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Short answer: No (….but you’re going to want more than that).
When countries apply to join the European Union, they commit to eventually using the euro. This forms part of the list of criteria all countries wanting to join the EU agree to1 (“convergence criteria”).
Any country that wishes to join the eurozone as an EU member state needs to meet these EU convergence criteria.
The criteria is a list of economic targets the country needs to hit before switching from using their own currency to using the euro. They have to hit these targets for two years.
The targets include things like fixing their currency exchange rate to the euro (ERM II), keeping inflation under control, keeping budget deficits below 3% of GDP and keeping government debt below a certain level2.
Although all countries applying for EU membership commit to using the euro at some point, taking part in ERM II is voluntary.
The EU doesn’t set a deadline for new member states to join the euro either. Member states can decide for themselves when they think they are ready to join the eurozone and on what terms (i.e. whether they should hold a referendum)3.
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EU Lex, Accession Criteria (Copenhagen Criteria), 1993-1995.
European Commission. Enlargement of the euro area, “Convergence criteria for joining”.
European Commission. Enlargement of the euro area, “Who can join and when?”.
No AI tools were used to draft this post.
