I see that the newly independent nation of Macedonia has the euro as its official currency, despite not being a member of the EU, let alone the eurozone.
This raises a few (probably naive) questions.
Is the European Central Bank quite happy about this? It seems odd that they specify so many criteria for a country to meet before it can join the eurozone, but Macedonia can just say “Stuff it, we’ll use the euro anyway.”
Where does Macedonia get its euro banknotes and coins from? Obviously it can’t print them itself. Does the government just buy them on the open market? And if so, what do they buy them with?
Does the ECB have to adjust its production of euros to take into account usage by non-eurozone countries?
These questions may be elementary, but economics is something of a black art in my eyes…