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The concept of a common currency was proposed in the 1970s within the EEC, championed by economists including Fred Arditti, Neil Dowling, and Robert Mundell. This idea was formalized in the Maastricht Treaty of 1992, celebrated by twelve EEC member countries, while the UK and Denmark opted out. Future member countries were required to adopt the euro upon meeting specific economic criteria outlined in the Stability and Growth Pact of 1997. Sweden, joining after the 1992 treaty, successfully negotiated to retain its local currency. Initially named the ECU (European Currency Unit), the current name "euro" is attributed to Belgian economist Pierre Werner.