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A brief explanation about this monetary and economic union.



The Eurozone is officially called the euro area, is an economic and monetary union that involves the coordinations of economic and fiscal policies. A common monetary policy which have adopted the euro as their shared currency.


Did you know that...? At the end of 2006 the euro became the most used currency for cash payments overcoming the american dollar.

Is a monetary union of 19 of the 28 European Union member States. The monetary authority of the Eurozone is the Eurosystem.


Characteristics that a country must have to enter to the Eurozone


To enter to the euro area, the States must comply with the 5 criteria of the Maastricht treaty and also they must be part of the European Union.


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Only 19 of the 28 countries that form the European Union adopted the euro as their common currency.



( In the picture we can see in dark blue the countries that are inside the Eurozone and in light blue those members of the European Union that have another type of currency.)


The euro countries

Right now, the countries that form the Eurozone are the following ones: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.


They each enter to the Eurozone at a different date, being the lasts ones to enter Latvia and Lithuania in 2014 and 2015 respectively.


Countries that are not in the Eurozone but are in the European Union

They are Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania and Sweden.

Even they are not in the Eurozone, most of them let people, mostly tourists, pay in euros to use cash because this benefits them because they have a cheaper currency.


Did you know that...? Over 175 million people worlwide use currencies which are pegged to the euro.

Countries with an opt-out

This is the case of Denmark and previously it was the case also of the United Kingdom. Those are member States of the European Union that negociate the opt-out of the policy of the euro area and the euro as a currency.


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The euro appears the 1st January in 1999 but it has been in our pockets since 2002.

January 1, 1999 - The euro is launched, in non-physical form. It can be traded electronically and used in travelers' checks.


September 2000 - Denmark rejects the adoption of the euro in a referendum.


January 2001 - Greece joins the eurozone after initially being rejected.


January 1, 2002 - Currency notes and coins are introduced in eurozone countries.


February 2002 - The euro becomes the sole currency of eurozone member countries.


2007 - Slovenia becomes the first former Communist country to use the euro.


2008 - Malta and Greek-controlled Cyprus join the eurozone.


2009 - Slovakia joins the eurozone.


2011 - Estonia joins the eurozone.


January 1, 2014 - Latvia joins the eurozone as the 18th member country.


January 1, 2015 - Lithuania joins the eurozone as the 19th member country.



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© 2017 THE EUROZONE BY IRENE AND CELIA

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