‘euro-ins’ and ‘euro-outs’

There are three categories of ‘euro-ins’ and ‘euro-outs’. First are the 19 states that use the currency.

They comprise eleven EU member states which adopted the single currency when it was created in 1999: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain; one that was a member and who adopted the euro shortly afterwards – Greece; and seven that have joined the EU since: Cyprus, Estonia, Latvia, Lithuania, Malta, Slovakia, Slovenia.

Next are the member states whose Treaties of Accession into the EU allowed them time to meet the conditions for adopting the euro. In the meantime they are said to have ‘a derogation.’ They are the Czech Republic, Hungary and Poland – joined in 2004; Bulgaria and Romania – 2007; and Croatia – 2013. Also in this group is Sweden: it joined the EU in 1995, but has intentionally avoided meeting the entry conditions and technically has a derogation. It rejected the currency in a 2003 referendum.

Last are the two ‘outs.’ The UK and Denmark both negotiated themselves exemptions from euro entry, and have the option to join at a later date.

(Note: There are, technically, two further categories – but they’re tiny. A handful of ‘micro-states’ (Andorra, Monaco, San Marino and the Vatican City) have adopted the currency, for obvious reasons. Kosovo and Montenegro have unilaterally abandoned their own currencies and switched to the euro. None of these are members of the EU.)

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