Changes

4. Nominal Long-term interest rates must be within 2% of the interest rate of countries with the lowest 3 inflation rates.<br />

4. Nominal Long-term interest rates must be within 2% of the interest rate of countries with the lowest 3 inflation rates.<br />

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 its 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 occurred, 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. Slovenia joined in 2007, and Malta and Cyprus joined in 2008.  

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 occurred, 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. Slovenia joined in 2007, and Malta and Cyprus joined in 2008.