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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:
European Union portal. ... in the euro area is an integral part of the ... to increase the resilience of euro area Member States to potential ...
It is composed of representatives of the euro area member states of the Economic and Financial Committee (EFC), the European Commission and the European Central Bank. The President of the Eurogroup Working Group is Tuomas Saarenheimo , who entered the job in April 2020 and is also the President of the EFC. [ 1 ]
The European Central Bank shall be invited to take part in such meetings, which shall be prepared by the representatives of the Ministers with responsibility for finance of the Member States whose currency is the euro and of the Commission.
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 .
The European Union (EU) is a supranational political and economic union of 27 member states that are located primarily in Europe. The Union has a total area of 4,233,255 km 2 (1,634,469 sq mi) and an estimated total population of over 449 million.
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The member states whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality.