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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 ...
In Europe, the most commonly used currency is the euro (used by 26 countries); any country entering the European Union (EU) is expected to join the eurozone [1] when they meet the five convergence criteria. [2] Denmark is the only EU member state which has been granted an exemption from using the euro. [1]
The euro is also used in countries outside the EU. Four states (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins. [29] [30] Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group.
Poland does not use the euro as its currency. However, under the terms of their Treaty of Accession with the European Union, all new Member States "shall participate in the Economic and Monetary Union from the date of accession as a Member State with a derogation", which means that Poland is obliged to eventually replace its currency, the złoty, with the euro.
Olli Rehn, the EU commissioner for economic affairs, has said that it is up to Swedish people to decide when to adopt the euro. [6] Despite this, the euro can be used to pay for goods and services in some places in Sweden. (See below.) Sweden meets four of five conditions for joining the euro as of June 2022. The table below gives further details:
Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo
This category contains the currencies that were replaced by the euro and directly preceding the euro. Pages in category "Currencies replaced by the euro" The following 23 pages are in this category, out of 23 total.
If a state leaves the European Union, Article 50 of the Treaty on European Union says that "Treaties shall cease to apply to the State in question". If the state has been using the euro as its currency then, rather than form a new domestic currency, it might continue to use the euro unilaterally – as Montenegro does – or by way of a ...