Does anyone know when the ten new countries that become part of the EU will change their present currencies to euros? The 10 countries will become part of the EU on 2004-05-01. Is that the day they start using the euro too?
Does anyone know what their euros will look like? I mean the national side of the coins, as well as what letter will prefix the serial numbers for each country?
Does anyone have any further info on Sweden or Denmark joining the euro?
Euros in the ten new countries
Re: Euros in the ten new countries
Denmark and the United Kingdom are not obliged to get the euro, because the Maastricht treaty has been signed when these two countries were already members. They have signed an agreement to stay out of the monetary union. Anyway, Denmark is planing a referendum for next year, because it does not want to stay out if its two biggest neighbours (germany and sweden) use euro too. Their position was pragmatic: let's see first if it works in the 12 other countries.John S wrote:Does anyone know when the ten new countries that become part of the EU will change their present currencies to euros? The 10 countries will become part of the EU on 2004-05-01. Is that the day they start using the euro too?
Does anyone know what their euros will look like? I mean the national side of the coins, as well as what letter will prefix the serial numbers for each country?
Does anyone have any further info on Sweden or Denmark joining the euro?
The City (of London) and the british government would like to plan a referendum but the british people is deeply euro-sceptic. No referendum is scheduled yet. In theory, the UK could stay out of the euro zone forever.
It's not the case for Sweden, which is obliged to adopt the "acquis" of the European Union, that means also the euro. It's the same for the 10 new members.
Sweden has planed a referendum for september 14th, and I think they could quit the Crown for the euro in 2006 or 2007.
The 10 new members will probably use euro before 2010 but they have to reach the famous criteria of Maastricht:
low inflation
national debt < 60% of the national product
be member of the EMU for 2 years, etc...
Hungary, Slovenia, Cyprus... are OK for the criteria.
LIke in the other states, their euro will be available everywhere. They have to design the national side of the coins.
I am expecting a hit there...
Olivier
The new EU members must first couple their currencies to the Euro and then fulfill all mandatory requirements over 3 years. So they cannot introduce the Euro before 2007. The greatest enthousiasts expect it by 2009.
There are threads about Sweden joining the Eurozone in the Europe forum and in the Euro Coins and Bills forum.
There are threads about Sweden joining the Eurozone in the Europe forum and in the Euro Coins and Bills forum.
The polish Prime Minister (Leszek Miller) said he expects Poland to use euro in 2007.Donald wrote:The new EU members must first couple their currencies to the Euro and then fulfill all mandatory requirements over 3 years. So they cannot introduce the Euro before 2007. The greatest enthousiasts expect it by 2009.
There are threads about Sweden joining the Eurozone in the Europe forum and in the Euro Coins and Bills forum.
Quit theit national currency and adopt euros like in the rest of Europe between 1999 and 2002.BogPoet wrote:What are we talking about here?
Using the euro as a de facto currency, while keeping their national bills and coins? (The same that happened in the 12 Euro-Zone countries between 1999 and 2001) Or are we talking about introducing physical euro bills and coins?
some weeks ago i read in a newspaper that slovenia and two more countries (i cant remember their names; maybe latvia was among them) have joined the european currency system. [and they are expected to get "€-nized" 
in 2007.]
but when i visited slovenia last year (= before they joined the EU) paritially the bills where already in Tolar and € -- and euros were excepted without any problem. as a matter of fact the shop keepers used a slightly different calculation factor (=> it was a little bit more expensive than changing €s to Tolars at a bank and go shopping afterwards) but the difference was minimal...
so one could say that reality is ahead of the legal status quo...
in 2007.]but when i visited slovenia last year (= before they joined the EU) paritially the bills where already in Tolar and € -- and euros were excepted without any problem. as a matter of fact the shop keepers used a slightly different calculation factor (=> it was a little bit more expensive than changing €s to Tolars at a bank and go shopping afterwards) but the difference was minimal...
so one could say that reality is ahead of the legal status quo...
Re: Euros in the ten new countries
Sorry for my late posting...John S wrote:Does anyone have any further info on Sweden or Denmark joining the euro?
One of my Swedish friends told me last week, that they will never join the monetary union. 
Let's hope that he is wrong...€BT, обязательно...
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Drachenwald
- Euro-Newbie
- Posts: 15
- Joined: Tue Apr 16, 2002 3:05 pm
- Location: Athens,Greece
The three countries that 28th June 2004 joined ERM II were Slovenia, Lithuania (not Latvia) and Estonia.
Changing from a national currency to the Euro requires a 2-year membership in ERM II, and during that time certain national economic indicators must stay within acceptable limits. The indicators include stable currency rate and low inflation rate, but there are some more (read more at ECB website).
After a successful 2-year time the country can change over to the Euro. It may mean that their national currency becomes an expression of the Euro (with a constant conversion factor) and they start using the Euro as an accounting unit but still keep their national notes and coins as cash money for a while to get technically ready for the changeover (printing and minting or ordering and importing notes and coins, changing their accounting processes, vending machines etc. etc.). But it may also mean an immediate changeover to Euro notes and coins if the country has completed all the preparations during the 2-year ERM II period.
The rate of the Estonian Kroon EEK has been constant (EUR 1 = EEK 15.6466) since the birth of the Euro because the rate had already been constant to DEM since 1992. Estonia is planning to start using Euros already in mid-2006.
The rate of the Lithuanian Litas LTL is also constant (EUR 1 = LTL 3.45280) since 2nd February 2002 when the LTL was re-pegged from the USD to EUR (the currency rate was fixed to a new reference currency). Lithuania is obviously planning to start using Euros in 2007.
Slovenia has not fixed their Tolar (SIT) to a constant rate against the Euro but have instead set a central parity rate to EUR 1 = SIT 239.64 and promised to keep the fluctuation within the ERM II limits. (By the way, the fluctuation band in ERM II is surprisingly large, +/- 15%.) Slovenia is planning to start using Euros in 2007.
Here's a link list of the new EU-countries' central banks for those who are interested:
Cyprus
Czech republic
Estonia
Hungary
Latvia
Lithuania
Malta
Poland
Slovakia
Slovenia
Changing from a national currency to the Euro requires a 2-year membership in ERM II, and during that time certain national economic indicators must stay within acceptable limits. The indicators include stable currency rate and low inflation rate, but there are some more (read more at ECB website).
After a successful 2-year time the country can change over to the Euro. It may mean that their national currency becomes an expression of the Euro (with a constant conversion factor) and they start using the Euro as an accounting unit but still keep their national notes and coins as cash money for a while to get technically ready for the changeover (printing and minting or ordering and importing notes and coins, changing their accounting processes, vending machines etc. etc.). But it may also mean an immediate changeover to Euro notes and coins if the country has completed all the preparations during the 2-year ERM II period.
The rate of the Estonian Kroon EEK has been constant (EUR 1 = EEK 15.6466) since the birth of the Euro because the rate had already been constant to DEM since 1992. Estonia is planning to start using Euros already in mid-2006.
The rate of the Lithuanian Litas LTL is also constant (EUR 1 = LTL 3.45280) since 2nd February 2002 when the LTL was re-pegged from the USD to EUR (the currency rate was fixed to a new reference currency). Lithuania is obviously planning to start using Euros in 2007.
Slovenia has not fixed their Tolar (SIT) to a constant rate against the Euro but have instead set a central parity rate to EUR 1 = SIT 239.64 and promised to keep the fluctuation within the ERM II limits. (By the way, the fluctuation band in ERM II is surprisingly large, +/- 15%.) Slovenia is planning to start using Euros in 2007.
Here's a link list of the new EU-countries' central banks for those who are interested:
Cyprus
Czech republic
Estonia
Hungary
Latvia
Lithuania
Malta
Poland
Slovakia
Slovenia
Re: Euros in the ten new countries
They won't be able to do so... Sweden has not an opt-out agreement with the EU about the euro. The government will soon or later ask for a new referendum.romppu wrote:Sorry for my late posting...John S wrote:Does anyone have any further info on Sweden or Denmark joining the euro?
In Estonia and Lithuania (at least) there is already a design competition for the new eurocoins.
Estonia is quick in other ways too: they became a member of EU in 1 May 2004 and a few weeks ago they already started using new EU register plates on cars (with the blue stripe, 12 yellow stars and 'EST' text).
Estonia is quick in other ways too: they became a member of EU in 1 May 2004 and a few weeks ago they already started using new EU register plates on cars (with the blue stripe, 12 yellow stars and 'EST' text).