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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 Guidance also clarifies that citizens of the European micro-states (Andorra, Monaco, San Marino and the Vatican City) are exempt from the temporary restriction on the entry of third-country nationals to the European Union and the Schengen Area for non-essential travel.
The Schengen Area consists of 25 EU member states and four non-EU countries that are members of EFTA: Iceland, Liechtenstein, Norway and Switzerland. Cyprus, while an EU member state, is not yet part of the Schengen Area but, nonetheless, has a visa policy that is partially based on the Schengen acquis. [2]
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 ...
Several European microstates outside the EU have adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements were reached with Monaco, San Marino, and Vatican City by EU member states (Italy in the case of San Marino and Vatican City, and France in the case of Monaco) allowing them to use the euro ...
All of the states that implement the common visa rules – including Iceland, Liechtenstein, Norway, Switzerland, Bulgaria, Cyprus and Romania – may notify the European Commission about non-compliant third states. [154] The EU has achieved full reciprocity with the following countries (meaning the citizens of those countries may travel to all ...