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The eurozone has also enacted some limited fiscal integration; for example, in peer review of each other's national budgets. The issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone change. No eurozone member state has left, and there are no provisions to do so or to be expelled. [16]
[2] [3] The country is committed by treaty to join in the future, but its participation was complicated due to its prevailing geopolitical situation since the invasion and occupation of Northern Cyprus by Turkey since 1974. Ireland maintains an opt-out and operates its own visa policy.
Ireland is part of the EU (dark blue & purple) and Eurozone (dark blue). Ireland adopted the euro currency in 2002 along with eleven other EU member states. [70] As of January 2023 there are 20 EU member states using the euro currency with Croatia the most recent member to join on 1 January 2023. [113]
Ireland joined the UK in adopting this opt-out to keep their border with Northern Ireland open via the Common Travel Area (CTA). [1] [12] [13] Prior to the renewal of the CTA in 2011, when the British government was proposing that passports be required for Irish citizens to enter the UK, [14] there were calls for Ireland to join the Schengen ...
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 ...
In Europe, the most commonly used currency is the euro (used by 26 countries); any country entering the European Union (EU) is expected to join the eurozone [1] when they meet the five convergence criteria. [2] Denmark is the only EU member state which has been granted an exemption from using the euro. [1]
Several eurozone member states (namely Greece, Italy, Portugal, Ireland, and Cyprus) were unable to repay or refinance their government debt or to bail out fragile banks under their national supervision without the assistance of other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).
Outside the EU, there are currently three French territories and a British territory that have agreements to use the euro as their currency. All other dependent territories of eurozone member states that have opted not to be a part of EU, usually with Overseas Country and Territory (OCT) status, use local currencies which are often pegged to the euro or U.S. dollar.