coins and euro banknotes were designed. While the European Union is not obliged to accept the Manx desire to introduce a special Manx version of the euro, the Isle of Man could arguably introduce a currency pegged to the euro (akin to its situation now vis-à-vis the pound sterling, or the relationship between the euro and the Bulgarian lev). There is no precedent for divergent national versions, beyond customising the national side of euro coins in the same way as other eurozone members. Banknotes Some private sector banks in Scotland and Northern Ireland issue banknotes of their own design. The Banking Act, 2008 amended the rights of Scottish and Northern Irish banks to produce banknotes. This does not apply in Wales which uses Bank of England notes. In November 1999, in preparation for the introduction of the euro notes and coins across the eurozone, the European Central Bank announced a total ban on the issuing of banknotes by entities that were not national central Banks ("Legal Protection of Banknotes in the European Union Member States"). A move from sterling to the euro would have ended the circulation of sub-national banknotes as all euro banknotes of a given denomination have an identical design. However, as national variation is a requisite of euro coins, it would have remained an option for the Royal Mint to incorporate the symbols of the Home Nations into its designs for the British national sides of euro coinage. Convergence criteria Aside from approval in a domestic referendum, the UK would be required to meet the euro convergence criteria before being granted approval to adopt the euro. As of the last report by the European Central Bank in May 2018, the UK met 1 of 5 of the criteria. See also Sterling area Enlargement of the eurozone Millions, a 2004 film in which the United Kingdom adopting the euro is a major plot point List of countries by leading trade partners List of the largest trading partners of the European Union List of the largest trading partners of United Kingdom European Union–United Kingdom relations Notes References External links HM Treasury – Official UK Treasury euro website European Central Bank – Graph showing euro-sterling exchange-rate from 1999 to the present The UK's five tests BBC Reuters – Factbox – A look at sterling milestones as euro parity looms Public policy in the United Kingdom Euro Euro by country Euro