Why did Finland adopt the euro?
In January 1999, Europe moved toward monetary union with the introduction of the euro as the official currency in 11 countries. While all other Scandinavian countries resisted joining the so-called eurozone, Finland embraced the idea of converting to the euro to stabilize its floundering monetary system and economy.
Why is Sweden not in the euro?
Sweden does not currently use the euro as its currency and has no plans to replace the existing Swedish krona in the near future. Sweden’s Treaty of Accession of 1994 made it subject to the Treaty of Maastricht, which obliges states to join the eurozone once they meet the necessary conditions.
Are Norway Sweden and Finland part of the EU?
No, Norway is not part of the European Union, but it is part of the EEA, the European Economic Area. The EEA is made up of the EU member states plus Norway, Iceland and Lichtenstein. Membership of the EEA gives Norway access to the internal market on equal terms with EU countries.
When did Finland join the eurozone?
1995
Finland joined the European Union in 1995 and was one of the firstcountries to adopt the euro on 1 January 1999.
When did countries join the eurozone?
1 January 1999
The enlargement of the eurozone has been a continuous process since it was launched on 1 January 1999, the date when the euro became the official currency of 11 European Union member states – Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.
Is Denmark in the eurozone?
Denmark uses the krone as its currency and does not use the euro, having negotiated the right to opt out from participation under the Maastricht Treaty of 1992. Denmark borders one eurozone member, Germany, and one EU member that is obliged to adopt the euro in the future, Sweden.
Which Scandinavian countries aren’t in the EU?
EFTA stands for the European Free Trade Association. It is a regional trade organization and free trade area consisting of Iceland, Liechtenstein, Norway and Switzerland. None of these countries are part of the European Union, but aside from Switzerland, others are all part of the European Economic Area.