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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:
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 ...
There are eight currencies of the European Union as of 2023 used officially by member states. The euro accounts for the majority of the member states with the remainder operating independent monetary policies. Those European Union states that have adopted it are known as the eurozone and share the European Central Bank (ECB).
All de facto present currencies in Europe, and an incomplete list of the preceding currency, are listed here. 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]
1 January – Croatia adopted the euro and became the 20th member state of the eurozone. [1] They entered the Schengen area and became the 23rd European union member to do so, and the 27th states to accede to the union overall [2]
On 16–17 June 1997, the European Council decides at Amsterdam to adopt the Stability and Growth Pact, designed to ensure budgetary discipline after creation of the euro, and a new exchange rate mechanism (ERM II) is set up to provide stability above the euro and the national currencies of countries that haven't yet entered the eurozone.
The ESCB is composed of the European Central Bank and the national central banks of all 27 member states of the EU. The first section of the following list lists member states and their central banks that form the Eurosystem (plus the ECB), which set eurozone monetary policy.
The Eurosystem is the monetary authority of the eurozone, the collective of European Union member states that have adopted the euro as their sole official currency. The European Central Bank (ECB) has, under Article 16 of its Statute, [ 1 ] the exclusive right to authorise the issuance of euro banknotes .