Experience
From the beginning of 2002, more than 300 million citizens of the 12 euro area Member States use a single currency – the euro. All of the Member States of the euro area went through the dual circulation period when both the euro and the national currency could be used at the same time. This transitional period was not the same in all Member States, though on 1 March 2002 the euro became the only legal tender in the entire euro area. Slovenia, which introduced the euro on 1 January 2007, provided for a two week transition period (up to 14 January 2007), when both currencies were used. After two weeks, the euro became the only legal tender.
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Slovenian euro |
Three European Union (EU) members, namely, the Great Britain, Denmark and Sweden, did not adopt the euro and retained their national currencies. Two of these countries, the Great Britain and Denmark, have a special status and retain the right to not introduce the euro. These countries will be able to do so when they see fit. The derogation of Sweden is temporary.
Lithuania, like other new EU member states, is exempted from the obligation to introduce the euro until it is sufficiently ready to do so.
