European Union

[vardhanvishnug]

European Union, which comprises of many countries, is the largest trade block formed but only 13 countries are using the common currency Euro. When do you think that the remaining countries will implement this?

 

[dimpy.handa]

The euro is administered by the European System of Central Banks (ESCB), which is comprised of the European Central Bank (ECB) and the Eurozone central banks. Headquartered in Frankfurt, Germany, the ECB has the sole authority to set monetary policy; other members of the ESCB participate through printing, minting, and distributing notes and coins.
The responsibilty of popularising the use of Euro lies with the above stated authorites.

 

[Paramjeet_1988]

The Euro currency will be implemented by those countries that are member of the EU. There are many requirements to be a part of the EU. Your debt to GDP ratio should not exceed more than 12 % at any point of time (Greece was not able to maintain this that is why she is in trouble). It now consist of 27 member states. The other condition includes common commercial policy, free movement between member states, no tariff rates, free trade and permanent residence anywhere. The developed countries are only able to implement all these conditions.