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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:
Protocol 14 of the treaty lays out only two articles to govern the group; Article 1: The Ministers of the Member States whose currency is the euro shall meet informally. Such meetings shall take place, when necessary, to discuss questions related to the specific responsibilities they share with regard to the single currency.
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 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 ...
If the state has been using the euro as its currency then, rather than form a new domestic currency, it might continue to use the euro unilaterally – as Montenegro does – or by way of a monetary agreement with the EU – as Andorra does – without being a member of the EU. [citation needed]
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 Forum is the arena for presenting opinions and interests of all ERB stakeholders such as member organisations, local communities, authorities, and also representatives of external organisations (leading politicians and high-ranking civil servants, national and EU representatives, experts and practitioners of territorial cooperation).
During the rule of the Law and Justice, Self-Defence of the Republic of Poland and League of Polish Families coalition, the euro was not a priority on Poland's agenda. In 2006, prime minister Kazimierz Marcinkiewicz stated that the accession to euro area was only possible after 2009, as the Polish deficit could decrease to 3% of GDP by the end of 2007. [7]