Monetary policy in the European Union
Of the present 28 EU Member States, 19 are now part of the
Eurozone (Belgium, Germany, Spain, France, Ireland, Italy, Lux-
embourg, the Netherlands, Austria, Portugal, Finland, Greece,
Slovenia, Malta, Cyprus, Slovakia, Estonia, Latvia, Lithuania).
Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland,
Romania, Sweden, and the United Kingdom are EU Member
States but do not use the single European currency at present.
The participating countries were deemed by the European Coun-
cil to have satisfed the convergence criteria, in particular
– Price stability (low infation)
– No excessive government defcits
– No excessive government debt
The fulfllment of these criteria is also used to determine which
countries will be allowed to join the European Monetary Union