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since January 2002 more than 300 million Europeans have been using the euro for all kinds of transactions but how does it work firstly who can be part of the eurozone all EU member states with the exception of Denmark and the UK who negotiated opt outs have to adopt the single currency and join the eurozone secondly what criteria must be met to enter the euro zone well there are four entry criteria a set of economic indicators known as the convergence criteria or the Maastricht criteria hes was signed as part of the treaty on 7th of February in 1992 the criteria include rules for inflation and limits for public debt in the public deficit for exchange rate stability and interest rate convergence when a Member State joins the eurozone it is required to comply with the stability and growth pact as the convergence criteria Member States gross government debt cannot exceed 60% and the annual debt must be kept to a maximum 3% of GDP eurozone members must also keep inflation under control wh