Montenegro has no currency of its own. Prior to the introduction of the euro in 2002, the Deutsche Mark was the de facto currency in all private and banking transactions. When the euro was introduced and the Deutsche Mark yielded, Montenegro began using the euro as well.
The European Commission and the European Central Bank have voiced their discontent over Montenegro's unilateral use of the euro on several occasions, saying that the adherence to strict convergence criteria (such as spending at least 2 years in the ERMII system) are not negotiable, but have not intervened to stop the use of euro on Montenegro in 2002.
Unlike official members of the Eurozone, Montenegro does not mint coins with a distinctive national design.
Officials from the Central Bank of Montenegro have indicated on several occasions that the European institutions do expect them to strictly follow ERM rules, particularly because of their EU accession process.
On 17 December 2010 Montenegro was granted candidate status to join the European Union. The issue is expected to be resolved through the negotiations process.