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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.
The UK informed the European Council of their decision to exercise their opt-out in July 2013, [19] and as such the impacted legislation ceased to apply to the UK as of 1 December 2014. While the protocol only permitted the UK to either opt-out from all the legislation or none of it, they subsequently opted back into some measures. [20] [21] [22]
The opt-out from the JHA policy area was originally obtained by Ireland and the United Kingdom in a protocol to the Treaty of Amsterdam of 1997, and was retained by both in the Treaty of Lisbon. [4] In contrast, Denmark has a more rigid opt-out from the area of freedom, security and justice.
During the eurozone debt crisis, strict austerity measures were imposed as a condition for bailouts, with EU member states, including the UK, asked to contribute to bailout plans. Critics argued that such policies disproportionately served the interests of leading EU nations, particularly Germany, and undermined national sovereignty.
It must set out the arrangements for withdrawal, taking account of the framework for the member state's future relationship with the EU, though without itself settling that framework. The agreement is to be approved on the EU side by the Council of the EU, acting by qualified majority, after obtaining the consent of the European Parliament. For ...
Grexit is Greece's potential exit from the eurozone, while Brexit is the United Kingdom's potential exit from the European Union.
Speculation followed about other countries, such as Italy, withdrawing from the Eurozone as well, [5] with economist Nouriel Roubini submitting in 2011 that "Italy may, like other periphery countries [of the Eurozone], need to exit the euro and go back to a national currency, thus triggering an effective break-up of the Eurozone." [5]
Along with Denmark, the UK had an opt-out to the 1992 Maastricht Treaty which means they were not technically obliged to join the Euro. Prior to this EU deal, there was concern [ 25 ] that Eurozone members may discuss matters of the EU and single market separate to the wider membership and therefore come up with a deal they could theoretically ...