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The purpose of setting the criteria was to achieve price stability within the eurozone and ensure it wasn't negatively impacted when new member states accede. The framework of the five criteria was outlined by article 109j.1 of the Maastricht Treaty, and the attached Protocol on the Convergence Criteria and Protocol on the Excessive Deficit ...
The Treaty on European Union, commonly known as the Maastricht Treaty, is the foundation treaty of the European Union (EU). Concluded in 1992 between the then-twelve member states of the European Communities, it announced "a new stage in the process of European integration" [2] chiefly in provisions for a shared European citizenship, for the eventual introduction of a single currency, and ...
The Treaty of Maastricht in 1992 establishes the completion of the EMU as a formal objective and sets a number of economic convergence criteria, concerning the inflation rate, public finances, interest rates and exchange rate stability. The treaty enters into force on 1 November 1993.
The Treaty on the European Union (2007) is one of the primary Treaties of the European Union, alongside the Treaty on the Functioning of the European Union (TFEU). The TEU forms the basis of EU law , by setting out general principles of the EU's purpose, the governance of its central institutions (such as the Commission, Parliament, and Council ...
All new EU members having joined the bloc after the signing of the Maastricht Treaty in 1992 are obliged to adopt the euro under the terms of their accession treaties. [6] However, the last of the five economic convergence criteria, which need to be complied with in order to qualify for euro adoption, is the exchange rate stability criterion ...
As part of the 1992 Edinburgh Agreement, Denmark obtained a clarification on the nature of citizenship of the European Union which was proposed in the then yet-to-come-into-force Maastricht Treaty. [30] The Agreement was in the form of a Decision of Council. [31]
In addition to these self-imposed criteria the UK would also have had to have met the European Union's economic convergence criteria ("Maastricht criteria") before being allowed to adopt the euro. One criterion is two years' membership of ERM II, of which the UK was never a member. Under the Maastricht Treaty, the UK was not obliged to adopt ...
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 ...