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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. The 20 eurozone members are:
Non-eurozone member state Currency Central rate per €1 [1] EU join date ERM II join date [1] Government policy on euro adoption Convergence criteria compliance [17] (as of June 2024) Notes Bulgaria: Lev (BGN) 1.95583 [note 1] 2007-01-01 2020-07-10 Euro adoption on 1 July 2025 [5] Compliant with 4 out of 5 criteria (all except inflation) [6]
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]
The relationship between euro and non-euro states has been on debate both during the United Kingdom's membership (as a large opt-out state) and in light of withdrawal from the EU and how that impacts the balance of power between the countries inside and those outside the eurozone, avoiding a eurozone caucus out-voting non-euro states. Former ...
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 ...
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 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.
The list below includes all entities falling even partially under any of the various common definitions of Europe, geographical or political.Fifty generally recognised sovereign states, Kosovo with limited, but substantial, international recognition, and four largely unrecognised de facto states with limited to no recognition have territory in Europe and/or membership in international European ...