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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 ...
The Directorate-General for Neighbourhood and Enlargement Negotiations (DG NEAR) is a Directorate-General of the European Commission. The body is responsible for the enlargement process of the European Union and for the European Neighbourhood Policy .
The only previous enlargements of a single state were the 1981 admission of Greece and the 2013 admission of Croatia. However, following the significant effect of the fifth enlargement in 2004 , EU member states have decided that a more individualized approach will be adopted in the future, although the entry of pairs or small groups of ...
According to the Maastricht Treaty, each current member state and the European Parliament must agree to any enlargement. The process of enlargement is sometimes referred to as European integration. This term is also used to refer to the intensification of co-operation between EU member states as national governments allow for the gradual ...
The eurozone was born with its first 11 member states on 1 January 1999. The first enlargement of the eurozone, to Greece, took place on 1 January 2001, one year before the euro physically entered into circulation.
The Commissioner for Neighbourhood and Enlargement is the member of the European Commission in charge of overseeing the accession process of prospective new member states and relations with those bordering the European Union (EU). The present commissioner, since December 2024, is Marta Kos.
Creation of a eurozone system of Competitiveness Authorities: Each eurozone state shall (like Belgium and Netherlands already did) create an independent national body in charge of tracking its competitiveness performance and policies for improving competitiveness. The proposed "Eurozone system of Competitiveness Authorities" would bring ...
As a workaround many policy makers try to restore competitiveness through internal devaluation, a painful economic adjustment process, where a country aims to reduce its unit labour costs. [ 41 ] [ 47 ] German economist Hans-Werner Sinn noted in 2012 that Ireland was the only country that had implemented relative wage moderation in the last ...