107] then the criteria can still potentially be fulfilled if either the deficits in the previous two years are significantly declining towards the 3% limit, or if the excessive deficit is the result of exceptional circumstances which are temporary in nature (i.e. one-off expenditures triggered by a significant economic downturn, or by the implementation of economic reforms that are expected to deliver a significant positive impact on the government's future fiscal budgets). However, even if such "special circumstances" are found to exist, additional criteria must also be met to comply with the fiscal budget criterion. [108] [109] Additionally, if the debt-to-GDP ratio exceeds 60% but is "sufficiently diminishing and approaching the reference value at a satisfactory pace" it can be deemed to be in compliance. [109]
  Criterion not fulfilled
Notes
  1. ↑ The rate of increase of the 12-month average HICP over the prior 12-month average must be no more than 1.5% larger than the unweighted arithmetic average of the similar HICP inflation rates in the 3 EU member states with the lowest HICP inflation. If any of these 3 states have a HICP rate significantly below the similarly averaged HICP rate for the eurozone (which according to ECB practice means more than 2% below), and if this low HICP rate has been primarily caused by exceptional circumstances (i.e. severe wage cuts or a strong recession), then such a state is not included in the calculation of the reference value and is replaced by the EU state with the fourth lowest HICP rate.
  2. ↑ The arithmetic average of the annual yield of 10-year government bonds as of the end of the past 12 months must be no more than 2.0% larger than the unweighted arithmetic average of the bond yields in the 3 EU member states with the lowest HICP inflation. If any of these states have bond yields which are significantly larger than the similarly averaged yield for the eurozone (which according to previous ECB reports means more than 2% above) and at the same time does not have complete funding access to financial markets (which is the case for as long as a government receives bailout funds), then such a state is not to be included in the calculation of the reference value.
  3. ↑ The change in the annual average exchange rate against the euro.
  4. ↑ Reference values from the ECB convergence report of May 2012. [85]
  5. ↑ Sweden, Ireland and Slovenia were the reference states. [85]
  6. 1 2 3 4 5 6 7 8 The maximum allowed change in rate is ± 2.25% for Denmark.
  7. ↑ Sweden and Slovenia were the reference states, with Ireland excluded as an outlier. [85]
  8. ↑ Reference values from the ECB convergence report of June 2013. [88]
  9. 1 2 Sweden, Latvia and Ireland were the reference states. [88]
  10. ↑ Reference values from the ECB convergence report of June 2014. [91]
  11. ↑ Latvia, Portugal and Ireland were the reference states, with Greece, Bulgaria and Cyprus excluded as outliers. [91]
  12. ↑ Latvia, Ireland and Portugal were the reference states. [91]
  13. ↑ Reference values from the ECB convergence report of June 2016. [94]
  14. ↑ Bulgaria, Slovenia and Spain were the reference states, with Cyprus and Romania excluded as outliers. [94]
  15. ↑ Slovenia, Spain and Bulgaria were the reference states. [94]
  16. ↑ Reference values from the ECB convergence report of May 2018. [97]
  17. ↑ Cyprus, Ireland and Finland were the reference states. [97]
  18. ↑ Cyprus, Ireland and Finland were the reference states. [97]
  19. ↑ Reference values from the ECB convergence report of June 2020. [100]
  20. ↑ Portugal, Cyprus, and Italy were the reference states. [100]
  21. ↑ Portugal, Cyprus, and Italy were the reference states. [100]
  22. ↑ Reference values from the Convergence Report of June 2022. [103]
  23. 1 2 France, Finland, and Greece were the reference states. [103]
  24. ↑ Reference values from the Convergence Report of June 2024. [105]
  25. 1 2 Belgium, Denmark, and the Netherlands were the reference states. [105]

See also

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Poland does not use the euro as its currency. However, under the terms of their Treaty of Accession with the European Union, all new Member States "shall participate in the Economic and Monetary Union from the date of accession as a Member State with a derogation", which means that Poland is obliged to eventually replace its currency, the złoty, with the euro.

<span class="mw-page-title-main">Bulgaria and the euro</span> Process of Bulgaria adopting the Euro

Bulgaria plans to adopt the euro and become the 21st member state of the eurozone. The Bulgarian lev has been on a currency board since 1997, with a fixed exchange rate initially against the Deutsche Mark and subsequently its replacement the euro. Bulgaria's target date for introduction of the euro was 1 January 2025. However, the 2024 ECB convergence report concluded that Bulgaria did not meet the convergence criteria due to high inflation, so this timeline has been delayed. The Bulgarian National Bank and several Bulgarian politicians have expressed their desire to join as soon as possible, and project that inflation will be low enough by the end of 2024. If Bulgaria adopts the euro, it will become the second national currency of the country after the lev, which was introduced over 140 years ago. The fixed exchange rate is 1.95583 lev for 1 euro.

<span class="mw-page-title-main">Romania and the euro</span> Overview of the relationship between Romania and the Euro

Romania's national currency is the leu. After Romania joined the European Union (EU) in 2007, the country became required to replace the leu with the euro once it meets all four euro convergence criteria, as stated in article 140 of the Treaty on the Functioning of the European Union. As of 2023, the only currency on the market is the leu and the euro is not yet used in shops. The Romanian leu is not part of the European Exchange Rate Mechanism, although Romanian authorities are working to prepare the changeover to the euro. To achieve the currency changeover, Romania must undergo at least two years of stability within the limits of the convergence criteria.

<span class="mw-page-title-main">Sweden and the euro</span> Overview of the relationship between Sweden and the euro

Sweden does not currently use the euro as its currency and has no plans to replace the existing Swedish krona in the near future. Sweden's Treaty of Accession of 1994 made it subject to the Treaty of Maastricht, which obliges states to join the eurozone once they meet the necessary conditions. Sweden maintains that joining the European Exchange Rate Mechanism II, participation in which for at least two years is a requirement for euro adoption, is voluntary, and has chosen to remain outside pending public approval by a referendum, thereby intentionally avoiding the fulfilment of the adoption requirements.

<span class="mw-page-title-main">History of the euro</span> Overview of the history of the euro

The euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union (EMU) by 1999 for all EU states except the UK and Denmark.

<span class="mw-page-title-main">United Kingdom and the euro</span>

The United Kingdom did not seek to adopt the euro as its official currency for the duration of its membership of the European Union (EU), and secured an opt-out at the euro's creation via the Maastricht Treaty in 1992, wherein the Bank of England would only be a member of the European System of Central Banks.

<span class="mw-page-title-main">Denmark and the euro</span> Overview of the relationship between Denmark and the euro

Denmark uses the krone as its currency and does not use the euro, having negotiated the right to opt out from participation under the Maastricht Treaty of 1992. In 2000, the government held a referendum on introducing the euro, which was defeated with 53.2% voting no and 46.8% voting yes. The Danish krone is part of the ERM II mechanism, so its exchange rate is tied to within 2.25% of the euro.

<span class="mw-page-title-main">Montenegro and the euro</span>

Montenegro is a country in Southeast Europe, which is neither a member of the European Union (EU) nor the Eurozone; it does not have a formal monetary agreement with the EU either. However, it is one of the two territories that has unilaterally adopted the euro in 2002 as its de facto domestic currency. This means that even though the euro is not a legal tender there, it is treated as such by the government and the population.

<span class="mw-page-title-main">Enlargement of the eurozone</span>

The enlargement of the eurozone is an ongoing process within the European Union (EU). All member states of the European Union, except Denmark which negotiated an opt-out from the provisions, are obliged to adopt the euro as their sole currency once they meet the criteria, which include: complying with the debt and deficit criteria outlined by the Stability and Growth Pact, keeping inflation and long-term governmental interest rates below certain reference values, stabilising their currency's exchange rate versus the euro by participating in the European Exchange Rate Mechanism, and ensuring that their national laws comply with the ECB statute, ESCB statute and articles 130+131 of the Treaty on the Functioning of the European Union. The obligation for EU member states to adopt the euro was first outlined by article 109.1j of the Maastricht Treaty of 1992, which became binding on all new member states by the terms of their treaties of accession.

<span class="mw-page-title-main">International status and usage of the euro</span>

The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced 12 currencies on 1 January 2002, it inherited their use in territories such as Montenegro and replaced minor currencies tied to pre-euro currencies, such as in Monaco. Four small states have been given a formal right to use the euro, and to mint their own coins, but all other usage outside the eurozone has been unofficial. With or without an agreement, these countries, unlike those in the eurozone, do not participate in the European Central Bank or the Eurogroup.

<span class="mw-page-title-main">Croatia and the euro</span>

Croatia adopted the euro as its currency on 1 January 2023, becoming the 20th member state of the eurozone. A fixed conversion rate was set at 1 € = 7.5345 kn.

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