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The Adoption of the Euro in the New EU Member States: Repercussions of the Financial Crisis

Allam, Miriam. (2009) The Adoption of the Euro in the New EU Member States: Repercussions of the Financial Crisis. EIPAScope, 2009 (1). pp. 27-34.

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    The new EU Member States are under the legal obligation to introduce the euro as soon as they meet the convergence/Maastricht criteria. However, their status as “Member States with a derogation” (Art. 122 TEC) gives them some leeway in setting the target date. In 2007, Slovenia was the only country of this group that joined the euro-area; Malta and Cyprus followed in 2008, and the latest Member State to adopt the euro was Slovakia in 2009. For the other Central and East European Countries (CEEC) the timing is still unknown; official announcements are not consistent and target dates vary from 2010 to 2015. This article discusses the obligations related to the European Monetary Union (EMU) during the different stages of the EU and eurozone accession process, whilst also reflecting upon the impact of the financial crisis on eurozone enlargement and addressing the current debate on unilateral euroisation.

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    Item Type: Article
    Subjects for non-EU documents: Countries > Latvia
    Countries > Estonia
    Countries > Slovak Republic
    Countries > Lithuania
    Countries > Slovenia
    Countries > Cyprus
    Countries > Malta
    Countries > Poland
    Countries > Hungary
    Countries > Romania
    Countries > Bulgaria
    Countries > Czech Republic
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Journals > European Institute of Public Administration (Maastricht) > EIPASCOPE
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 20 Jan 2010
    Page Range: pp. 27-34
    Last Modified: 15 Feb 2011 18:20

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