Is it possible for the new Member States to start to use the euro as a parallel currency (i.e. euroisation) before joining the Eurosystem?
“Euroisation” runs counter to the underlying economic rationale of EMU, which envisages the eventual adoption of the euro as the end point of a convergence process within a multilateral framework. The stages laid down in the Treaty on the way to adopting the euro cannot be circumvented by unilateral euroisation.
