An ‘Irresistible’ Offer: Brussels to Entice Non-Eurozone Members to Adopt Euro

Written by | Thursday, May 25th, 2017

The European Commission is planning to make the common currency more attractive for the EU members currently outside the currency bloc. Following Brexit, the EU wants to focus on making the bloc more tight-knit. More concrete proposals will be made next week in a blueprint on the future of the Eurozone – a wider roadmap by the EU Commission on how to address Eurosceptic sentiment and revive the EU after the United Kingdom leaves.

EU Economics Commissioner Pierre Moscovici said that “we will try to make a framework that is attractive enough, that is like, as they say in the movies, an offer you cannot refuse” when describing his proposals for “completing the Economic and Monetary Union by 2025”. The EU leader reminded that except for Great Britain and Denmark, all EU members are obliged to adopt the euro, although no deadline is set for them to ditch their currencies. Mr. Moscovici said that the EU members should move towards adopting the euro as their currency but he admitted that the Commission has no power and no will to make countries adopt the euro by a certain date.

In non-euro countries, public opinion is mostly against joining the Eurozone. In Poland, 57 percent of Eurobarometer respondents were against the common currency and opposition was also strong in Britain, the Czech Republic, Sweden, Denmark and Bulgaria. Hungarians, Croatians and Romanians were mostly supportive of joining the currency bloc. Commissioner Moscovici also added that with the UK leaving the bloc, the Eurozone would lead the EU economy, providing a further incentive for countries to adopt the common currency.

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