POST COLD WAR WORLD
INTEGRATION OF EUROPE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Euro area member countries Although all EU countries are part of the Economic and Monetary Union (EMU), 20 of them have replaced their national currencies with the single currency – the euro. These EU countries form the euro area, also known as the eurozone.
Detailed explanation-2: -In order to adopt the euro, a country has to fulfil a set of economic conditions including having a stable exchange rate and low inflation. By adopting the euro, the eastern European nation hopes to gain more financial security and improve the living standards of its citizens.
Detailed explanation-3: -Seven countries (Bulgaria, Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden) are EU members but do not use the euro. Before joining the eurozone, a state must spend at least two years in the European Exchange Rate Mechanism (ERM II).