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==Criteria for adoption==
==Criteria for adoption==
Countries within the European Union were able to join the Common Currency if they met four criteria (known as the 'convergence criteria'. These were:<br />
Countries within the European Union were able to join the Common Currency if they met four criteria (known as the 'convergence criteria'). These were:<br />
1. The [[budget deficit]] must be below 3% of [[GDP]] (the difference between [[taxes|government receipts]] and expenditures.)<br />
1. The [[budget deficit]] must be below 3% of [[GDP]] (the difference between [[taxes|government receipts]] and expenditures.)<br />
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 />