Montenegro and the euro

• EU countries with euro
• EU countries in the ERM II
• EU countries outside the ERM II
• Non-EU members of Euro

Montenegro has no own currency. Before the introduction of the euro in 2002, the German Mark was the de facto currency in all private and business transactions. When the euro was introduced, Montenegro began to use these as currency. At this step, the European Central Bank ( ECB) had nothing to complain about.

But since then, the European Commission and the ECB have expressed their dissatisfaction that Montenegro uses the euro unilaterally. The spokeswoman for the European Commission commented as follows: "The conditions for inclusion in the Euro are clear That is, a country must first be at least one EU member country.. " Says An appendix to the Stabilisation and Association Agreement with the EU: " a unilateral introduction of the euro was not compatible with the Treaty. "

The EU insists on strict compliance with the convergence criteria (such as the minimum two-year membership in the ERM II mechanism), which are not negotiable before the introduction of the euro. However, the EU has not intervened in Montenegro unilateral use of the euro. She has, however, expressed concerns about the sovereign debt of Montenegro, which amounted to 57 % of gross domestic product in 2011.

Official site of the Central Bank of Montenegro have hinted at different occasions that the European institutions insist on compliance with the ERM II rules, especially since Montenegro is to become an EU member. Nikola Fabris, chief economist of the Central Bank of Montenegro, stressed that the situation was quite different, as Montenegro adopted the euro unilaterally. Other states, such as Croatia and Bosnia who are thinking about a unilateral introduction of the euro would, therefore, be penalized by the EU, and their application for admission would be put on hold, they should continue to do so.

On 17 December 2010, Montenegro was granted membership in the EU candidate status. It is expected that this issue can be resolved through negotiations. The ECB has expressed that the impact of the unilateral adoption of the euro " would be addressed at the latest in the case of possible negotiations on EU membership ". Diplomats suggest that it is unlikely that Montenegro is forced to abandon the euro as payment. Radoje Zugi, the Minister of Finance of Montenegro, commented that "it would be economically irrational to return to its own currency, only to be then resumed later in the euro. " Instead, he hopes that Montenegro is allowed to keep the euro, and he promised that "the Government of Montenegro will fulfill a number of important conditions to weiterzubehalten the euro. Approximately adherence to fiscal rules "

Since Montenegro is factually true, but not " officially" a member country of the euro zone, it may also shape no euro coins with country-specific design.