The European Union

National Currencies and the Euro

Some of the EU member States have merged their individual currencies into a Single European currency - the Euro. However, the Euro is not yet a common European currency, as is sometimes assumed outside Europe. Membership of the European Union does not also mean automatic immediate membership of the common Euro currency.

EU members Denmark, Sweden and the UK have not adopted the Euro currency, and retain their own national currencies. Switzerland and Norway also retain their national currencies, because they are not members of the EU. Some fear sleepwalking into a European Superstate, and a loss of political and economic independence, particularly the ability to vary interest rates according to the current prevailing local economic conditions.