' The Role of the European Central Bank.' Accessed July 3, 2021.Įuropean Central Bank. Denmark has opted out.Ĭouncil on Foreign Relations. As of 2021, they were Bulgaria, Croatia, Czechia, Hungary, Poland, Romania, and Sweden. As a result, seven EU members have not adopted the euro. These were set out by the Maastricht Treaty. All 28 member nations pledged to adopt the euro when they joined the EU, but they must meet budget and other criteria before they can officially switch currencies. The euro was initially proposed as the official currency of the entire European Union in order to unify the countries. They have opted to set their own interest rates and monetary policies and maintain the independence of their own economies. Other European countries such as Denmark use their own currency.The Greek debt crisis threatened other EU countries, showing that the interdependency on currency does have a downside.The euro was created to facilitate and integrate the European economy, and it is managed by the ECB.It is the official currency of 19 countries in the European Union, as well as four non-EU territories.dollar, the euro is the second-most traded currency in the world.
