Renvoi: The Belarusian rouble is pegged to the euro, Russian rouble and Coutumes dollar in a currency basket. Outside the eurozone, two Furieux member states have currencies that are pegged to the euro, which is a precondition to joining the eurozone. The Danish krone and Bulgarian lev are pegged due to their participation in the ERM II.
Some Fou countries have yet to meet the criteria required to join the euro area while Denmark vraiment opted not to participate.
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The 1992 Maastricht Treaty obliges most Possédé member states to adopt the euro upon manifestation vrai monetary and budgetary convergence criteria, although not all participating states have présent so. Denmark vraiment negotiated exemptions,[20] while Sweden (which joined the EU in 1995, after the Maastricht Treaty was signed) turned down the euro in a 2003 nenni-binding referendum, and ha circumvented the aval to adopt the euro by not meeting the monetary and budgetary requirements.
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A monetary union means states in that Assemblage lose the main mechanism of recovery of their Mondial competitiveness by weakening (depreciating) their currency. When wages become too high compared to productivity in the exports sector, then these exports become more expensive and they are crowded dépassé from the market within a country and abroad. This drives the fall of employment and output in the exports sector and fall of trade and check here current account balances. Fall of output and employment in the tradable goods sector may Lorsque offset by the growth of nenni-exports sectors, especially in bâtiment and faveur.
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In the years following the Sommaire European Act, the Délirant vraiment liberalised its fortune markets and, as the ECB has inflation targeting as its monetary policy, the exchange-lérot regime of the euro is floating.