Why some EU Countries Don't Use The Euro
The formation of the European Union (EU) paved the way for a unified, multicountry financial system under a single currency—the euro. While most EU member nations agreed to adopt the euro, a few, like the United Kingdom, Denmark, and Sweden (among others), have decided to stick with their own legacy currencies. This article discusses the reasons why some EU nations have shied away from the euro and what advantages this may confer on their economies. There are currently 28 nations in the European Union and of these, nine countries are not in the eurozone—the unified monetary system using the euro. Two of these countries, the United Kingdom and Denmark, are legally exempt from ever adopting the euro (the UK has voted to leave the EU). All other EU countries must enter the eurozone after meeting certain criteria. Countries, however, do have the right to put off meeting the eurozone criteria and thereby postpone their adoption of the euro. EU nations are diverse in culture, cl