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The euro area, [8] commonly called the eurozone (EZ), is a currency union of 20 member states of the European Union (EU) that have adopted the euro as their primary currency and sole legal tender, and have thus fully implemented EMU policies.
[3] [4] For countries which hope to join the eurozone, there are five guidelines that need to be followed, grouped in the Maastricht criteria. [1] The United Kingdom's currency, sterling, is rated fourth on Investopedia's list of the top 8 most tradable currencies, and that it is a "little bit more volatile than the euro". [5]
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 ...
According to revised figures on Thursday, inflation across the 20-country eurozone, sank to 1.7% in September, the first time in three years that it has been below the ECB’s target rate of 2%.
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.
Gross domestic product in the 20-country eurozone showed a zero increase in the final quarter of 2024, the EU statistics agency Eurostat said. For the full year, the economy grew 0.7%.
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.
The temporary measure adopted in May saw a ban placed on the imports of Ukrainian wheat, maize, rapeseed and sunflower seed to Bulgaria, Hungary, Poland, Romania, and Slovakia to counter the risk ...