Introduction of the euro in the Member States that have not yet adopted the common currency : report

The Economic and Monetary Union (EMU) is the framework of economic policies covering the European Union (EU) - including both euro area and non-euro area countries. The principal long-term aim of the EMU is the economic convergence for the EU over three successive stages. Once a country reaches the third stage it is permitted to adopt the euro as its official currency. The adoption of the euro is a requirement of EU membership, and all Member States must adopt the common currency once they have satisfied the necessary criteria defined in the Maastricht Treaty (with the exception of Denmark, which has an opt-out from these Treaty provisions). There is no fixed timetable for the introduction of the euro, but the Treaty does require countries to join the euro area at a certain point. Six countries are currently awaiting to adopt the common currency: Bulgaria, Czechia, Hungary, Poland, Romania and Sweden. Of the countries that joined the EU in or aſter 2004, Slovenia joined the euro area in January 2007; Cyprus and Malta joined in January 2008; Slovakia followed in January 2009; Estonia joined in January 2011; Latvia joined in January 2014; Lithuania joined in January 2015 and Croatia adopted the currency on 1 January 2023.