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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 ...
Today the accession process follows a series of formal steps, from a pre-accession agreement to the ratification of the final accession treaty. These steps are primarily presided over by the European Commission ( Enlargement Commissioner and DG Enlargement ), but the actual negotiations are technically conducted between the Union's Member ...
These states have all submitted an application for accession to the EU, which is the first step of a long multi-year process. They must subsequently negotiate the exact terms of their treaty of accession with the current EU member states , and align their domestic legislation with the accepted body of EU law ( acquis communautaire ), along with ...
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The first enlargement of the eurozone, to Greece, took place on 1 January 2001, one year before the euro physically entered into circulation. The next enlargements were to states which joined the EU in 2004 , and then joined the eurozone on 1 January of the year noted: Slovenia in 2007, Cyprus in 2008, Malta in 2008, Slovakia in 2009, Estonia ...
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Take steps towards a consolidated external representation of the eurozone: The EU and the eurozone are still not represented as one voice in the international financial institutions (i.e. in IMF), which mean Europeans speak with a fragmented voice, leading to the EU punching below its political and economic weight. Although the building of ...
Enlargement of the European Economic Area is a separate process. Since April 2014, Croatia's EEA agreement is being provisionally applied pending ratification by Croatia, all EEA states, and the European Union. Croatia has adopted the euro as its national currency in 2023.