Problems and perspectives for the subsequent entry of members in the Eurozone

After entering the European Monetary Union, countries are included in a single monetary policy system, which takes into account interest rates and inflation within the euro zone. However, local rates of inflation and interest rates are influenced by local factors, so these indicators differ between Eurozone member states . Fulfillment of fiscal criteria is also important after joining the Eurozone. Contrary to monetary, fiscal policy remains in the competence of the member states after joining the Eurozone, although it is gradually limited, as part of the competencies is taken over by the joint EU institutions. Therefore, if there is a large expansion of fiscal mechanisms, this would not negatively affect the unique monetary policy. The problem of functioning of economies of less developed countries does not occur at the moment of their joining countries that are already in the monetary union, since at that moment they have to fulfill the criterion However, for such countries, it is crucial that the transition process towards monetary union does not provide only nominally set values ​​of key economic parameters, and that after a certain flow of time, the criteria achieved can not be maintained.
Whereas in 1997, only three EU Member States (Finland, Luxembourg and Portugal) managed to meet all the convergence criteria, by May 1998, eleven countries were assessed by the Council as being ready to become part of the European Monetary Union, despite the fact that even six they did not have the condition that the public debt should not exceed 60% of GDP. Accordingly, according to this data, we can say that the countries have joined the Eurozone and that the convergence criteria have not been met, thus raising the question of their relevance to existence, if all Member States do not meet them when entering the zone.
The euro was first adopted in electronic form, so that only in 2002 it would be presented in the form of banknotes and coins. As already mentioned, a large number of experts agree that the criteria are not strictly respected for the first-in-Member States, while recent convergence criteria are consistently respected for countries that want to join the Eurozone. The reasons for this are several: the new countries would systematically adapt to the new currency; preventing any possible economic crisis and earthquake in the monetary union. For example, in 2006, Lithuania's request to become a part of the Eurozone was rejected because inflation was 2.7%, only 0.1% higher than the permissible limit. What is the biggest problem for countries that are trying to adopt the euro is the high inflation rate and the budget deficit, which certainly was not the case with the countries that first accepted the euro and joined the Eurozone.
Regarding the justification for entering the monetary union and the benefits that countries had since the introduction of the euro, it can be concluded that this had positive effects on the member states. Trade in goods and services is intensified, transaction costs are reduced, and inflation is reduced and debt servicing costs are reduced. Economic research has shown that the common currency can be particularly attractive for small and very small countries. Also, the benefits of introducing the euro in the long run the implementation of the convergence criterion: the goal in the long run should be to reduce inflation, reduce budget deficits, and strengthen national economies through GDP growth, all using a single currency. One of the express benefits of the countries in monetary union is the possibility of convergence of business cycles. An analysis of this concept comes to the fact that at the time of the creation of a monetary union, the economies of the member states were in different stages and conditions of growth and decline. In this sense, monetary integration should lead to the equalization of existing cycles and building a common economic cycle. However, there remains an open question as to when such a thing could happen, because there are still differences between the economies and economies of the member states. The convergence of economic policies is seen as the next advantage of the monetary union, and the EU institutions should play the main role in order to do so. However, from this aspect of view, each member state has its own national economic policy and is still sovereign in terms of major macroeconomic decisions, and the EU institutions themselves do not have a major influence on strategic economic policies. National governments will retain a crucial role in the macroeconomic area of ​​the economy before a full convergence of the economies of the member states occurs.
Nevertheless, the Eurozone countries are also confronted with a number of different challenges, and one of the most important is the inability to finance debt, or responding to economic shocks through appreciation or depreciation. Instead of active monetary policies, these countries must apply budget and structural policies to manage the national economy, which is more politically demanding and takes more time to realize. The fact whether the introduction of the common currency has more benefits or disadvantages is very old and non-existent, and even today, It is possible to give a unique answer. What is certain is that in today's conditions, entering the Eurozone is no longer just meeting the convergence criterion, but it also has a significant political dimension that can bring significant benefits to the countries on an economic global scale.
Existing data and analyzes confirm that there will be no recent accession of the Eurozone in the short term. One of Romania's goal was to join the Eurozone in 2019, while other EU member states did not set clear targets if they could adopt the euro as a single and common currency. There are opinions that the problems that Member States of the Eurozone had during the financial crisis have deterred member states from wanting to join. Countries like the Czech Republic, Hungary and Poland are using their monetary policy to mitigate the shocks caused by the economic crisis, and the leaders of these countries are thinking that entering the Eurozone would be uncertain and that the issue of possible crises will be solved at the level of the European Central Bank, not national banks so far.