I've been discussing euro coinage with a collector friend of mine & he says Greece is a charter member of the Eurozone, but I disagree with him. He maintains that since they first issued the coins same time as everyone else, they are. However, I read that Greece joined the Eurozone in 2001, 2 years after the so-called original members did. Granted, the Euro only existed as an accounting unit from 1999-2001,but I really don't know who's right. Both arguments seem cohesive. Could any Euro experts help me out?
There were originally 11 member states when the euro was founded in 1998. From 1998 until 2002, the euro existed alongside the national currencies, albeit not as physical coins and notes. Greece joined in 2001, so was not an original member.
All EU member states, except Denmark and United Kingdom, must join the euro. This is done in two steps. First the country joins ERM II (the european exchange mechanism) and if the country during a period of two years can keep a stable exchange rate against the euro (the ECU before 2002), then the country will adopt the Euro. To join ERM II is compulsory but there is no fixed date for doing so when joining the union since certain criteria needs to be fulfilled. Sweden fulfills the criteria, but uses the fact there is no fixed date as a loophole to not join.
