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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 ...
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 ...
Candidate with frozen negotiations (1) The present enlargement agenda of the European Union regards three distinct groups of states: Western Balkans: Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia. Association Trio: Georgia, Moldova, and Ukraine. Turkey.
The most recent territorial enlargement of the EU was the incorporation of Mayotte in 2014. Campione d'Italia joined the EU Customs Union in 2020. The most notable territorial reductions of the EU, and its predecessors, have been the exit of Algeria upon independence in 1962, the exit of Greenland in 1985, and the withdrawal of the United ...
The largest enlargement of the European Union (EU), in terms of number of states and population, took place on 1 May 2004.. The simultaneous accessions concerned the following countries (sometimes referred to as the "A10" countries [1] [2]): Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia.
The most recent enlargement of the European Union saw Croatia become the European Union 's 28th member state on 1 July 2013. The country applied for EU membership in 2003, and the European Commission recommended making it an official candidate in early 2004. Candidate country status was granted to Croatia by the European Council in mid-2004.
Since then, the eurozone has increased to encompass 20 countries. The euro currency became the second-largest reserve currency in the world. In 2004, the EU saw its biggest enlargement to date when Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia joined the union. [52]
Policy reactions to the eurozone crisis. The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states (Greece, Portugal, Ireland and Cyprus) were unable ...