What are the ‘euro-ins’ and ‘euro-outs’?
There are 19 ‘euro-ins’ and eight ‘euro-outs’ in the EU. The euro-ins are the members states that use the euro as their currency. They comprise the 11 member states that adopted the euro when it was created in 1999, one that adopted it shortly afterwards and seven that have joined the EU since. Seven of the eight euro-outs – those EU member states that do not use the euro as their currency – were allowed time to meet the conditions for adopting it when they joined the EU. In the meantime, they are said to have a ‘derogation’. Sweden is in this group, having joined the EU in 1995 but having intentionally avoided meeting the conditions to join. It rejected the currency in a 2003 referendum. The last euro-out is Denmark, which has negotiated a permanent exemption from euro entry, with the option to join later.