Montenegro and the euro

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  EU states obliged to join the Eurozone (8)

  EU state with an opt-out on Eurozone participation (2)

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Montenegro has no currency of its own. Prior to the introduction of the euro in 2002, the Deutsche Mark was the de facto currency in all private and banking transactions^[1]. When the euro was introduced and the Deutsche Mark yielded, Montenegro began using the euro as well.

The European Commission and the European Central Bank have voiced their discontent over Montenegro's unilateral use of the euro on several occasions, saying that the adherence to strict convergence criteria (such as spending at least 2 years in the ERMII system) are not negotiable, but have not intervened to stop the use of euro on Montenegro in 2002.^[2][3]

Unlike official members of the Eurozone, Montenegro does not mint coins with a distinctive national design.

Officials from the Central Bank of Montenegro have indicated on several occasions that the European institutions do expect them to strictly follow ERM rules, particularly because of their EU accession process.^[3][4]

On 17th December 2010 Montenegro was granted candidate status to join the European Union. The issue is expected to be resolved through the negotiations process.^[2]

References

1. ^ "Montenegro's euro challenge". BBC. 2002-01-03. http://news.bbc.co.uk/1/hi/world/europe/1740493.stm. Retrieved 2007-11-17. 
2. ^ ^{a b} "EU warns Montenegro over Euro". B92. 2007-10-10. http://www.b92.net/eng/news/region-article.php?yyyy=2007&mm=10&dd=10&nav_id=44442. Retrieved 2011-09-09. 
3. ^ ^{a b} "EU prijeti Crnoj Gori ukidanjem eura: Niste sposobni za našu valutu [EU threatens revoking the euro from Montenegro: You're not capable enough for our currency]" (in Croatian). Index.hr. 2011-06-01. http://www.index.hr/vijesti/clanak/eu-prijeti-crnoj-gori-ukidanjem-eura-niste-sposobni-za-nasu-valutu/554715.aspx. Retrieved 2011-09-09. 
4. ^ "Montenegro Warns Against Unilateral Euro Adoption (Update1)". Bloomberg.com. 2009-04-21. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aE67Vp2i7jp4. Retrieved 2011-09-09.