Thread by @IkaFerrerGotic

1/5 In total, seven EU countries don't use the euro: Bulgaria, Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden. Croatia adopted euro ten years into the EU membership. #EU #EURO

Under what requirements do EU members adopt the euro currency?

2/5 These requirements, agreed by the EU Member States in Maastricht in 1991, are known as the convergence criteria. 

Convergence criteria were put in place to measure progress in countries' preparedness to adopt the euro, and are defined as a set of macroeconomic indicators:

3/5 ✔️Price stability
✔️Sound public finances - sustainability
✔️Exchange-rate stability, to demonstrate that a Member State can manage its economy without recourse to excessive currency fluctuations
✔️Long-term interest rates, to assess the durability of the convergence

4/5 According to the Treaty, at least once every two years, the Commission and the European Central Bank assess the progress made by the euro-area candidate countries and publish their conclusions in respective convergence reports. This process can take up to 10 years or more.

5/5 Therefore, the article by The Time (UK) is incorrect and biased, extremely inflammatory.

The Scottish Tory leader has (as expected) easily fell for this bias and demonstrated lack of parliamentary and political integrity towards unresolved matters in his own country.

And if it's still unclear how this is being done, you can learn more from the latest example. Croatia will adopt euro on Jan 1, 2023 after 10 years being a member of European Union.

Facts matter. Impartial journalism matters.

#EUR #EU #euro #currency

ecb.europa.eu/press/pr/date/…

Hi @alexmassie since you deleted your tweet to me, I'll still respond. You're a journalist, you should know this: It's been done before. It is a matter of negotiation. Govts are allowed to shift their econ. policies when suitable during negotiations.

👉🏻 economy-finance.ec.europa.eu/euro/eu-countr…

Status >> Denmark has not introduced the euro. The EU Treaty gives Denmark the right to remain outside the euro area, even when all convergence criteria are met (opt-out).
The Danish krone joined the Exchange Rate Mechanism II (ERM II) on 1 January 1999. #FactsMatter