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just because a country is part of the European Union does not mean they use the euro currently there are eight EU member states that still use their local currency even though most of them are obligated to adopt the Euro as soon as possible for Croatia this is all about to change as they are set to join the Eurozone on the 1st of January in 2023 check out these cool new Croatian coin designs that will enter into circulation at the start of next year Croatia will become the 20th member of the Eurozone which is a group of countries that don't only use the same currency but also share the same monetary policy they do this through the Euro system which is made up of one European Central Bank in Frankfurt and 20 National central banks in each of the Eurozone member states together their primary objective is price stability by keeping inflation at around 2 percent but as we've all noticed this is not going to plan this year and that is why the ECB has raised interest rates to two percent in the last three months alone to try and battle price increases across the block surprisingly though it is not only Eurozone countries that use the euro non-eu countries such as Andorra Monaco San Marino and the Vatican have monetary agreements with the EU that allow them to use The single currency then there's Montenegro and Kosovo who also use the euro but have no official agreement with the EU whatsoever however these countries have no representation in the European Central Bank so how can a country join the Eurozone well they need to be part of the European Union and meet the so-called convergence criteria which consists of price stability good public finances stable interest rates and lastly stable exchange trades for the last two years now let's have a look to what extent the non-eurizone EU countries have completed these criteria obviously there's Croatia who's set to join next year next there's Denmark who could easily join the Eurozone but haven't opt out due to the result in two Danish referendums in 1992 and 2000 they will only join after a positive referendum and with only 29 of people in favor of the Euro this is unlikely to happen soon Sweden is in a similar situation as people voted against the currency in a 2003 referendum however Sweden does not have an opt-out and therefore continues to avoid meeting one of their criteria required to join on purpose then there's Poland Hungary and Czech Republic Who Remain cautious about adopting the Euro during the financial crisis in 2008 all three countries were able to depreciate their currency by 20 to 30 percent against the Euro helping them recover more quickly and as we've seen with Greece this is not possible when you're part of the euro yet public support in Hungary and Poland is relatively high and with a change in government they might put the Euro back on the agenda then there's Bulgaria whose currency has been pegged to the euro since 1999 and is looking to join by 2024 while they have met most of the convergence criteria Bulgaria is facing multiple internal challenges there have been four elections over the last 18 months and there still isn't a clear majority not to mention that public support has also dropped below 50 percent lastly there's Romania where public support for the euro is the highest among the population out of all the potential candidates yet Romania is far from meeting the convergence criteria and it will likely take a couple of years before they can be considered so these are my rankings I would still put Bulgaria in second as it meets most of the criteria and is the only country that is actively pursuing Eurozone membership yet as long as the government's divided the January 2024 date becomes more unrealistic as time goes by do you agree though let me know in the comments and until next time