2366:
2390:
360:
19:
318:
345:, as well as the improvement of the situation in the monetary, financial and banking sectors of Montenegro resulted in increasing citizensʼ confidence in the new monetary regime. Since January 2001 the country decided to take the Deutsche Mark as a sole legal tender, because a sufficient amount of Deutsche Mark were in circulation, and for this reason there was no need to use the Dinar as the national currency.
433:
attached to the
Stabilisation and Association Agreement with the EU is written that: "unilateral introduction of the euro is not compatible with the Treaty." Despite Montenegro becoming a candidate in 2010, the European Union continued to question of Montenegro’s use of the euro. The use was eventually acknowledged by the European Commission through a specific approach, which took into consideration that
2339:
2327:
2315:
2378:
259:
477:
As a part of the ongoing negotiations, the EU will have to deal with this unprecedented case in which a state, already using the common currency without implementing all the mandatory economic conditions, is striving to join the EU and the
Eurozone. These conditions (convergence criteria) are set out
432:
and the ECB have expressed dissatisfaction with
Montenegro's unilateral use of the euro, with European Commission spokesperson Amelia Torres saying in 2007 that "The conditions for the adoption of the euro are clear. That means, first and foremost, to be a member of the EU." Also in the Declaration
302:
and
Montenegro was 50% in February 1992, reaching 100% in June the same year. This caused severe and prolonged hyperinflation, one of the worst and longest in history, which has led to a devastation of the region. The Yugoslav dinar has been considered one of the worst-performing currencies of the
561:
To date, the path of
Montenegro to the European Union and subsequently to the Eurozone membership is still unclear. Some experts are of an opinion that in situation like this the convergence criteria should be set as an additional prerequisite for Montenegro's membership in the European Union and
460:
The dispute regarding the use of the euro was expected to be resolved by analysts during the accession negotiations. Diplomats have indicated it is unlikely
Montenegro will be forced to stop the circulation of the euro. In 2013 Radoje Zugi, the finance minister of Montenegro, stated "it would be
452:
officials have indicated on several occasions that the
European institutions expect Montenegro to adhere very strictly to ERM rules, as a part of the accession procedures to the European Union. In 2009 Nikola Fabris, chief economist of the Central Bank of Montenegro, noted that the situation was
473:
with the
European Union, then submitted its application for membership in December 2008 and finally obtained the status of official candidate in 2010. In 2012, Montenegro became the first country from the current six Western Balkan states to start accession negotiations with the EU and to date,
461:
economically irrational to return to a currency of your own, only to be back in the euro later". Instead, he hopes that
Montenegro will be allowed to keep the euro, and he promised "the government of Montenegro will meet some important conditions to keep the euro, such as fiscal compliance".
380:, and since March 2002 as the only legal tender. The main motives were the same as before – to ensure monetary stability and to continue to avoid the high/hyper inflation seen in preceding decades. To date there are no official ties or agreements between Montenegro and the
539:
candidates must also ensure that their national laws and rules provide for the independence of their national central banks, and that their statutes are in compliance with the provisions of the treaties and compatible with the statutes of the
European Central Bank and the
370:
On 1 January 2002 the euro notes and coins were officially introduced into circulation in many European countries, including Germany, where the Deutsche Mark used to be the official currency. Thus the Deutsche Mark ceased to be
293:
A high level of monetary and financial centralisation was established, which was easy to be manipulated and which enabled many misuses due to the nonexistence of any legal state and financial discipline, and this resulted in
399:
Eurozone countries have a common reverse, portraying a map of Europe, but have their own design on the obverse, which means that each coin has a variety of different designs in circulation at once. Four European microstates
608:
is a process in which a state gives up on having its own currency and the EUR (or the USD) becomes the legal currency on its territory. So far, only a few countries in the world have decided to choose such a currency
854:
Regulation on the Use of the German Mark as the Means of Payment With a View to Protecting the Economic Interests of Montenegro (Official Gazette of the RM, no. 41/99 and 22/00)/Службен весник на РМ, бр. 41/99 и
325:
At the beginning of 1999, the government started looking for a way to protect economic interests of Montenegro and its monetary independence. The government established a dual currency system, in which both the
375:
immediately upon the adoption of the euro. Following these events in the beginning of 2002 Montenegro made the decision to officially and unilaterally adopt the euro, first as a parallel legal tender to the
921:
Winkler, A., Mazzaferro, F., Nerlich, C., Thimann, C., (2004). "Official dollarisation/euroisation - motives, features and policy implications of current cases." Occasional Paper, European Central Bank.
34:
736:
Liebscher, K., Christl, J., Mooslechner, P., Ritzberger-Grünwald, D. (2005) “European Economic Integration And South-East Europe: Challenges And Prospects”, Edward Elgar Pub, pp. 155-176
724:
Fabris, N. (2014) “The History of Money in Montenegro”, Central Bank of Montenegro and Faculty of Economics, Belgrade University. Journal of Central Banking Theory and Practice, pp. 5-18
295:
2085:
1331:
2420:
912:
Razmi, A.,(2018) “Montenegro's Unilateral Euroization”, UMASS Amherst Economics Working Papers 2018-13, University of Massachusetts Amherst, Department of Economics.
479:
586:
531:: The long-term interest rate should not be higher than 2 percentage points above the rate of the 3 best-performing member states in terms of price stability.
437:
happened due to “extraordinary circumstances” present in the country when the euro was introduced. As a result of that, Montenegro still continues to use the
845:Ö. Olgu (2011) "European Banking: Enlargement, Structural Changes and Recent Developments". Palgrave Macmillan Studies in Banking and Financial Institutions.
168:
931:
2295:
1508:
952:
576:
434:
1027:
1102:
1601:
1051:
275:
267:
1266:
396:
of its own and therefore does not have its own national side of the coins in use. Rather, they depend on bills and coins already in circulation.
1399:
1384:
2290:
1307:
470:
1200:
298:. After the crash of the common market and simultaneous outbreaks of war in two former Yugoslav republics, the monthly inflation rate in
1864:
748:
Bogetic, Z., Petrovic, P., Vujosevic, Z.,(1999) “The Yugoslav Hyperinflation of 1992-1994: Causes, Dynamics, and Money Supply Process”,
2093:
551:
28:
2410:
453:
different when the euro was adopted by Montenegro, and that other states that have considered unilaterally adopting the euro, such
2074:
1957:
1389:
1075:
541:
522:
518:
161:
53:
1606:
57:
1466:
1224:
2356:
194:; it does not have a formal monetary agreement with the EU either. However, it is one of the two territories (along with
2123:
1491:
1440:
1430:
497:: The inflation rate cannot be higher than 1.5 percentage points above the rate of the 3 best-performing member states.
2143:
2108:
2103:
1894:
335:
154:
85:
416:) which use the euro as their currency also have the right to mint coins with their own designs on the obverse side.
1054:[EU threatens revoking the euro from Montenegro: You're not capable enough for our currency] (in Croatian).
1596:
1179:
821:
701:
449:
287:
334:
would be used. The decision for that was mainly driven by an unstable, expansionary monetary policy stance of the
1859:
1486:
1425:
1300:
555:
487:
81:
677:
2415:
2053:
1763:
1816:
1155:
122:
1245:
525:
central rate and without devaluing its currency's bilateral central rate against the euro in the same period.
290:
lost its autonomy and became a regional office of the National Bank of Yugoslavia headquartered in Belgrade.
1445:
1270:
654:"Euro used as legal tender in non-EU nations – Business – International Herald Tribune – The New York Times"
2159:
2063:
1821:
1341:
1131:
1110:
508:
504:
454:
233:
2330:
1889:
1869:
1778:
1758:
1616:
1379:
1356:
1336:
797:
633:
have formal agreements with the EU to use the euro as their official currency and issue their own coins.
605:
571:
425:
381:
342:
283:
237:
225:
126:
61:
2118:
1914:
1904:
1899:
1811:
1788:
1293:
118:
97:
89:
71:
980:
2244:
2047:
2031:
1941:
1919:
1909:
1854:
1718:
1708:
1698:
1516:
1498:
581:
482:
in order to ensure that a certain country is ready for integration into the monetary regime of the
429:
140:
101:
93:
2338:
2326:
2314:
1000:
2394:
2342:
2164:
1826:
1793:
1768:
1753:
1748:
1723:
1713:
1703:
1621:
825:
705:
240:, later known as the Kingdom of Yugoslavia, Montenegro used the country's official currency, the
229:
130:
2249:
1783:
1733:
1728:
1611:
1581:
1576:
1571:
1461:
1135:
547:
892:
2254:
2234:
2229:
2098:
2002:
1773:
1743:
1738:
1566:
1561:
1556:
1521:
183:
653:
2264:
2113:
1476:
359:
2007:
474:
according to many officials, it is a frontrunner on the path towards the EU membership.
232:
from 1906 to 1918. However, other foreign currencies were used in parallel, such as the
2269:
2209:
2194:
2189:
1631:
1531:
1435:
441:
currency as its legal tender and hopes to join the European Union as soon as possible.
327:
271:
253:
241:
187:
18:
2404:
2370:
2259:
2204:
2184:
2179:
2174:
2169:
2017:
1976:
1669:
1664:
1659:
1526:
1362:
1106:
1028:"Commission Opinion on Montenegro's application for membership of the European Union"
772:
377:
331:
312:
2382:
2318:
2274:
2239:
2224:
2219:
2199:
2012:
1997:
1981:
1654:
1649:
1644:
1180:"Stabilisation and Association Agreement between Montenegro and the European Union"
750:
630:
413:
372:
213:
932:"Agreements on monetary relations (Andorra, Monaco, San Marino, and Vatican City)"
317:
457:, would face sanctions from the EU including suspending their accession process.
2214:
1639:
1591:
1586:
1409:
1548:
1394:
626:
409:
393:
363:
270:
following World War II, it was bound to Yugoslav monetary policy and used the
179:
1404:
1346:
872:
976:
286:. In the new country, the monetary system was re-centralized, wherein the
258:
1690:
1351:
1055:
536:
483:
209:
204:
191:
44:
392:
Unlike the members of the Eurozone, Montenegro has no authority to mint
1481:
868:
657:
618:
401:
80: 5 not in ERM II, but obliged to join the eurozone on meeting the
428:(ECB) initially did not object to this step. Since then, however, the
1159:
1052:"EU prijeti Crnoj Gori ukidanjem eura: Niste sposobni za našu valutu"
1004:
622:
405:
299:
279:
274:
as its official currency until 1999. After the disintegration of the
195:
773:"The Worst Episode of Hyperinflation in History: Yugoslavia 1993-94"
517:: The candidate has to participate in the exchange rate mechanism (
424:
When Montenegro started using the euro as a national currency, the
1471:
358:
316:
257:
1930:
1841:
1803:
1316:
438:
354:
199:
1289:
1285:
1103:"Montenegro Warns Against Unilateral Euro Adoption (Update1)"
1022:
1020:
1225:"Conditions for joining the euro area: convergence criteria"
1076:"Commission Staff Working Document - Montenegro 2019 Report"
562:
should be complied with before the country joins the Union.
521:) for at least 2 years without strong deviations from the
869:"Yugoslavia: Montenegro Adopts German Mark As Currency"
751:"Yugoslavia: Montenegro Adopts German Mark As Currency"
384:
approving the use of the euro as an official currency.
278:, in 1992 the former member republics – Montenegro and
2354:
1267:"Montenegro's experience with unilateral euroization"
2283:
2152:
2132:
2039:
2030:
1990:
1966:
1955:
1928:
1878:
1839:
1802:
1689:
1682:
1630:
1547:
1540:
1507:
1454:
1418:
1372:
1324:
224:In the early 20th century, during the short-lived
117: 4 using the euro with a monetary agreement (
1332:Economic and Monetary Union of the European Union
1097:
1095:
503:: Government deficit cannot be higher than 3% of
1201:"Montenegro – a lead candidate for EU accession"
744:
742:
507:. Government debt cannot be higher than 60% of
480:Treaty on the Functioning of the European Union
1301:
1156:"Montenegro's peculiar path to EU membership"
971:
969:
587:Accession of Montenegro to the European Union
554:will eventually join the euro area, once the
162:
8:
2296:European Financial Stabilisation Mechanism
2036:
1963:
1686:
1544:
1308:
1294:
1286:
577:International status and usage of the euro
169:
155:
977:"EU to question Montenegro's use of euro"
696:
694:
606:Unilateral euroization (or dollarization)
863:
861:
268:Socialist Federal Republic of Yugoslavia
17:
2361:
645:
598:
471:Stabilization and Association Agreement
732:
730:
366:and banknotes of various denominations
266:After Montenegro became a part of the
238:Kingdom of Serbs, Croats, and Slovenes
2291:European Financial Stability Facility
1482:Euro interbank offered rate (Euribor)
822:"Money in Montenegro through history"
702:"Money in Montenegro through history"
501:Sound and sustainable public finances
139: 2 using the euro unilaterally (
7:
1683:Coins by country with minting rights
296:hyperinflation in the period 1992–94
236:. From 1922 to 1941, as part of the
198:) that has unilaterally adopted the
70: 1 in ERM II, with an opt-out (
25:
2421:Montenegro–European Union relations
1865:French Southern and Antarctic Lands
1132:"EU Warns Montenegro over the Euro"
798:"The Beauty of a Parallel Currency"
186:, which is neither a member of the
2094:European Monetary Cooperation Fund
1492:European payments initiative (EPI)
753:. Journal of Comparative Economics
535:Additionally to that, to join the
14:
2388:
2376:
2364:
2337:
2325:
2313:
1487:Single euro payments area (SEPA)
1390:European System of Central Banks
542:European System of Central Banks
228:, the government introduced the
1182:. Council of the European Union
1001:"EU to warn Montenegro on euro"
953:"National sides of euro coins"
284:Federal Republic of Yugoslavia
1:
1467:Economy of the European Union
704:. Central Bank of Montenegro
552:members of the European Union
488:economic convergence criteria
1597:2 € commemorative coins
1431:European Stability Mechanism
469:In 2007 Montenegro signed a
29:European Union member states
2104:European Monetary Institute
893:"Initial changeover (2002)"
336:National Bank of Yugoslavia
288:National Bank of Montenegro
2439:
1958:Other extant EU currencies
1804:Monetary agreement with EU
828:Central Bank of Montenegro
478:in Article 140 (1) of the
450:Central Bank of Montenegro
352:
310:
262:5000 dinar banknote (1985)
251:
2308:
1931:Countries and territories
1860:Saint Pierre and Miquelon
1602:Other commemorative coins
1426:Stability and Growth Pact
777:San Jose State University
678:"The euro outside Europe"
2411:Currencies of Montenegro
2284:Former fiscal provisions
2054:European Monetary System
1844:using euro per agreement
529:Long-term interest rates
1933:using euro unilaterally
1446:European Fiscal Compact
895:. European Central Bank
680:. European Central Bank
515:Exchange-rate stability
2160:European Currency Unit
1846:without minting rights
1342:European banking union
1271:obserwatorfinansowy.pl
1246:"Convergence criteria"
934:. European Communities
455:Bosnia and Herzegovina
367:
322:
263:
176:
23:Eurozone participation
2331:European Union portal
1880:Potential adoption by
1870:Akrotiri and Dhekelia
1617:Europa coin programme
1380:European Central Bank
1337:Capital Markets Union
1206:. European Parliament
1081:. European Commission
1033:. European Commission
955:. European Commission
548:The Maastricht Treaty
426:European Central Bank
382:European Central Bank
362:
320:
261:
226:Kingdom of Montenegro
21:
2153:Preceding currencies
2119:European debt crisis
1509:International status
556:convergence criteria
445:Montenegrin position
341:The introduction of
109:Non–EU member states
82:convergence criteria
2134:Previous EU members
2048:Snake in the tunnel
1499:Euro Currency Index
582:Kosovo and the euro
430:European Commission
321:A 100 Mark banknote
35:special territories
2343:Numismatics portal
2165:Austrian schilling
1842:Non-EU territories
1517:Proposed eurobonds
1248:. European Council
1227:. European Council
550:provides that all
368:
323:
264:
230:Montenegrin perper
177:
2352:
2351:
2304:
2303:
2250:Portuguese escudo
2026:
2025:
1835:
1834:
1678:
1677:
1607:Identifying marks
1462:Economy of Europe
1419:Fiscal provisions
1136:balkaninsight.com
2428:
2393:
2392:
2391:
2381:
2380:
2379:
2369:
2368:
2367:
2360:
2341:
2329:
2317:
2255:Sammarinese lira
2245:Monégasque franc
2235:Luxembourg franc
2230:Lithuanian litas
2099:Delors Committee
2088:
2082:
2077:
2071:
2066:
2060:
2037:
2003:Hungarian forint
1970:
1964:
1855:Saint Barthélemy
1687:
1545:
1522:Reserve currency
1310:
1303:
1296:
1287:
1281:
1280:
1278:
1277:
1263:
1257:
1256:
1254:
1253:
1242:
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1235:
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1221:
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1214:
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1190:
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1187:
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1169:
1167:
1166:
1152:
1146:
1145:
1143:
1142:
1128:
1122:
1121:
1119:
1118:
1109:. Archived from
1099:
1090:
1089:
1087:
1086:
1080:
1072:
1066:
1065:
1063:
1062:
1048:
1042:
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1038:
1032:
1024:
1015:
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1011:
997:
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990:
988:
987:
973:
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963:
961:
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949:
943:
942:
940:
939:
928:
922:
919:
913:
910:
904:
903:
901:
900:
889:
883:
882:
880:
879:
865:
856:
852:
846:
843:
837:
836:
834:
833:
818:
812:
811:
809:
808:
796:Steve H. Hanke.
793:
787:
786:
784:
783:
771:Thayer Watkins.
768:
762:
761:
759:
758:
746:
737:
734:
725:
722:
716:
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713:
712:
698:
689:
688:
686:
685:
674:
668:
667:
665:
664:
650:
634:
616:
610:
603:
184:Southeast Europe
182:is a country in
171:
164:
157:
138:
116:
79:
69:
51:
43: 20 in the
42:
2438:
2437:
2431:
2430:
2429:
2427:
2426:
2425:
2416:Euro by country
2401:
2400:
2399:
2389:
2387:
2377:
2375:
2365:
2363:
2355:
2353:
2348:
2300:
2279:
2265:Slovenian tolar
2148:
2137:
2135:
2128:
2114:Black Wednesday
2084:
2080:
2073:
2069:
2062:
2058:
2022:
1986:
1968:
1960:
1951:
1935:
1932:
1924:
1883:
1882:other countries
1881:
1874:
1848:
1845:
1843:
1831:
1798:
1674:
1626:
1536:
1503:
1477:Euro calculator
1450:
1414:
1368:
1320:
1314:
1284:
1275:
1273:
1265:
1264:
1260:
1251:
1249:
1244:
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1239:
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1223:
1222:
1218:
1209:
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1203:
1199:
1198:
1194:
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1173:
1164:
1162:
1154:
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1149:
1140:
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1129:
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1116:
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1100:
1093:
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1078:
1074:
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1045:
1036:
1034:
1030:
1026:
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994:
985:
983:
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974:
967:
958:
956:
951:
950:
946:
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935:
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929:
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920:
916:
911:
907:
898:
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891:
890:
886:
877:
875:
867:
866:
859:
853:
849:
844:
840:
831:
829:
820:
819:
815:
806:
804:
795:
794:
790:
781:
779:
770:
769:
765:
756:
754:
749:
747:
740:
735:
728:
723:
719:
710:
708:
700:
699:
692:
683:
681:
676:
675:
671:
662:
660:
652:
651:
647:
643:
638:
637:
617:
613:
604:
600:
595:
568:
558:have been met.
495:Price stability
467:
447:
422:
390:
357:
351:
315:
309:
256:
250:
222:
202:in 2002 as its
175:
148:
136:
134:
114:
110:
105:
77:
75:
67:
65:
49:
47:
40:
31:
12:
11:
5:
2436:
2435:
2432:
2424:
2423:
2418:
2413:
2403:
2402:
2398:
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2385:
2373:
2350:
2349:
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2346:
2334:
2322:
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2302:
2301:
2299:
2298:
2293:
2287:
2285:
2281:
2280:
2278:
2277:
2272:
2270:Spanish peseta
2267:
2262:
2257:
2252:
2247:
2242:
2237:
2232:
2227:
2222:
2217:
2212:
2207:
2202:
2197:
2195:Finnish markka
2192:
2190:Estonian kroon
2187:
2182:
2177:
2172:
2167:
2162:
2156:
2154:
2150:
2149:
2147:
2146:
2144:United Kingdom
2140:
2138:
2133:
2130:
2129:
2127:
2126:
2121:
2116:
2111:
2106:
2101:
2096:
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2090:
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308:
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272:Yugoslav dinar
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2240:Maltese lira
2225:Latvian lats
2220:Italian lira
2200:French franc
2013:Romanian leu
2008:Polish złoty
1998:Czech koruna
1982:Danish krone
1946:
1827:Vatican City
1612:Starter kits
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2109:Enlargement
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706:www.cbcg.me
572:Euroization
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1947:Montenegro
1822:San Marino
1764:Luxembourg
1670:500 €
1665:200 €
1660:100 €
1395:Eurosystem
1276:2020-03-06
1252:2020-03-19
1231:2020-03-19
1210:2020-03-21
1186:2020-03-03
1165:2020-03-06
1141:2020-03-03
1117:2020-03-05
1085:2020-03-21
1061:2020-03-05
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807:2020-03-22
782:2020-03-22
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711:2020-03-22
684:2020-03-03
663:2020-03-21
641:References
627:San Marino
410:San Marino
394:euro coins
364:Euro coins
180:Montenegro
145:Montenegro
127:San Marino
1759:Lithuania
1655:50 €
1650:20 €
1645:10 €
1632:Banknotes
1622:Euro mint
1527:Petroeuro
1405:Eurogroup
1347:Euro sign
873:rferl.org
537:euro area
484:euro area
208:domestic
2136:and euro
1890:Bulgaria
1789:Slovenia
1784:Slovakia
1779:Portugal
1691:Eurozone
1640:5 €
1592:2 €
1587:1 €
1441:Six pack
1357:Language
1352:Eurozone
1056:Index.hr
566:See also
210:currency
205:de facto
192:Eurozone
62:Bulgaria
45:eurozone
2357:Portals
2040:General
2032:History
1915:Romania
1905:Hungary
1900:Denmark
1812:Andorra
1744:Ireland
1734:Germany
1724:Finland
1719:Estonia
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388:Coins
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