Seems like this requirement is kind of a paper tiger, since there’s no deadline and several of the existing Euro coutries don’t even meet the economic criteria.
Though I do understand that it would be a hindrance for the Brits to agree to these terms, even though they’re largely hypoethetical, and given the whole Brexit history, the EU won’t be likely to exempt them from this regultion. I wonder what kind of deal Denmark has made there to be the only exception.
Switching to the Euro was never a requirement for EU membership, though.
As I understand it, adopting the Euro is now a requirement for joining the EU but there are no deadlines for the adoption. I believe Poland at least is obligated to adopt the Euro (but they haven’t and show no signs of doing so).
Switching to the Euro was never a requirement for EU membership, though.
Brits didn’t have it before, and there are other EU countries that stick to their national currency.
It wasn’t. It is now.
It was one of the special exceptions that the UK had, gained in 1992 when the Maastricht Treaty was negotiated.
Alright, I stand corrected. TIL.
Seems like this requirement is kind of a paper tiger, since there’s no deadline and several of the existing Euro coutries don’t even meet the economic criteria.
Though I do understand that it would be a hindrance for the Brits to agree to these terms, even though they’re largely hypoethetical, and given the whole Brexit history, the EU won’t be likely to exempt them from this regultion. I wonder what kind of deal Denmark has made there to be the only exception.
The same exception the UK had, didn’t join it in 1992. Specifically they got an opt-out for those specific parts.
As I understand it, adopting the Euro is now a requirement for joining the EU but there are no deadlines for the adoption. I believe Poland at least is obligated to adopt the Euro (but they haven’t and show no signs of doing so).
Thanks for the info. Didn’t know that and I just assumed from reality that this couldn’t be a case. My fault for mixing up politics with reality. 😅
You have to agree to do it, but you don’t have to lay out a plan or timeline to do it.