Changes

In addition to these criteria a country must have 'normal' fluctuations of it's currency. (That is, within the margins allowed.)  

In addition to these criteria a country must have 'normal' fluctuations of it's currency. (That is, within the margins allowed.)  

It is perhaps worth noting that 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', not necessarily actually on them.   

It is perhaps worth noting that 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', not necessarily actually on them.   

In January 1999 the exchange rates of countries that had passed the criteria (and were not exercising an opt-out) were fixed the the Euro.  The European Central Bank (ECB) came into being.  Euro coins and notes were introduced to the general public on the 1st of January 2002 as legal tender, alongside national currencies.  Initially in March of 1998, when the calculations as to which countries had met the convergence criteria occured, 11 countries, Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain were admitted to join the Eueopean Monetary Union.  In June of 2000 Greece was admitted.  

In January 1999 the exchange rates of countries that had passed the criteria (and were not exercising an opt-out) were fixed the the Euro.  The European Central Bank (ECB) came into being.  Euro coins and notes were introduced to the general public on the 1st of January 2002 as legal tender, alongside national currencies.  Initially in March of 1998, when the calculations as to which countries had met the convergence criteria occured, 11 countries, Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain were admitted to join the European Monetary Union.  In June of 2000 Greece was admitted.  

In the United Kingdom the currency is still the [[pound]], but there is pressure to convert to the euro that is used throughout Europe.  As of 2007 the United Kingdom and Denmark are the only European Union member countries 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 tests Many conservatives in England ([[Tories]])resist conversion to the European currency because a reliance on someone else's currency represents a loss in sovereignty and control. For exactly the same reason, English socialists tend to reject the euro as well. In particular, there is fear of England becoming dependent on the fiscal policies of the larger combination of Germany, Italy, and France.

In the United Kingdom the currency is still the [[pound]], but there is pressure to convert to the euro that is used throughout Europe.  As of 2007 the United Kingdom and Denmark are the only European Union member countries 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 tests Many conservatives in England ([[Tories]])resist conversion to the European currency because a reliance on someone else's currency represents a loss in sovereignty and control. For exactly the same reason, English socialists tend to reject the euro as well. In particular, there is fear of England becoming dependent on the fiscal policies of the larger combination of Germany, Italy, and France.