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The euro is also used in countries outside the EU. Four states (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins. [29] [30] Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group.
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.
In 2004 the European Union developed the European Neighbourhood Policy (ENP) for the promotion of cooperation between the EU and its neighbours to the east and south of the European territory of the EU (i.e., excluding its outermost regions outside of Europe), [2] which, in part, includes the Cross-Border Cooperation programme aimed at the ...
This includes all member states of the EU, even those outside the eurozone providing the transactions are carried out in euro. [49] Credit/debit card charging and ATM withdrawals within the eurozone are also treated as domestic transactions; however paper-based payment orders, like cheques, have not been standardised so these are still domestic ...
The change was made to facilitate trade with countries outside the EU, notably the United States, [32] and was made possible by a provision of the Lisbon Treaty which allows the European Council to change the EU status of a Danish, Dutch, or French territory on the initiative of the member state concerned. [33]
Andorra, Monaco, and San Marino have all stated their desire to deepen relations with the EU. In November 2012, after the Council of the European Union had called for an evaluation of the EU's relations with these microstates, which they described as "fragmented", [9] the European Commission published a report outlining options for their further integration into the EU. [7]
The member states of the EU have land borders with 21 other countries and 3 dependent territories. It is estimated that the coastline of the continental European Union is 66,000 km (41,000 miles) long, [2] bordering the Atlantic Ocean, Mediterranean Sea and Black Sea, and the Baltic Sea. With overseas territories included, the European Union is ...
The European Free Trade Association (EFTA) was created to allow European countries to partake in a free trade area with less integration as within the European Communities (later European Union). Most of the countries initially in EFTA have since joined the EU itself, so only four remain outside, Norway, Iceland, Liechtenstein and Switzerland.