Euro is the second most widely used global currency after the US dollar. However, some of the European countries are still stuck with their old currencies to keep the country’s economic balance alive. Hungary, Romania, and Sweden are a few of those countries.
 
Let’s dig out the reasons why these three countries, in particular, have not joined the list of euro-using countries yet!

 

 Hungary is Skeptical
 
Hungary still has forint as its currency, which a greater population of the country wants to be replaced with the euro. But, the Hungarian Government does not feel that it is a good time to shift to the euro. The Government is skeptical the currency change after the pandemic situation would only cause deflation in the economic growth of the country. Therefore it seems acceptable for Hungary to keep itself out of the Eurozone.
 

Romania Does Not Qualify

Romania, despite being one of the oldest countries in Europe, has not yet entered the Eurozone. One of the reasons for this exclusion is that Romania, with its current policies, does not qualify for entering the Eurozone. After the pandemic situation, Romania is going to take a little longer to come into the position of making a legal commitment of adopting and maintaining the euro value.
 
 Sweden Needs Time

Sweden seems to show no interest in making the euro its official currency for a few more years to come. Technically and legally, Sweden clears all the criteria of entering the euro area. However, because of not having the membership for Exchange Rate Mechanism II, Sweden is still using Krona as its formal currency.

 

Also, more than half of the Swedish population believes that the euro will only have adverse effects on the country’s economy, making it more challenging for the country to refinance everything.