Which state enters the Eurozone next?

[Joe Republic]

No they're not.  Just because they use the Euro doesn't mean that they are members of the Eurozone.

They have adopted the Euro as their sole currency, which means that in an informal capacity they are part of the Eurozone; in that they are subject to the decisions of the ECB monetary policy but have no influence in it, being non-members of the EU.  It's unilateral of course, but it seems to be a comfortable arrangement.

El Salvador uses the U.S. dollar but they're not a member of the United States.

They don't have to be, of course.  Any country can use it if they want to.

[justfollowingtheelections]

No they're not.  Just because they use the Euro doesn't mean that they are members of the Eurozone.

They have adopted the Euro as their sole currency, which means that in an informal capacity they are part of the Eurozone; in that they are subject to the decisions of the ECB monetary policy but have no influence in it, being non-members of the EU.  It's unilateral of course, but it seems to be a comfortable arrangement.

El Salvador uses the U.S. dollar but they're not a member of the United States.

They don't have to be, of course.  Any country can use it if they want to.

My point is that Kosovo using the Euro is no different than El Salvador using the dollar.

[Joe Republic]

I understood your point.  I have already iterated that Kosovo and Montenegro are not formal members of the Eurozone, but given that they were granted permission and encouraged to use the DM before the Euro replaced it, they were kind of swept into it regardless of how the ECB may feel.

The El Salvador comparison is a valid one, but not very relevant.

Anyway, this discussion is a bit of a pointless tangent.

[justfollowingtheelections]

I understood your point.  I have already iterated that Kosovo and Montenegro are not formal members of the Eurozone, but given that were granted permission and encouraged to use the DM before the Euro replaced it, they were kind of swept into it regardless of how the ECB may feel.

The El Salvador comparison is a valid one, but not very relevant.

Anyway, this is a bit of a pointless tangent.

I know, I was just trying to clarify what I meant when I asked my initial question.

[© tweed]

Vermont

[minionofmidas]

Basically, what I was getting at is that if they're not let in for whatever reason, they could always just emulate Kosovo and Montenegro (and El Salvador, if you will) ... which may be an (informally used) argument for admitting them formally.

[M]

Slightly OT - with Denmark and Iceland likely joining soon, how does this effect:

Sweden's likelihood of a new Euro referendum and
Norway's likelihood of going it alone (well, with Switzerland) in the EFTA for much longer.

[justfollowingtheelections]

Slightly OT - with Denmark and Iceland likely joining soon, how does this effect:

Sweden's likelihood of a new Euro referendum and
Norway's likelihood of going it alone (well, with Switzerland) in the EFTA for much longer.

Probably not much.  But it won't be so easy for Iceland to join.

[PGSable]

Slightly OT - with Denmark and Iceland likely joining soon, how does this effect:

Sweden's likelihood of a new Euro referendum and
Norway's likelihood of going it alone (well, with Switzerland) in the EFTA for much longer.

From what I heard, Norway was always likely to apply for EU membership if Iceland joined and vice versa, because each country is afraid that, if the other one joins alone, it will get all the good fishing deals from Brussels.

I would like to see a poll on the euro in Sweden...

[Psychic Octopus]

I doubt the UK will join it within the next 20 years... or ever for that matter.

[Psychic Octopus]

I also think Italy will leave in the near future, perhaps 2010. Ireland will eventually (+10 years) leave it. Estonia and some other states will join.

[Jens]

Slightly OT - with Denmark and Iceland likely joining soon, how does this effect:

Sweden's likelihood of a new Euro referendum and
Norway's likelihood of going it alone (well, with Switzerland) in the EFTA for much longer.

From what I heard, Norway was always likely to apply for EU membership if Iceland joined and vice versa, because each country is afraid that, if the other one joins alone, it will get all the good fishing deals from Brussels.

I would like to see a poll on the euro in Sweden...

It's a lot more complex than that. Norway is in no way dependent on fishing like Iceland. Norway is in the quite special situation that one of the centrist parties, Senterpartiet (Centre party) is against EU-membership and since Norway also is extremely rich (think oilstate) they don't really need a EU-membership.

[Jens]

I also think Italy will leave in the near future, perhaps 2010. Ireland will eventually (+10 years) leave it. Estonia and some other states will join.

Hilarious - Italy leaving! Italy can't afford to leave the EMU. - And Ireland, why on earth should Ireland leave the EMU?

[Јas]

I also think Italy will leave in the near future, perhaps 2010. Ireland will eventually (+10 years) leave it. Estonia and some other states will join.

And Ireland, why on earth should Ireland leave the EMU?

There are a small number economists who are speaking up on the idea that Ireland maybe should be considering this - though they are the same voices that questioned entering in the first place. There's no evidence to suggest it has significant mainstream support.

The statements tend to get almost as much play in certain elements of the British media as they do here.

[2952-0-0]

Wouldn't leaving the Euro be considered as defaulting on the sovereign debt?

[Psychic Octopus]

After Berlusconi is gone (which will be awhile) and this economic crisis is over, I think Italy will leave.

[Jens]

After Berlusconi is gone (which will be awhile) and this economic crisis is over, I think Italy will leave.

Why? Italy benefits from the EMU.

[Bono]

After Berlusconi is gone (which will be awhile) and this economic crisis is over, I think Italy will leave.

Why? Italy benefits from the EMU.

It's just wishful thinking.
Many Americans want the Euro to collapse because that means they can inflate at will with no competing reserve currency.

I don't think that's NiK's case, but I think he just gets caught in his surrounding atmosphere. Also a lot of 'national greatness' conservatives don't like to see anything they think might be competing with America.

I bet you're surprised to see me saying this, but don't be. The EMU is one of the few components of the EU package I support.