WORLD HISTORY

Detailed explanation-1: -The seven non-eurozone members of the EU are Bulgaria, Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden. They continue to use their own national currencies, although all but Denmark are obliged to join once they meet the euro convergence criteria.

Detailed explanation-2: -These binding economic and legal conditions were agreed in the Maastricht Treaty in 1992 and are also known as ‘Maastricht criteria’. All EU Member States, except Denmark, are required to adopt the euro and join the euro area, once they are ready to fulfil them.

Detailed explanation-3: -You can use the euro in 20 EU countries: Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.

Detailed explanation-4: -The two countries that have opted out are Denmark (which uses the Danish krone) and the United Kingdom (which uses the Pound sterling). The seven countries obliged to join are: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, and Sweden.