Why these European countries don't use the euro as currency

Even so, Denmark still participates in the European Exchange Rate Mechanism (ERM II). As part of its participation in this, the value of the Danish krone is pegged to the value of the euro. This means that the Danish government is required to control the value of their currency so that it stays at a certain level of value relative to the euro.

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Sweden -

Sweden is, in many ways, in the same position as Denmark without having negotiated exemption from joining the euro.

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Sweden -

In 2003, Sweden held a national referendum on whether the country should adopt the euro, the outcome of which was a public "no" vote. As a result, Sweden stuck with its Swedish krona (SEK).

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Sweden -

Sweden is a global example of independent, self-sufficient monetary policy. It's one of the pioneers of inflation targeting and has a freely floating exchange rate.

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Hungary -

After joining the EU in 2004, Hungary's then socialist government had planned to adopt the euro in a short period of time.

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Hungary -

However, a high budget deficit, high level of inflation, and a high level of public debt meant that they were unable to do so. Hungary's currency is the Hungarian forint (HUF).

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Hungary -

Despite austerity measures being introduced, Hungary has been unable to join the eurozone. More recently, there has also been reduced public support for adopting the euro.

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Poland -

Poland has never held a referendum on whether it should adopt the euro. Also, there have been very mixed opinions on whether it would be beneficial for the country or not.

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Poland -

As a result, Poland has avoided fulfilling the convergence criteria that would qualify the nation in using the euro.

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Poland -

Instead, they've kept their own historic currency, the Polish zloty (PNL).

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Czech Republic -

After the Czech Republic joined the EU in 2004, there was initially a high level of support for adopting the euro.

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Czech Republic -

However, following the eurozone crisis, support for adopting the euro in the Czech Republic has decreased dramatically

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Czech Republic -

As a result, the Czech Republic has actively failed to meet the convergence criteria, which didn't oblige it to adopt the euro. They've instead kept their Czech koruna (CZK).

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Bulgaria -

Despite decreasing levels of public support, Bulgaria is persisting with plans to adopt the euro. The nation is set to meet its target of joining in 2025.

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Bulgaria -

Currently, Bulgaria meets four of the five convergence criteria, the only exception being that the country's currency hasn't been part of the ERM II system for two years.

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Bulgaria -

Meanwhile, the eastern European country uses the Bulgarian lev (BGN).

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Romania -

Since joining the EU in 2007, Romanians have consistently been in favor of adopting the euro.

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Romania -

Despite efforts being made to meet the convergence criteria, the country has so far failed to do so and, as a result, has been unable to adopt the euro.

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Romania -

The Romanian leu (RON) is the currency of Romania. Meanwhile, the current scheduled date for euro adoption falls in 2026.

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Fun facts about the euro -

Now that you've learned about the European countries that haven't adopted the euro, click on for some interesting euro facts!

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The latest country to adopt the euro -

The latest country to join the eurozone was Croatia, which introduced the common currency on January 1, 2023.

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Agreeing its name -

In 1995, the name "euro" was agreed at the European Council meeting in Madrid as part of the preparations for the single currency.

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Inspiration for its symbol -

The euro symbol, €, was inspired by the Greek letter epsilon, Є, a reference to the cradle of European civilization. It also stands for the first letter of the word "Europe" in the Latin alphabet. The two parallel lines running through the symbol signify stability.

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It's the second most important currency in the world -

Since 2002, the euro has become the second most important currency in the world after the US dollar.

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The first countries to adopt the euro -

On January 1, 1999, the euro became the official currency of Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain.

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It's widely circulated -

In January 2022, there were 27.9 billion euro banknotes and 141 billion euro coins in circulation in the euro area.

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The most used banknote -

The 50 euro note is used the most, with 13.6 billion banknotes in circulation.

Sources: (The Economic Times) (European Commission) (Bound)

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Denmark -

Most countries that join the EU are required to adopt the euro as part of their membership. However, Denmark is officially exempt from this requirement.

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Denmark -

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Denmark -

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Sweden -

Sweden is, in many ways, in the same position as Denmark without having negotiated exemption from joining the euro.

Shutterstock

4 / 30 Fotos

Sweden -

In 2003, Sweden held a national referendum on whether the country should adopt the euro, the outcome of which was a public "no" vote. As a result, Sweden stuck with its Swedish krona (SEK).

Shutterstock

5 / 30 Fotos

Sweden -

Sweden is a global example of independent, self-sufficient monetary policy. It's one of the pioneers of inflation targeting and has a freely floating exchange rate.

Shutterstock

6 / 30 Fotos

Hungary -

After joining the EU in 2004, Hungary's then socialist government had planned to adopt the euro in a short period of time.

Shutterstock

7 / 30 Fotos

Hungary -

However, a high budget deficit, high level of inflation, and a high level of public debt meant that they were unable to do so. Hungary's currency is the Hungarian forint (HUF).

Shutterstock

8 / 30 Fotos

Hungary -

Despite austerity measures being introduced, Hungary has been unable to join the eurozone. More recently, there has also been reduced public support for adopting the euro.

Shutterstock

9 / 30 Fotos

Poland -

Poland has never held a referendum on whether it should adopt the euro. Also, there have been very mixed opinions on whether it would be beneficial for the country or not.

Shutterstock

10 / 30 Fotos

Poland -

As a result, Poland has avoided fulfilling the convergence criteria that would qualify the nation in using the euro.

Shutterstock

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Poland -

Instead, they've kept their own historic currency, the Polish zloty (PNL).

Shutterstock

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Czech Republic -

After the Czech Republic joined the EU in 2004, there was initially a high level of support for adopting the euro.

Shutterstock

13 / 30 Fotos

Czech Republic -

However, following the eurozone crisis, support for adopting the euro in the Czech Republic has decreased dramatically

Shutterstock

14 / 30 Fotos

Czech Republic -

As a result, the Czech Republic has actively failed to meet the convergence criteria, which didn't oblige it to adopt the euro. They've instead kept their Czech koruna (CZK).

Shutterstock

15 / 30 Fotos

Bulgaria -

Despite decreasing levels of public support, Bulgaria is persisting with plans to adopt the euro. The nation is set to meet its target of joining in 2025.

Shutterstock

16 / 30 Fotos

Bulgaria -

Currently, Bulgaria meets four of the five convergence criteria, the only exception being that the country's currency hasn't been part of the ERM II system for two years.

Shutterstock

17 / 30 Fotos

Bulgaria -

Meanwhile, the eastern European country uses the Bulgarian lev (BGN).

Shutterstock

18 / 30 Fotos

Romania -

Since joining the EU in 2007, Romanians have consistently been in favor of adopting the euro.

Shutterstock

19 / 30 Fotos

Romania -

Despite efforts being made to meet the convergence criteria, the country has so far failed to do so and, as a result, has been unable to adopt the euro.

Shutterstock

20 / 30 Fotos

Romania -

The Romanian leu (RON) is the currency of Romania. Meanwhile, the current scheduled date for euro adoption falls in 2026.

Shutterstock

21 / 30 Fotos

Fun facts about the euro -

Now that you've learned about the European countries that haven't adopted the euro, click on for some interesting euro facts!

Shutterstock

22 / 30 Fotos

The latest country to adopt the euro -

The latest country to join the eurozone was Croatia, which introduced the common currency on January 1, 2023.

Shutterstock

23 / 30 Fotos

Agreeing its name -

In 1995, the name "euro" was agreed at the European Council meeting in Madrid as part of the preparations for the single currency.

Shutterstock

24 / 30 Fotos

Inspiration for its symbol -

Shutterstock

25 / 30 Fotos

It's the second most important currency in the world -

Since 2002, the euro has become the second most important currency in the world after the US dollar.

Shutterstock

26 / 30 Fotos

The first countries to adopt the euro -

On January 1, 1999, the euro became the official currency of Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain.

Shutterstock

27 / 30 Fotos

It's widely circulated -

In January 2022, there were 27.9 billion euro banknotes and 141 billion euro coins in circulation in the euro area.

Shutterstock

28 / 30 Fotos

The most used banknote -

The 50 euro note is used the most, with 13.6 billion banknotes in circulation.

Sources: (The Economic Times) (European Commission) (Bound)

Shutterstock

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Why these European countries don't use the euro as currency

See which EU member states have opted out of adopting the euro

05/11/24 | StarsInsider

LIFESTYLE Europe

The formation of the European Union (EU) paved the way for a unified, multi-country financial system under a single currency, the euro. Now used in 20 countries, the euro helped increase trade and reduce exchange rate risks in eurozone countries. However, a few European nations decided to stick with their own currencies despite being member states.

Check out this gallery to see which countries don't use the euro as currency, and why.