Eurozone Admission Requirement Proposal
In order to ensure the prosperity of the Euro, our regional currency, I propose that guidelines be set for admittance to the Eurozone. Since the Council votes on proposals, I bring the first proposal to the European Union:
- Economies wishing to join the Eurozone must be at least be in a self-sustaining shape (OOC: Very Strong) able to withstand shock tests, downturns, etc.
- Government spending should not exceed 45% of GDP
- Systems of government must ensure personal and political freedoms (OOC: Excellent ratings in Civil and Political Rights) and promote stability. The government must also have a democratic system of checks and balances and open elections.
- Debt calculated by the Office of Economics cannot exceed 45% of GDP.
- Miraco, California and Oregon, Belarum, Grossdeutches Reich, Kryuland, and the Weiss Isles are automatically included in the Eurozone as the requirements will apply to future applicants.
- Membership to the European Union does not require joining the Eurozone or adopting the Euro in any capacity as your national currency.
- Approval to the Eurozone must be voted up by a 60% majority of the Council.
This is intended to be a starting point. I encourage debate and thank you for the democratic debate of the proposal.
Dr. Michael J. Reed President of the European Central Bank