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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 ...
One was a U-turn on the eurozone's bailout policy that led to the creation of a specific fund to assist eurozone states in trouble. The European Financial Stability Facility (EFSF) and the European Financial Stability Mechanism (EFSM) were created in 2010 to provide, alongside the International Monetary Fund (IMF), a system and fund to bail out ...
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 ...
These states have all submitted applications for accession to the EU, which is the first step of a long multi-year process. They must subsequently negotiate the specific 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 ...
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 ...
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