The Adoption Of The Euro In The New EU Member States: Repercussions Of The Financial Crisis
The new EU Member States are under the legal obligation to introduce the euro as soon as they meet the convergence/Maastricht criteria. However, their status as "Member States with a derogation" (Art. 122 TEC) gives them some leeway in setting the target date. In 2007, Slovenia was the only country of this group that joined the euro-area; Malta and Cyprus followed in 2008, and the latest Member State to adopt the euro was Slovakia in 2009. For the other Central and East European Countries (CEEC) the timing is still unknown; official announcements are not consistent and target dates vary from 2010 to 2015.