EUROPA

Summaries of EU legislation

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Institutional and economic framework of the euro

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.

• Reference scenario
  • Third stage of Economic and Monetary Union
  • Introducing the Euro: convergence criteria
  • Reference scenario: Madrid European Council
  • Recommendations for future changeovers to the euro
• THE MEMBER STATES AND THE EURO
  • "Euro area" Member States
    • Accession by Estonia to the euro (2011)
    • The introduction of the euro in Slovakia (2009)
    • Accession of Cyprus and Malta to euro area (2008)
    • Towards adoption of the euro in 2008: Cyprus and Malta
    • Slovenia authorised to join the euro zone (2007)
    • Greece's membership in the single currency
    • Identification of the Member States participating in the third stage of EMU (1999)
    • Conversion rates
    • Monetary law of participating Member States
  • Member States not participating in the euro
    • Denmark : EMU opt-out clause
    • United Kingdom: EMU opt-out clause
    • Sweden: Convergence reports (2002 - 2004 - 2006)
    • Progress towards convergence in the Member States
    • Enlargement of the euro area after 1 May 2004
  • Relations between the euro area and the other Member States
    • Exchange rate mechanism (ERM II) between the euro and participating national currencies.
    • European Council Resolution on the new exchange-rate mechanism
    • Facility providing financial assistance for balances of payments
  • The euro and non-member countries
    • Agreements on monetary relations (Monaco, San Marino, the Vatican and Andorra)
    • Agreements concerning the French territorial communities
    • Agreements on exchange-rate matters (Cape Verde, the CFA area and the Comores)
    • The euro and the international economy
  • Declaration on the Euro area
    • 2009 Annual Statement on the Euro Area
    • 2007 Annual Statement on the Euro Area
  • Legal status of the euro
    • Legal certainty: conversion rates and rounding rules
    • Copyright protection of the design for the common face of euro coins
• EMU KEY INSTITUTIONS
  • The European Central Bank (ECB)
  • Collection of statistical information by the European Central Bank
  • Application of minimum reserves by the ECB
  • Powers of the ECB to impose sanctions
  • Enlargement of the euro area: adjustment of voting arrangements in the Governing Council of the ECB
  • Economic and Financial Committee
  • Economic Policy Committee