Although the Maastricht Treaty envisaged the possibility of a twospeed EU with the imposition of the convergence criteria as a prerequisite for entering monetary union, the original expectation was that such a situation would be: (1) temporary and (2) limited in regard to the number of member states that would remain on the outside. Of course, this was prior to both the 1992–93 ERM crisis that resulted in the negotiation of opt-outs for Denmark and the UK and the accession of the countries from central and eastern Europe. This chapter considers the motivations of the euro “outs”, including the impact of the global financial crisis and sovereign debt crisis. This is followed by a brief analysis of how being a euro outsider differs from EMU membership in relevant EU institutions and policies: the European Central Bank and the Single Supervisory Mechanism, the Stability and Growth Pact, the European Stability Mechanism, the Treaty on Stability, Coordination and Governance, and the Euro Plus Pact.
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