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Why don't the new EU countries have the euro?

asked in EU, euro, money

cleverhuck answers:

All the countries that joined the EU in 2005 are planning on adopting the euro in the future, but are currently in a transition period as their economies aren’t deemed strong enough to join the EMU. Estonia and Slovenia are scheduled to join the EMU first in late 2006/early 2007.
Each country that wants to adopt euro has to join ERM II for at least two years first. ERM II stands for the “new” exchange-rate mechanism, which only allows the value of a given currency to fluctuate within a range of 15% with respect to euro. All of the ten new member states are currently part of ERM II.

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