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Enlargement of the eurozone
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Enlargement of the eurozone : ウィキペディア英語版
Enlargement of the eurozone

The enlargement of the eurozone is an ongoing process within the European Union (EU). All Member states of the European Union, except Denmark and the United Kingdom which negotiated opt-outs 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 long-term governmental interest rates below certain reference values, stabilizing their currency's exchange rate versus the euro by participating in the European Exchange Rate Mechanism (ERM II), and ensuring that their national laws comply with the ECB statute, ESCB statute and articles 130+131 of the Treaty on the Functioning of the European Union. The obligation for EU member states to adopt the euro was first outlined by the Maastricht treaty of 1992, which became binding on all new member states by the terms of their treaties of accession.
There are currently 19 EU member states in the eurozone, of which the first 11 (Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain) introduced the euro 1 January 1999 when it was electronic only. Greece joined 1 January 2001, one year before the physical euro coins and notes replaced the old national currencies in the eurozone. Subsequently, the following seven countries also joined the eurozone on 1 January in the mentioned year: Slovenia (2007), Cyprus (2008), Malta (2008), Slovakia (2009), Estonia (2011), Latvia (2014) and Lithuania (2015).
Seven remaining states are on the enlargement agenda: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania and Sweden. Denmark is not obliged to join, but referenda on the renunciation of some opt-outs are proposed to be held during the current parliamentary term between 2015 and 2019, though these may not include membership of the EMU. Should the country decide to do so, it may join the eurozone with little difficulty as Denmark is already part of the ERM-II. The United Kingdom has opted to stay outside of the EMU, and currently has no intention of adopting the euro.
==Accession procedure==
(詳細はMaastricht treaty in 1992 are legally obliged to adopt the euro once they meet the criteria, since the terms of their accession treaties make the provisions on the euro binding on them. In order for a state to formally join the eurozone, enabling them to mint euro coins and get a seat at the European Central Bank (ECB) and the Eurogroup, a country must be a member of the European Union and comply with five convergence criteria, which were initially defined by the Maastricht Treaty in 1992. These criteria include: complying with the debt and deficit criteria outlined by the Stability and Growth Pact, keeping inflation and long-term governmental interest rates below reference values, and stabilizing their currency's exchange rate versus the euro. Generally, it is expected that the last point will be demonstrated by two consecutive years of participation in the European Exchange Rate Mechanism (ERM II), though according to the Commission "exchange rate stability during a period of non-participation before entering ERM II can be taken into account." The country must also ensure that their national laws are compliant with the ECB statute, ESCB statute and articles 130+131 of the Treaty on the Functioning of the European Union.
Since the convergence criteria requires participation in the ERM, and non-eurozone states are responsible for deciding when to join ERM, they can ultimately control when they adopt the euro by staying outside the ERM and thus deliberately failing to meet the convergence criteria until they wish to. In some non-eurozone states without an opt-out, there has been discussion about holding referendums on approving their euro adoption.〔(【引用サイトリンク】title=Czech PM mulls euro referendum )〕〔(【引用サイトリンク】title=Czechs deeply divided on EU’s fiscal union )〕 Of the 16 states which have acceded to EU since 1992, the only state to have staged a euro referendum to date is Sweden, which in 2003 rejected its government's proposal to adopt the euro in 2006.
The European microstates of Monaco, San Marino and the Vatican City, which are not members of the EU but had a monetary agreement with a eurozone state when the euro was introduced, were granted a special permission to continue these agreements and to issue separate euro coins, but they don't get any input or observer status in the economic affairs of the eurozone. Andorra, which had used the euro unilaterally since the inception of the currency, negotiated a similar agreement which granted it the right to officially use the euro as of 1 April 2012 and to mint euro coins.〔
In 2009 the authors of a confidential International Monetary Fund (IMF) report suggested that in light of the ongoing global financial crisis, the EU Council should consider granting EU member states which are having difficulty complying with all five convergence criteria the option to "partially adopt" the euro, along the lines of the monetary agreements signed with the microstates outside the EU. These states would gain the right to adopt the euro and issue a national variant of euro coins, but would not get a seat in ECB or the Eurogroup until they met all the convergence criteria.〔(【引用サイトリンク】title=Lithuanian PM keen on fast-track euro idea )〕 However, the EU has not made use of this alternative accession process.

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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