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Bulgaria


Bulgaria: Obliged to join but not yet in ERM II
Czech Republic: Obliged to join but not yet in ERM II.
Denmark: ERM II member, but has a formal opt-out. Considering referendum.
Estonia: ERM II participant. Planning to join in 2011.
Hungary: Obliged to join but not yet in ERM II.
Latvia: ERM II participant. Obliged to join.
Lithuania: ERM II participant. Obliged to join.
Poland: Obliged to join but not yet in ERM II.
Romania: Obliged to join but not yet in ERM II.
Sweden: Informal opt-out.
UK: Formal opt-out.
Hover over the flags for details of their euro adoption
     Eurozone
     ERM II members
     other EU members

Enlargement of the eurozone is at present a continuing process within the European Union (EU). All member states of the EU, except for Denmark, the United Kingdom and de facto Sweden, are obliged to adopt the euro as their sole currency when they meet the criteria. This includes two years in the European Exchange Rate Mechanism (ERM II) and keeping inflation inline with the EU average.

Following on from the 11 EU states who were part of the initial introduction in 1999: Greece joined in 2001 before the coins and notes were released and the national currencies were retired for good; Slovenia joined on 1 January 2007; Cyprus and Malta joined on 1 January 2008; and Slovakia joined on 1 January 2009.[1]

Out of the remaining states, the earliest expected accession would take place in 2011, though most states will not meet the criteria to join until around 2013. Denmark, which has an opt-out, is considering holding a referendum on joining, though the United Kingdom and Sweden are maintaining their current opposition to joining the eurozone. Iceland on the other hand may join the EU rapidly, potentially in 2011, to adopt the euro. Estonia is currently the only state with a chance of adopting in the short term. It is expected to be ready for 2011 and is meeting the criteria, although the final decision is yet to be made.[2]

Contents

Accession criteria

In order to join the eurozone officially, (thus being able to mint coins separately), a country must first be a member of the European Union, and then meet certain economic criteria, including accession to ERM II, which fixes the acceding country's national currency's exchange rate to the euro, within a specified band (normally ±15%).

European microstates that have monetary agreements with acceding countries can continue these agreements to mint separate coins on the accession of the larger state, but do not get a say in the economic affairs of the eurozone. This has been used to allow Monaco, San Marino and the Vatican City to mint their own coins, and Andorra is negotiating a similar agreement.

In 2009 the IMF suggested that countries should be allowed to "partially adopt" the euro, which would allow them to use the euro but would not give them a seat on the European Central Bank.[3]

Country [nb 1] Inflation rate [nb 2] (HICP[4]) annual government deficit to GDP[citation needed] gross government debt to GDP ERM II membership Long-term interest rate [nb 3]
Reference value [5] max 3.2% max. 3% max. 60% min. 2 years max 6.5%
EU Member States
 Bulgaria 1.8% -3.2% [nb 4] 14.1% 6.65%
 Czech Republic 0.4% -1.4% [nb 4] 28.1% 4.28%
 Denmark 1.9% -3.9% [nb 4] 30% since 1 January 1999 3.57%
 Estonia -1.0% -0.4% [nb 4] 3.4% since 28 June 2004 6.14%
 Hungary 6.2% 4.8% 76.9% 7.62%
 Latvia -3.3% -1.1% [nb 4] 19.5% since 2 May 2005 13.76%
 Lithuania -0.3% -3.2% [nb 4] 15.6% since 28 June 2004 8.15%
 Poland 3.9% -2.5% [nb 4] 44.5% 6.13%
 Romania 5.2% -2.9% [nb 4] 13.6% 9.05%
 Sweden 2.7% -2.7% [nb 4] 35.5% 3.37%
 United Kingdom 3.5% 7.1% 55.5% 4.01%
non-EU Member States
 Albania 2.8% [6] 0.04% 55.9%
 Bosnia and Herzegovina 1.5% 0.35% 34%
 Croatia 1.8% [7] 2.2% 40.8%
 Iceland 7.5%[8] -5.19% [nb 4] 103%
 Macedonia 3.2% 0.6% 39.5%
 Montenegro 2.3% [9] 38%
 Norway [10] 2.4% -17.27% [nb 4] 53%
 Serbia 5.9% [11] 0.48% 37%
 Switzerland [10] 0.9% -1.0%[nb 4][12] 41.3%[13] 1.99%[14]
 Turkey 5.08% -1.3% [nb 4] 38.8%

     criterion fulfilled

Historical enlargements

The first enlargement took place on 1 January 2001; before the euro entered its physical form in 2002, but after its formal creation in 1999. The first post-2002 enlargements were to the states who joined in 2004. First Slovenia, replacing the Slovenian tolar on 1 January 2007, then Cyprus and Malta on 1 January 2008. On 1 January 2009 Slovakia exchanged its koruna for the euro in the last enlargement of the 2000s

ERM II members

Euro adoption by EU member states   
Currency Code Central rate Official
target date
Expected
entry date
United Kingdom British pound GBP Opt-out[nb 5] Opt-out[nb 5]
Bulgaria Bulgarian lev BGN 1.95583[nb 6] [nb 7][15] 2013[16]
Czech Republic Czech koruna CZK [nb 7][15] 2015[17]
Denmark Danish krone DKK 7.46038 Opt-out[nb 8] Opt-out[nb 8]
Estonia Estonian kroon EEK 15.6466 1 January 2011[nb 7][15] 1 January 2011[18]
Hungary Hungarian forint HUF [nb 7][15] 2014[17]
Latvia Latvian lats LVL 0.702804 [nb 7][15] 2014 [19]
Lithuania Lithuanian litas LTL 3.45280 [nb 7][15] 2014 [20]
Poland Polish złoty PLN [nb 7][15] 2014 [21]or 2015[22][23]
Romania Romanian leu RON 2015[24] 2015[24]
Sweden Swedish krona SEK [nb 9] [nb 7]

Apart from Denmark and the United Kingdom, which have opt-outs under the Maastricht Treaty, all other EU members are expected to join the eurozone. The following members have acceded to ERM II, in which they must spend two years, before they can adopt the euro.

Estonia

The kroon is part of ERM II, though in practice it is pegged to the euro at a rate of 15.6466 krooni = 1 euro (it was formerly pegged to the Deutsche Mark at 8 krooni = 1 Mark). Estonia has set 1 January 2011 as its official changeover target date.[25][26][27] Almost all stores show prices in euros, and stamps carry their euro face value.[28] Estonia originally aimed to adopt the euro on 1 January 2007, but this was postponed to 1 January 2008 because the country did not meet the inflation criterion[29][30], then to 1 January 2010[31], and again to 1 January 2011 due to expected inflation levels.[32] However, the annual inflation rate listed by the ECB in April 2009 is 0.9%, well below the limit.

On 11 November 2007, Estonian Prime Minister Andrus Ansip vowed to continue tight fiscal policies to fight inflation so that the country could adopt the euro as soon as possible. On 31 March 2009, the Estonian government said it would aim for euro adoption on 1 January 2011, but wanted to keep open the possibility of joining on 1 July 2010.[33]

On 22 May 2009, the Eesti Pank suggested that Estonia might be able to fulfill the convergence criteria by autumn 2009.[34][35] On 16 June 2009, Eesti Pank signalled that Estonia would be able to fulfill convergence criteria by the end of 2009 and adopt the euro no later than 1 January 2011, with the main obstacle remaining the budget deficit criterion.[4][5]

In November 2009, Economic and Monetary Affairs Commissioner Joaquin Almunia stated that Estonia might secure approval in June 2010 for entry into the Eurozone in 2011.[6]

Lithuania

The Lithuanian litas is part of ERM II and in practice it is pegged to the euro at a rate of 3.45280 litai = €1. Lithuania originally set 1 January 2007 as the target date for joining the euro, but their application was rejected by the European Commission because inflation was slightly higher than the permitted maximum.[36] In December 2006 the government approved a new convergence plan which, whilst reaffirming that the government wanted to join the eurozone "as soon as possible", said that expected inflation increases in 2007–8 would mean the best period for joining the euro would be 2010 or after.[37] In December 2007, Prime Minister Gediminas Kirkilas said Lithuania would be able to join in 2010-11, but increasing inflation in 2008 led banking analysts to put back the expected date to 2013 at the earliest. [38] [39] By the time of the 2010 European sovereign debt crisis, the expected date had been put further back to 2014. [40]

An opinion poll published in January 2007 suggested that more Lithuanians opposed euro adoption than supported it.[36]

Lithuania has expressed interest in a suggestion from the IMF that countries who aren't able to meet the Maastricht criteria are able to "partially adopt" the euro, using the currency but not getting a seat at the European Central Bank.[3]

Latvia

Latvia has been a member of the European Union since 1 May 2004 and is a member of the Economic and Monetary Union of the European Union. Its currency, the Latvian lats, is in ERM II, and floats within 15% of the central rate, Ls 0.702804 = €1. Latvia had originally planned to adopt the euro on 1 January 2008 but in 2007 this was put back to 2012 [41], then 2013 [42] and later 2014.[43]

Denmark

Denmark has pegged its krone to the euro (€1 = DKK 7.46038 ± 2.25%) and the krone remains in the ERM. In December 1992 Denmark negotiated a number of opt-out clauses from the Maastricht treaty via the Edinburgh Agreement, including not adopting the euro as currency. This was done in response to the Maastricht treaty having been rejected by the Danish people in a referendum earlier that year. As a result of the changes, the treaty was finally ratified in a subsequent referendum held in 1993. On 28 September 2000, another referendum was held in Denmark regarding the euro resulting in a 53.2% vote against joining.

On 22 November 2007, the newly re-elected Danish government declared its intention to hold a new referendum about abolishing the four opt-out clauses, including the euro, by 2011.[44] Several polls have been done per year. During 2008 and 2009 they have generally but not always shown a support among the Danes about adopting the euro.

The economic crisis has also led to a debate within the Faroe Islands, an autonomous Danish dependency outside the EU, about whether the islands should adopt the currency along the lines of other non-EU euro users as previously they would have maintained their currency when Denmark adopts the euro.[45][46][47]

Obliged to join

The following members must first join ERM II before they can adopt the euro:

Bulgaria

The lev is not part of ERM II, but has been pegged to the euro since its launch (€1 = BGN 1.95583). It was previously pegged on a par to the German Mark. Hence, Bulgaria already fulfilled the great majority of the EMU membership criteria and must, from 2009, comply with the Maastricht criteria to join the eurozone in 2012, the tentative deadline set by Finance Minister Plamen Oresharski.[48]

While the currency board which pegs Bulgaria to the euro has been seen as beneficial to the country fulfilling EMU criteria so early,[49] the ECB has been pressuring Bulgaria to drop it as it did not know how to let a country using a currency board join the euro. The Prime Minister has stated the desire to keep the currency board until the euro was adopted. However, factors such as a high inflation, an unrealistic exchange rate with the euro and the country's low productivity are negatively affected by the system.[50]

Bulgaria meets three and fails on one criteria in order to join the eurozone. It derogates on the price stability criterion, which envisages that its inflation does not exceed that of the three EU member states with the lowest inflation (Malta, the Netherlands and Denmark) by more than 1.5%. Bulgaria’s inflation in the 12 months to March 2008 reached 9.4%, well above the reference value of 3.2%, the report said.

On the upside, Bulgaria fulfills the state budget criterion, which foresees that the deficit does not exceed 3% of the country’s gross domestic product (GDP). Over the past few years, the report said, the country has consistently improved its budget fundamentals and since 2003, a break-even point, the budget ran surpluses and in 2007 was at 3.4% of GDP. The EC forecasts that it will remain at 3.2% of GDP in both 2008 and 2009.

In regard to public debt, Bulgaria has also been within the prescribed cap of up to 60% of GDP. Government debt has also been declining consistently, from 50% of GDP to 18% in 2007. The expectation is to reach 11% of GDP in 2009.[51]

Some recent analysis says that Bulgaria will not be able to join the Eurozone earlier than 2015, due to the high inflation and the repercussions of the global financial crisis of 2008.[52] However, the Bulgarian government is considering unilateral introduction of the euro, which is not seen favorably by the European Commission.[53]

Bulgaria was expected to enter ERM II in November 2009,[54] but that target date has been moved. On December 22, 2009 Simeon Dyankov, Bulgaria's finance minister, said that the country will apply to join the ERM II in March 2010. [55]

Czech Republic

The Czech Republic is similarly bound by the Treaty of Accession 2003 to join the euro at some point, but this is not likely to come soon. The koruna is not part of ERM II. Since joining the EU in 2004, the Czech Republic has adopted a fiscal and monetary policy that aims to align its macroeconomic conditions with the rest of the European Union. Currently, the most pressing issue is the large Czech fiscal deficit. Originally, the Czech Republic aimed for entry into the ERM II in 2008 or 2009, but the current government has officially dropped the 2010 target date, saying it will clearly not meet the economic criteria.

Although the country is economically better positioned than others EU Members to join the euro, it is not expected before 2015 due to the political reluctance in this subject.[56] Finance Minister of the interim government, Eduard Janota, said in Brussels in January 2010 that it was unrealistic for the Czech Republic to adopt the euro in 2015 without a profound public finance reform. [57] Central bank governor Zdeněk Tůma even speculated about 2019. [58]

Hungary

Hungary originally hoped to adopt the euro by 1 January 2010. Most financial studies, such as those produced by Standard & Poor's and by Fitch Ratings, suggest that Hungary will be unable to adopt the common European currency before 2011-2012, due to the country's high deficit, which in 2006 exceeded 10% of the GDP. The deficit fell below 5% of GDP in 2007, and was expected to be 3.8% at the end of 2008.

According to Reuters, central bank Governor András Simor expected to sit down with the government in the first half of 2009 "to discuss euro adoption". Hungary's finance minister has said that Hungary may start talks on joining ERM II near the end of 2009, and enter the Eurozone in 2013-2014 at the earliest.[59]

Poland

Poland is bound by the Treaty of Accession 2003 to join the euro at some point, but current indications are that this will not be for several years to come as economic criteria must be met. The złoty is not part of ERM II, itself a requirement for euro membership.

The Finance Minister Dominik Radziwill said on 10 July 2009 that Poland could enter the Eurozone in 2014, meeting the fiscal criteria in 2012.[60]

Romania

Romania is scheduled to replace the current national currency, the Romanian leu, with the euro once Romania fulfils the convergence criteria. The euro is scheduled to be adopted by Romania in 2015.[24] Romania is expected to join the ERM2 mechanism in 2012.[61]

Sweden

According to the 1994 accession treaty,[62] approved by referendum (52% in favour of the treaty), Sweden is required to join the euro if, at some point, the convergence criteria are fulfilled. However, on 14 September 2003, 56% of Swedes voted against adopting the euro in a second referendum.[63] The Swedish government has argued that staying outside the euro is legal since one of the requirements for eurozone membership is a prior two-year membership of the ERM II; by simply choosing to stay outside the exchange rate mechanism, the Swedish government is provided a formal loophole avoiding the requirement of adopting the euro. Most of Sweden's major parties continue to believe that it would be in the national interest to join, but they have all pledged to abide by the result of the referendum for the time being and show no interest in raising the issue.

Before the September 2006 parliamentary elections, all major parties agreed not to raise the question before the next parliamentary elections (due in September 2010). The parties seem to agree that Sweden would not adopt the euro until after a second referendum. Prime Minister Fredrik Reinfeldt stated in December 2007 that there will be no referendum until there is stable support in the polls.[64] While previously the polls showed stable support for the "no" alternative, a poll from April 2009 showed 47% yes, 45% no, and 8% uncertain.[65]

Not obliged to join

Denmark is not obliged to join but is an ERM II member, for details see Denmark section above.

United Kingdom

The British currency is the pound sterling and the country has an opt-out from eurozone membership. Gordon Brown, Chancellor of the Exchequer at the time under Tony Blair's government, set "five economic tests" that must be passed before it can recommend that the UK join the euro; and pledged to hold a public referendum for deciding membership should those five economic tests be met. In addition to this own internal (national) criteria, the UK has to meet the EU's economic convergence criteria (Maastricht criteria), before being allowed to adopt the euro. As of 2008, the UK satisfies all the convergence criteria set by the EU for adoption of the euro, except membership of the ERM II.

The United Kingdom redesigned most of its coinage in 2008. The German newspaper Der Spiegel saw this as an indication that the country has no intention of switching to the euro within the foreseeable future.[66] Though in a recent contradicting settlement the European Commissioner, José Barroso, told French radio that British politicians were considering the move because of the effects of the global credit crisis.[67] In February 2009, Monetary Policy Affairs Commissioner Joaquin Almunia said "The chance that the British pound sterling will join: high."[68]

The Sovereign Base Areas of Akrotiri and Dhekelia introduced the euro at the same time as Cyprus, on 1 January 2008. Previously, they used the Cypriot Pound. They do not have separate euro coins.

Future members

Croatia

It is assumed that Croatia will become a member of the European Union in the future, membership is expected in the next few years. Croatia would then be obliged to eventually adopt the euro. In 2006, Croatia fulfilled the convergence criteria (inflation 2.6%, budget balance -3.0%, public debt 56.2%). However, the adoption of the euro would probably take at least two years following membership.

Iceland

Because of instability in the Icelandic króna there has been discussion in Iceland about adopting the euro. However, according to Jürgen Stark, a Member of the Executive Board of the European Central Bank, "Iceland would not be able to adopt the EU currency without first becoming a member of the EU".[69] Iceland has since then applied for EU membership.

Iceland has a problem with the convergence criteria, from 2008 and on. Inflation 10-15% (2008–2009), 1-year interest 6.5% (summer 2009), budget deficit 24 Bn ISK, 6.9% of GNP, government debt 1400 Bn ISK (estimate end 2009, 400% of GNP[70]). There are hopes for improvements, much lower estimated inflation in 2010, but the debt is a big problem. The Icesave dispute is a major source for this debt.

Andorra

Andorra is currently making de facto use of the euro, but there are discussions about allowing Andorra to formally enter the Eurozone to allow it to mint its own euro coins.

Summary of adoption progress

The new member states, who have joined the union in 2004 and later, shall adopt the euro as soon as they meet the criteria. For them, the single currency was "part of the package" of European Union membership. Unlike for the UK and Denmark, "opting out" is not permitted.

The remaining states are expected to enter the third stage of the EMU and adopt the euro at different pace: 2011 for Estonia; 2012 for Bulgaria and Latvia; early 2013 for Lithuania; 2014 or 2015 for Poland; 2015 for Romania. The Czech Republic was set to join on 1 January 2010, but can no longer do so due to economic conditions. A new date has not been set; it might not be before 2015. Hungary has also abandoned its original target date 2010, without setting any new date.

On 16 May 2006, the European Commission recommended Slovenia to become a new member of the eurozone. This occurred on 1 January 2007. In May 2007, the European Commission recommended the same for Cyprus and Malta, and their accession to the eurozone took place on 1 January 2008. On 7 May 2008, the European Commission recommended the same for Slovakia, which joined the eurozone on 1 January 2009.

Showing the ability to move towards full economic and monetary union is one requisite of "good membership". The ECB and European Commission produce reports every two years analysing the economic and other conditions of non-eurozone EU members, reporting on their suitability for joining the eurozone. The first to include the 10 new members was published in October 2004.[71]

State
Target
ERM
entry
Co-
ordinating
institution
Changeover
plan
Intro-
duction
Dual
circulation
period
Exchange
till
Dual
price
display
National
mint
Coin
design
Currency
needed
Law
Commu-
nication
strategy
 Estonia 20111 January 2011 200428 June 2004 The National Changeover Committee, created on 27 January 2005 Report approved by the government on 21 June 2005. NCP will be approved in November 2005 Big-Bang
[citation needed]
2 weeks Commercial banks 60 days, Central bank indefinitely 6 months before and after €-day No Approved
1 design
150-200 million coins Umbrella law under consideration Endorsed by the National Changeover Committee on 21 June 2005
 Bulgaria 20131 January 2013 2010early 2010[72] Not yet approved 15 days Central bank: indefinitely Yes Approved
1 design
 Poland 3Not set 3Unknown Big-Bang Yes Public survey
under consideration
 Lithuania 2013Not before 2013 200428 June 2004 Commission for the Coordination of the Adoption of the euro in Lithuania, created on 30 May 2005 First version approved by the government on 27 September 2005 Big-Bang
[citation needed]
60 calendar days before and after €-day Yes Approved
3 designs
118.3 million banknotes, 290 million coins Draft law on the adoption of the euro is prepared Endorsed by the government on 27 September 2005
 Romania 20151 January 2015[24] 2012Expected in 2012[61] Inter-institutional working group MoF-NBP Yes Not yet
decided
 Latvia 2014Not before 2014 20052 May 2005 The Steering Committee for the preparation and coordination of the euro changeover was established on 18 July 2005 Approved on 6 July 2005 Big-Bang with possible phase out features 2 weeks October 2007–June 2008 No Approved
3 designs
87 million banknotes and 300 million coins
 Czech Republic 2015Not before 2015 2010Expected in 2010 Approved on 11 April 2007[citation needed] Big-Bang 5 months before adoption
12 months after adoption
Yes Competition
under
consideration
230 million banknotes and 950 million coins
 Hungary 3Not set 2010Expected in 2010[73] Preparatory work is ongoing in the Ministry of Finance and Magyar Nemzeti Bank (Central Bank of Hungary) Big-Bang with possible phase out features
[citation needed]
1 month Yes Not yet
decided
 Denmark 3Referendum to be held 19991 January 1999 Yes
 Sweden 3Not under consideration 3Not under consideration
 United Kingdom 3Not under consideration 3Not under consideration

See also

Notes and References

Notes

  1. ^ Current EU member states that have not yet adopted the Euro, candidates, official potential candidates and selected countries with substantial links to the EU.
  2. ^ No more than 1.5% higher than the three best-performing EU member states.
  3. ^ Ten-year government bonds. No more than 2% higher than the 3 best-performing EU member states. Since there are no long-term EEK-denominated government bonds, the value for Estonia is calculated in a different way, based on private sector loans and some other things.
  4. ^ a b c d e f g h i j k l m Negative deficit value means surplus.
  5. ^ a b The UK negotiated an opt-out from the Maastricht Treaty and is not obliged to join the euro.
  6. ^ As of January 2009, Bulgaria is not officially part of ERM II. But as the lev was originally pegged to the German mark, it is currently pegged to the euro at the rate shown.
  7. ^ a b c d e f g h There is no official adoption date for this country yet.
  8. ^ a b Denmark negotiated an opt-out from the Maastricht Treaty and is not obliged to join the euro. However, Denmark will hold a referendum on the opt-outs by 2011 and a target date will be announced if the referendum passes.
  9. ^ Sweden, while obliged to join the euro under its Treaty of Accession, has chosen not to join ERM II, meaning that Sweden fails the convergence criteria. Swedish political parties have pledged not to join without a referendum in favour.

References

  1. ^ Kubosova, Lucia (5 May 2008)). "Slovakia confirmed as ready for Euro". euobserver.com. http://euobserver.com/9/26096. Retrieved 25 January 2009. 
  2. ^ Germany sees Estonia on way to euro Reuters 13 Jan 2010
  3. ^ a b Lithuanian PM keen on fast-track euro idea, The Guardian, 7 April 2009
  4. ^ European Central Bank Convergence Report May 2008 p. 31
  5. ^ Values from May 2008 report for Bulgaria, the Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland, Romania, Slovakia and Sweden.. To be updated each year.
  6. ^ http://www.bankofalbania.org/web/Welcome_to_Bank_of_Albania_webpage_5186_2.php?kc=0,0,0,0,0
  7. ^ http://www.hnb.hr/eindex.htm
  8. ^ http://www.sedlabanki.is/?pageid=194
  9. ^ http://www.cb-mn.org/
  10. ^ a b Iceland, Norway & Switzerland have active political debates about joining the EU & adopting the euro & are thus included.
  11. ^ http://www.nbs.yu/internet/english/
  12. ^ http://www.bfs.admin.ch/bfs/portal/fr/index/themen/18/01/key/02.html (2008)
  13. ^ http://www.bfs.admin.ch/bfs/portal/fr/index/themen/18/03/blank/key/schulden.html (2008)
  14. ^ http://www.snb.ch/en/iabout/stat/statpub/zidea/id/current_interest_exchange_rates/2
  15. ^ a b c d e f g "Eighth Report on the practical preparations for the future enlargement of the euro area". European Commission. http://ec.europa.eu/economy_finance/publications/publication13582_en.pdf. Retrieved 2009-01-07. 
  16. ^ http://www.turkishweekly.net/news/89026/new-bulgarian-government-aims-to-adopt-the-euro-by-2013.html
  17. ^ a b Sparkasse.at (5 August 2008). "Euros in the wallets of the Slovaks, but who will be next?". Press release. https://www.sparkasse.at/sPortal/sportal.portal;jsessionid=qhHSJ0FRvFSBNdNpZkKJVhvhHLJD4v1T2d1BG3Gcyj82vJYTDKm3!76983841?_nfpb=true&_windowLabel=LABEL_MAIN&_urlType=action&LABEL_MAIN_sh=181fe8bb390eeff395532e7956f3e368&LABEL_MAIN_action=content.main&LABEL_MAIN_OVERRULEREFRESHBACK=true&LABEL_MAIN_event=changeMain&LABEL_MAIN_chronicleId=%2Febgroup_en_0196%2FChannels%2FPress%2F2008%2F2.QU%2Feb_pi_en_20080508_next_main_Images.akp&LABEL_MAIN_zz=41235.36447435065&LABEL_MAIN_pc=1&_pageLabel=GRID02&cci=09002ee2805dab70&desk=ebgroup_en_0196&navigationId=012130649753268001119092&. Retrieved 10 January 2009. 
  18. ^ http://www.eestipank.info/pub/en/press/Press/kommentaarid/Arhiiv/_2009/_229.html
  19. ^ FEATURE - Crisis, not Greece, makes euro hopefuls cautious, Reuters, 2010-01-18
  20. ^ FEATURE - Crisis, not Greece, makes euro hopefuls cautious, Reuters, 2010-01-18
  21. ^ http://economia.uol.com.br/ultimas-noticias/efe/2009/11/09/polonia-podera-adotar-euro-a-partir-de-2014.jhtm
  22. ^ "Polish PM says 2015 realistic date for euro entry". ForexYard. http://www.forexyard.com/en/reuters_inner.tpl?action=2009-12-11T133216Z_01_GEE5BA1EK_RTRIDST_0_POLAND-EURO-UPDATE-1. Retrieved 2009-12-22. 
  23. ^ "Poland delays adoption of the Euro until 2015". MercoPress. http://en.mercopress.com/2009/12/15/poland-delays-adoption-of-the-euro-until-2015. Retrieved 2009-12-22. 
  24. ^ a b c d "Raport privind situația macroeconomică" (PDF). Government of Romania. http://www.cdep.ro/proiecte/2009/700/20/1/raport2010.pdf. Retrieved 31 December 2009. 
  25. ^ Ninth Report on the practical preparations for the future enlargement of the euro area
  26. ^ Accompanying document to the Ninth Report on the practical preparations for the future enlargement of the euro area
  27. ^ Report on the Adoption of the Euro (december 2009)
  28. ^ "Estonian manor halls. Taagepera/361-16.08.06dead link]". Eesti Post. http://www.post.ee/popup.php?ict=http://www.post.ee/px_custom/product_img/img_2836.jpg&name=Estonian+manor+halls.+Taagepera/+361-16.08.06. Retrieved 12 September 2006. 
  29. ^ "Government: We must be technically prepared for the adoption of euro on 1 January 2008". Eesti Pank. Bank of Estonia. 27 April 2006. http://euro.eesti.ee/EU/Euroveeb_edit/Main_Page/News/government_euro__delay.jsp. Retrieved 12 September 2006. 
  30. ^ "Estonia's National Changeover Plan". Bank of Estonia. http://www.bankofestonia.info/pub/en/EL/ELiit/euro/eplaan_1.pdf. Retrieved 2 January 2009. 
  31. ^ Non, nein, no: Europe turns negative on the euro, The Times, 31 December 2006, Retrieved 1 January 2007
  32. ^ "Estonia raises inflation forecast, further dimming euro entry.". Budapest Business Journal. http://www.bbj.hu/news/news_24295_estonia+raises+inflation+forecast+further+dimming+euro+entry.html. Retrieved 30 April 2007. 
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