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The European Commission: “there are territories that are not EU Member States but use the Euro”

Brussels confirmed on Friday the possibility of continuing to have the Euro as currency while not being part of the European Union. On Thursday the Catalan President, Artur Mas, emphasised that “Catalonia will have the Euro as its currency” whatever happens regarding its independence from Spain. Mas’ statement was immediately criticised by Madrid-based media, which are completely opposed to Catalonia’s self-determination and are arguing against it. In the last few days, a debate has been launched about whether an independent Catalonia would still be part of the EU. The Commission Spokesperson for Economic and Monetary Affairs, Simon O’Connor, emphasised that it is possible for a state to use the Euro as its currency independently of its EU membership. He named the examples of Monaco, Andorra and Montenegro, among others.

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20 September 2013 10:27 PM

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ACN

Barcelona (ACN).- Brussels confirmed on Friday the possibility of continuing to have the Euro as currency while not being part of the European Union. The Commission Spokesperson for Economic and Monetary Affairs, Simon O’Connor, emphasised that it is possible for a state “to use the Euro” as its currency independently of its EU membership. He named the examples of Monaco, Andorra and Montenegro, among others. In the last few days, a debate has been launched about whether an independent Catalonia would still be part of the EU. On Thursday, the Catalan President, Artur Mas, emphasised that “Catalonia will have the Euro as its currency” whatever happens regarding its independence from Spain. In addition, he insisted that “there is no risk” of not having the Euro if Catalonia becomes an independent state. Mas’ statements were immediately criticised by Madrid-based media, which are completely opposed to Catalonia’s self-determination and are arguing against it.


“Access to the Eurozone is possible for Member States that respect the criteria set up in the treaties, and there are two groups of territories that are not Member States but that use the Euro”, stated the Spokesperson for the European Commissioner Olli Rehn, Simon O’Connor. “Firstly there is Monaco, the Vatican, San Marino and Andorra”, he said. “These territories have a monetary agreement with the EU: they are not part of the Eurozone as such but they have the right to adopt the Euro as their official currency and print Euros – which are legal within the Eurozone – with the obligation to adopt the EU financial and monetary legislation”, he explained. O’Connor added that these countries “do not participate in any decision” of the Eurogroup, “not even as observatory members”. “Secondly, there is another group of states that use the Euro as their currency”, continued Olli Rehn’s Spokesperson. “They are Kosovo and Montenegro”, which adopted the single currency “in a unilateral way”. “De facto they use the Euro, but they are not part of the Eurozone, and therefore they have to buy notes and coins at commercial banks”, he explained. These countries cannot print money, although they can use the Euro as their currency.

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  • The European Commission Spokesperson, Simon O'Connor, a few months ago (by ACN)

  • The European Commission Spokesperson, Simon O'Connor, a few months ago (by ACN)