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The euro area, [8] commonly called the eurozone (EZ), is a currency union of 20 ... Countries outside the eurozone are not represented in these institutions.
Outside the EU, there are currently three French territories and a British territory that have agreements to use the euro as their currency. All other dependent territories of eurozone member states that have opted not to be a part of EU, usually with Overseas Country and Territory (OCT) status, use local currencies which are often pegged to the euro or U.S. dollar.
The enlargement of the eurozone is an ongoing process within the European Union (EU).All member states of the European Union, except Denmark which negotiated an opt-out from the provisions, are obliged to adopt the euro as their sole currency once they meet the criteria, which include: complying with the debt and deficit criteria outlined by the Stability and Growth Pact, keeping inflation and ...
In Europe, the most commonly used currency is the euro (used by 26 countries); any country entering the European Union (EU) is expected to join the eurozone [1] when they meet the five convergence criteria. [2] Denmark is the only EU member state which has been granted an exemption from using the euro. [1]
However, both the first and the second series of euro banknotes, including the €500, remain legal tender throughout the euro area. [45] In December 2021, the ECB announced its plans to redesign euro banknotes by 2024. A theme advisory group, made up of one member from each euro area country, was selected to submit theme proposals to the ECB.
EU member states outside the eurozone (marked with yellow in the table) have no access to the funds provided by EFSF/ESM, but can be covered with rescue loans from EU's Balance of Payments programme (BoP), IMF and bilateral loans (with an extra possible assistance from the Worldbank/EIB/EBRD if classified as a development country). Since ...
From 2009 to 2024, the U.S. government funneled the equivalent of 14 trillion euros into the American economy via primary deficits versus just 2.5 trillion euros in the eurozone, he estimated.
All form part of the European Union customs area; however, some fall outside of the Schengen Area and the European Union Value Added Tax Area. Seven Outermost Regions were recognised at the signing of the Maastricht Treaty in 1992. [1] The Treaty of Lisbon included two additional territories (Saint Barthélemy and Saint Martin) in 2007. [5]