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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 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.
Past enlargement since the foundation of the European Union as the European Economic Community by the Inner Six states in 1958 [7] brought total membership of the EU to twenty-eight, although as a result of the withdrawal of the United Kingdom, the current number of EU member states is twenty-seven.
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 ...
It is a period of significant upheaval and reform following the 2004 enlargement of the European Union. The EU has taken on ten new members, eight of which were initially much poorer than the EU average, and took in a further two in 2007 with many more on the way.
Take steps towards a consolidated external representation of the eurozone: The EU and the eurozone are still not represented as one voice in the international financial institutions (i.e. in IMF), which mean Europeans speak with a fragmented voice, leading to the EU punching below its political and economic weight. Although the building of ...
The crisis countries of the 2010s - Portugal, Ireland, Greece and Spain - are now the eurozone's outperformers. The so-called "PIGS" are flying. But there is a wider canvas here. The structural ...
Eurozone (see Enlargement of the eurozone) Monitoring. While both countries were admitted, concerns about corruption and organised crime were still high.