DEVELOPMENT OF THE EUROZONE ENLARGEMENT MECHANISM
DOI:
https://doi.org/10.35774/jee2026.01.181Keywords:
ERM-2, European Union, Eurozone, the euro, monetary policy.Abstract
The subject of this study is the fulfilment by the EU member states of their obligations regarding the introduction of the common currency of the euro and accession to the Eurozone. The problem is that some countries are using all kinds of methods to evade joining the Eurozone or slow down this process, which contradicts the idea of common currency as the financial foundation of the European Union. The goal is to analyse the actions of the EU member states that are outside the Monetary Union and to determine ways to solve the above-mentioned problem. In this study, general scientific and special methods were used, including analysis, synthesis, description, comparison, theoretical generalization, and the abstract-logical method. As a result of the study, the author not only summarises the basic principles governing countries’ entry to the Eurozone, but also makes recommendations for changes to the procedure of countries joining the EU, aimed at accelerating their simultaneous accession to the Monetary Union and the introduction of the euro.
JEL: E42; F33.
References
Alexandre, C. (2011, June 28). Mission impossible: How can Greece exit the euro. Seeking Alpha. https://seekingalpha.com/article/276915-missionimpossible-how-can-greece-exit-the-euro
Bagus, P. (2012, January). Practical steps to withdraw from euro. EFD-Europe of Freedom and Democracy. https://www.researchgate.net/publication/265491727_Practical_steps_to_withdraw_from_Euro
Bartůšek, P. (2025, May 13). Able but unwilling, willing but unable: Central Europe’s euro dilemma. Voxeurop. https://voxeurop.eu/en/central-europe-euro-dilemma/
BBC News. (2020, December 27). Margaret Thatcher: Ex-PM described euro as a ‘rush of blood to the head’. BBC. https://www.bbc.com/news/uk-55454106
Beck, K., & Okhrimenko, I. (2025). Optimum currency area in the Eurozone: The regional origins of the European business cycle. Open Economies Review, 36, 197–219. https://doi.org/10.1007/s11079-024-09750-z
bne IntelliNews. (2025, January 28). Hungary not ready for single currency, Viktor Orban says. https://www.intellinews.com/hungary-not-ready-for-singlecurrency-viktor-orban-says-363753/
Brunnermeier, M. K., James, H., & Landau, J.-P. (2016). The euro and the battle of ideas. Princeton University Press.
Buti, M., Deroose, S., Gaspar, V., & Martins, J. N. (Eds.) (2010). The euro: The first decade. Cambridge University Press. https://doi.org/10.5860/CHOICE.48-2189
Campos, N. F., Coricelli, F., & Moretti, L. (2016, November). Sweden and the euro: The neglected role of EU membership (European Policy Analysis 2016:15epa). Swedish Institute for European Policy Studies. https://sieps.se/media/x1ohy0e5/sweden-and-the-euro_-the-neglected-roleof-eu-membership-2016_15epa.pdf
Champion, D. (2011, July 1). Will Germany leave the euro? Harvard Business Review. https://blogs.hbr.org/hbr/hbreditors/2011/07/will_germany_leave_the_euro.html
Cochrane, J., Garicano, L., & Masuch, K. (2025). Crisis cycle: Challenges, evolution, and future of the euro. Princeton University Press.
Conway, E. (2011, June 18). Why Germany must exit the euro. The Telegraph. https://www.telegraph.co.uk/finance/financialcrisis/8584064/Why-Germanymust-exit-the-euro.html
Cymcyk, P. (2024, April 11). Euro w Polsce? Analiza wad i zalet europejskiej waluty zamiast polskiego złotego! [Euro in Poland? Analysis of the advantages and disadvantages of the European currency instead of the Polish zloty!]. DNA Rynków. https://dnarynkow.pl/euro-w-polsce-analiza-wad-izalet-europejskiej-waluty-zamiast-polskiego-zlotego/
Czech Government & Czech National Bank. (2003). The Czech Republic’s euroarea accession strategy. https://www.cnb.cz/export/sites/cnb/en/monetarypolicy/.galleries/strategic_documents/en_eurostrategie_09_2003.pdf
Czech Government & Czech National Bank. (2007, August 29). The Czech Republic’s updated euro-area accession strategy https://www.cnb.cz/export/sites/cnb/en/monetary-policy/.galleries/strategic_documents/eurostrategy_070829.pdf
Danescu, E. (2012). A rereading of the Werner Report of 8 October 1970 in the light of the Pierre Werner family archives – A detailed study (full version). CVCE. https://www.cvce.eu/content/publication/2012/4/9/fa9f4dda-beb6-4caa-8095-29cfe4e451bc/publishable_en.pdf
Deskar-Škrbić, M., & Kunovac, D. (2020). Twentieth anniversary of the euro: Why are some countries still not willing to join? Economists’ view. Comparative Economic Studies, 62, 242–262. https://doi.org/10.1057/s41294-020-00115-2
Deskar-Škrbić, M., Kotarac, K., & Kunovac, D. (2020). The third round of euro area enlargement: Are the candidates ready? Journal of International Money and Finance, 107, Article 102205. https://doi.org/10.1016/j.jimonfin.2020.102205
Dobrev, D. (1999, August). The currency board in Bulgaria: Design, peculiarities and management of foreign exchange cover (Discussion Paper No. DP/9/1999). Bulgarian National Bank. https://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/discussion_199909_en.pdf
Draghi, M. (2024a). The future of European competitiveness: A competitiveness strategy for Europe (Part A). European Commission. https://commission.europa.eu/topics/competitiveness/draghi-report_en
Draghi, M. (2024b). The future of European competitiveness: In-depth analysis and recommendations (Part B). European Commission. https://commission.europa.eu/topics/competitiveness/draghi-report_en
Dreher, F., Jütting, N., & Schölermann, H. (2025, July 8). Hitting record highs: Unpacking support for the euro (ECB Economic Bulletin No. 7). European Central Bank. https://www.ecb.europa.eu/press/economic-bulletin/focus/2025/html/ecb.ebbox202507_08~8bb10dd42d.en.html
Eichengreen, B. (2010, May 4). The euro: Love it or leave it? VoxEU. https://cepr.org/voxeu/columns/euro-love-it-or-leave-it
Eichengreen, B. (2011). Exorbitant privilege: The rise and fall of the dollar and the future of the international monetary system. Oxford University Press.
European Commission, Directorate-General for Communication. (2024, June 26). Commission assesses countries’ progress towards adopting the euro [News article]. https://commission.europa.eu/news-and-media/news/commissionassesses-countries-progress-towards-adopting-euro-2024-06-26_en
Glapiński, A. (2025). Ryzyka związane z przedwczesnym przyjęciem euro przez Polskę w świetle teorii optymalnych obszarów walutowych [Risks associated with the premature adoption of the euro by Poland in light of the theoryof optimum currency areas]. Bank i Kredyt, 56(3), 253–268. https://doi.org/10.5604/01.3001.0055.1336
Jóźwiak, V. (2017, October 13). Prospects of euro adoption in Hungary (Bulletin No. 97 (1037)). The Polish Institute of International Affairs. https://pism.pl/upload/images/artykuly/legacy/files/23673.pdf
Kamińska, A. (2014, March 5). Rosja pcha nas ku euro [Russia is pushing us towards the euro]. Rzeczpospolita. https://www.rp.pl/finanse/art12600701-rosja-pcha-nas-ku-euro
Keay, J. (2025, October 24). Dimitar Radev: Preparing for euro membership. Global Finance. https://gfmag.com/executive-interviews/dimitar-radevpreparing-for-euro-membership/
Kliszcz, E. (2025, August 6). Nawrocki says ‘no to illegal immigration, no to the Euro’ in presidential inauguration address. TVP World. https://tvpworld.com/88200638/nawrocki-says-no-to-illegal-immigration-no-to-the-euro-in-presidentialinauguration-address
Lagarde, C. (2025, November 4). Bulgaria on the euro’s doorstep - towards a shared future [Speech]. Bank for International Settlements. https://www.bis.org/review/r251105n.pdf
Lypko, N. (2023). Reassessment of the «optimum currency area» theory in the European Union. Journal of European Economy, 22(1), 70–93. https://doi.org/10.35774/jee2023.01.070
Marica, I. (2025, October 23). European Commission approves Romania’s revised Recovery and Resilience Plan. Romania-Insider. https://www.romaniainsider.com/european-commission-approves-revised-pnrr-oct-2025
Mayer, T. (2025, November 13). A tale of two debts in France and the UK. OMFIF. https://www.omfif.org/2025/11/a-tale-of-two-debts-in-france-and-the-uk/
Melarti, G. (2023). A Swedish membership in the European Economic and Monetary Union [Thesis, Örebro University School of Business]. DiVA Portal. https://www.diva-portal.org/smash/get/diva2:1846399/FULLTEXT01.pdf
Ministry of Finance of the Czech Republic & Czech National Bank. (2025). Assessment of the fulfilment of the Maastricht convergence criteria and the degree of economic alignment of the Czech Republic with the euro area. Czech National Bank. https://www.cnb.cz/export/sites/cnb/en/monetarypolicy/.galleries/strategic_documents/maastricht_assessment_2025.pdf
Mundell, R. A. (1961). A theory of optimum currency areas. American Economic Review, 51(4), 657–665. https://www.jstor.org/stable/1812792
Orbán, V. (2025, February 27). Speech by Prime Minister Viktor Orbán at the 10th Lámfalussy Conference. About Hungary. https://abouthungary.hu/speeches-andremarks/speech-by-prime-minister-viktor-orban-at-the-10th-lamfalussy-conference
Papadimitriou, D. B., Nikiforos, M., & Zezza, G. (2014). Prospects and policies for the Greek economy (Strategic Analysis, February 2014). Levy Economics Institute of Bard College. https://www.levyinstitute.org/pubs/sa_2_14.pdf
Pilkington, P. (2025, January 11). Gazdasági szakértő: Magyarországnak soha nem szabadna csatlakoznia az euróövezethez [Economic expert: Hungary should never join the eurozone]. Magyar Nemzet. https://magyarnemzet.hu/kulfold/2025/01/gazdasagi-szakerto-magyarorszagnak-soha-nem-szabadnacsatlakoznia-az-euroovezethez
Porter, W. (2010, March 15). Leaving the EMU is just an expensive way to default. Credit Suisse Fixed Income Research.
Puls Biznesu. (2014, February 6). «Polska nie wejdzie do strefy euro» [Poland will not enter the euro zone]. https://www.pb.pl/polska-nie-wejdzie-do-strefy-euro-743171
Reiermann, C. (2011, June 5). Greece considers exit from euro zone. Der Spiegel. http://www.spiegel.de/international/europe/0,1518,761201,00.html
Roubini, N. (2011, September 16). Greece should default and abandon the euro [Economic Research]. Roubini Global Economics. https://pratclif.com/economy/roubini/Greece%20Should%20Default%20and%20Abandon%20the%20Euro%20%20September%2015%202011.pdf
Rueff, J. (1950). L’Europe se fera par la monnaie ou ne se fera pas [Europe will be made through currency or it will not be made]. Synthèses, 4(45), 267–271.
Smarandache, M. (2023, March 20). Romania wants to push euro adoption by 2026. Euractiv. https://www.euractiv.com/news/romania-wants-to-pusheuro-adoption-by-2026/
Stan, F. (2024, December 3). Cristian Păun, profesor la ASE, prezintă scenariul apocaliptic pentru România: «UE anulează PNRR-ul Bulgariei pe motiv de întârzieri mari. Ії urmăm noi, foarte curând» [Cristian Păun, professor at ASE, presents the apocalyptic scenario for Romania: «EU cancels Bulgaria’s PNRR due to long delays. We will follow very soon»]. România TV. https://www.romaniatv.net/cristian-paun-profesor-la-ase-prezinta-scenariulapocaliptic-pentru-romania-ue-anuleaza-pnrr-ul-bulgariei-pe-motiv-deintarzieri-mari-ii-urmam-noi-foarte-curand_8655934.html?uord=Oqa3koFBgYgjHR5hNHdkPWSDInFQUiiu9s8cPrJvv_3nhlC1HqStM22MWoe0PAKxNvjIWKGWTrpxnXa/oG1-QEWtNc2jRGCCJHFQJSmxPs84OrqliYGns_jvIZSxNEc3QpWDUUGH
Stiglitz, J. E. (2016). The euro: How a common currency threatens the future of Europe. W. W. Norton & Company.
Sveriges Riksdag. (2024, December 18). Interpellation till statsrod 2024/25:288: Euron som svensk valuta [Interpellation to the Minister 2024/25:288: The euro as Sweden’s currency]. https://data.riksdagen.se/fil/71E309D1-1329-4E55-92C6-B187250ED6CD
Szczepański, M. (2015, July 9). Adopting the euro: Convergence criteria and state of play [Briefing]. European Parliamentary Research Service. https://www.europarl.europa.eu/RegData/etudes/BRIE/2015/565883/EPRS_BRI%282015%29565883_EN.pdf
Tataru, V., & Posea, S. (2025, July 16). Monitoring Romania: Tackling Europe’s largest deficit. ING Think. https://think.ing.com/articles/monitoring-romaniatackling-europes-largest-deficit/
Török, Z. (2025, April 12). Hat lépés, amely válságállóvá tenné a magyar gazdaságot [Six steps that would make the Hungarian economy crisis-proof]. Telex. https://g7.hu/adat/20250412/hat-lepes-amely-valsagallova-tenne-amagyar-gazdasagot/
Vidman, T. (2022). Should Sweden apply for an EMU membership? [Master’s essay, Lund University]. LUP Student Papers. http://lup.lub.lu.se/studentpapers/record/9085994
Wass, S., & Sjolin, S. (2025, September 5). Denmark should consider euro for deeper EU ties, governor says. Bloomberg. https://www.bloomberg.com/news/articles/2025-09-05/denmark-should-consider-euro-for-deeper-euties-governor-says
Received: October 16, 2025.
Reviewed: February 8, 2026.
Accepted: March 16, 2026.
Downloads
Published
How to Cite
Issue
Section
License
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
