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The koruna is one of the European Union's eight currencies, and the Czech Republic is legally bound to adopt the euro in the future. The official name in Czech is koruna česká (plural koruny české, though the zero-suffixed genitive plural form korun českých is used on banknotes and coins of value 5 Kč or higher).
Denmark is the only EU member state which has been granted an exemption from using the euro. [1] Czechia, Hungary, Poland, Romania and Sweden have not adopted the Euro either, although unlike Denmark, they have not formally opted out; instead, they fail to meet the ERM II (Exchange Rate Mechanism) which results in the non-use of the Euro.
The European Union membership referendum in 2003 approved the country's accession with 77.3% in favour, and in 2004 the Czech Republic joined the EU. [6]Since joining the EU in May 2004, the Czech Republic has adopted fiscal and monetary policies that aim to align its macroeconomic conditions with the rest of the European Union.
The euro is the result of the European Union's project for economic and monetary union that came fully into being on 1 January 2002 and it is now the currency used by the majority of the European Union's member states, with all but Denmark (which has an opt-out in the EU treaties) bound to adopt it.
Accession to the EU in 2004 meant both currencies were slotted to be replaced by the euro once their respective countries met the criteria for economic convergence and there was the political will to do so. The Slovak koruna was replaced by the euro on 1 January 2009; there is currently no set or estimated date for the Czech koruna to be replaced.
Several European microstates outside the EU have adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements were reached with Monaco, San Marino, and Vatican City by EU member states (Italy in the case of San Marino and Vatican City, and France in the case of Monaco) allowing them to use the euro ...
This is the map and list of European countries by monthly average wage (annual divided by 12 months), gross and net income (after taxes) for full-time employees in their local currency and in euros.
The euro was established in 1999, but "for the first three years it was an invisible currency, used for accounting purposes only, e.g. in electronic payments". [2] In 2002, notes and coins began to circulate. The euro rapidly took over from the former national currencies and slowly expanded around the European Union.