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It is not just down to Commission interpretation. It has been a while since I last looked at this, but from memory a pre-condition for Euro adoption is spendin
by dfawcus 2y ago
It is not just down to Commission interpretation.
It has been a while since I last looked at this, but from memory a pre-condition for Euro adoption is spending a certain amount of time within some formal "convergence mechanism", however there is no obligation to join that convergence mechanism.
This could well be ERM-II which I have in mind.
- mike_hearn 2y agoI think you are required to join it, but proceeding to actual Euro rollout requires a currency to be within a certain range for a period of time, and that requires active intervention in currency markets. Governments can just either not do it or claim they can't intervene enough to stay on target.