Changes

2. The total [[national debt|government debt]] must be below 60% of GDP.<br />

2. The total [[national debt|government debt]] must be below 60% of GDP.<br />

3. The country must have an [[inflation]] rate within 1.5% of the lowest 3 inflation rates of EU countries.<br />

3. The country must have an [[inflation]] rate within 1.5% of the lowest 3 inflation rates of EU countries.<br />

4. Nominal Long-term [[interest]] rates must be within 2% of the [[interest rate]] of countries with the lowest 3 [[inflation rate]]s.<ref>http://ec.europa.eu/economy_finance/euro/adoption/who_can_join/index_en.htm</ref><br />

4. Nominal Long-term [[interest]] rates must be within 2% of the [[interest rate]] of countries with the lowest 3 [[inflation rate]]s.<ref name="ec.europa.eu">http://ec.europa.eu/economy_finance/euro/adoption/who_can_join/index_en.htm</ref><br />

In addition to these criteria a member state's currency must fluctuate within the margins allowed. Countries were allowed to join the common currency if their budget deficit and total [[government debt]] were approaching the reference values at a 'satisfactory pace', but not actually on them.

In addition to these criteria a member state's currency must fluctuate within the margins allowed. Countries were allowed to join the common currency if their budget deficit and total [[government debt]] were approaching the reference values at a 'satisfactory pace', but not actually on them.

==Non-participant members==

==Non-participant members==

In the [[United Kingdom]] the currency is still the [[pound]], but before the Eurozone crisis there was pressure to convert to the Euro that is used throughout Europe. The [[UK]] and [[Denmark]] are the only European Union member states with an 'opt-out' (allowing them to select not to join the common currency despite meeting the criteria). In addition to the four criteria of entry set out in the [[Maastricht Treaty]] the Chancellor of the Exchequer laid out 5 economic tests the United Kingdom must meet to join; at the last report it had met one, with three others dependent on the final condition which had not been met. Many [[conservative]]s in the UK ([[Tories]]) resist conversion to the European currency because a reliance on a common currency represents a loss in [[sovereignty]] and control. In particular, there is fear that joining the synchronized EU policy may result in sub-optimal interest rates in difficult periods.

In the [[United Kingdom]] the currency is still the [[pound]], but before the Eurozone crisis there was pressure to convert to the Euro that is used throughout Europe. The [[UK]] and [[Denmark]] are the only European Union member states with an 'opt-out' (allowing them to select not to join the common currency despite meeting the criteria). In addition to the four criteria of entry set out in the [[Maastricht Treaty]] the Chancellor of the Exchequer laid out 5 economic tests the United Kingdom must meet to join; at the last report it had met one, with three others dependent on the final condition which had not been met. Many [[conservative]]s in the UK ([[Tories]]) resist conversion to the European currency because a reliance on a common currency represents a loss in [[sovereignty]] and control. In particular, there is fear that joining the synchronized EU policy may result in sub-optimal interest rates in difficult periods.<ref name="ec.europa.eu">http://ec.europa.eu/economy_finance/euro/adoption/who_can_join/index_en.htm</ref>

==Value==

==Value==