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Romania's national currency is the leu / RON.After Romania joined the European Union (EU) in 2007, the country became required to replace the leu with the euro once it meets all four euro convergence criteria, as stated in article 140 of the Treaty on the Functioning of the European Union. [1]
At the time, the European Commission released a forecast of a 1.8% decline in EU economic output for 2009, making the outlook for the banks even worse. [19] [20] The many public funded bank recapitalizations were one reason behind the sharply deteriorated debt-to-GDP ratios experienced by several European governments in the wake of the Great ...
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The eurozone has also enacted some limited fiscal integration; for example, in peer review of each other's national budgets. The issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone change. No eurozone member state has left, and there are no provisions to do so or to be expelled. [16]
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 ...
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As a result, Bulgaria and Romania imposed visa regimes on a number of states, including Russia, Ukraine, Belarus, Serbia, Montenegro, Turkey and Moldova. Within the framework of integration meetings held between the EU member states and the EU candidate states Bulgaria and Romania, an 'Association Committee' was held on 22 June 2004.
The base areas are already de facto members of the eurozone due to their previous use of the Cypriot pound and their adoption of the euro as legal tender from 2008. [76] Because Cypriot nationality law extends to Cypriots in the sovereign base areas, Cypriot residents, as citizens of the Republic of Cyprus, are entitled to EU citizenship.