How were the initial members of EMU chosen?

How were the initial members of EMU chosen? How will new members be admitted? What is the structure of the complex of financial and political institutions that govern economic policy in the euro zone?

Answer: EU countries should satisfy:

1. Low inflation rate (no more than 1.5 percent above the average of the three EU member states with the lowest inflation).
2. A stable exchange rate within the
3. Public-sector deficit no higher than 3 percent of its GDP in
4. A public debt below or approaching a reference level of 60 percent of its GDP