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Institutional and economic framework of the euro

Economic and monetary affairs

So far, 17 of the 27 Member States of the European Union have introduced the single currency. The European Central Bank and the national central banks together form the Eurosystem which aims to maintain price stability within the euro zone and protect the euro's purchasing power. Member States wishing to introduce the euro must meet certain economic criteria (“convergence criteria”). The United Kingdom and Denmark have negotiated opt-out clauses and do not participate in the single currency.

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