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Eurozone

Eurozone or euro-area is the set of countries of the European Union which have adopted the euro () currency.

Members

There are 12 members in the eurozone: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain.

The other three countries of the European Union are not in the Eurozone: Denmark, Sweden, United Kingdom.

The European Central Bank is responsible for the monetary policy within the eurozone.

Outside the EU (and thus outside the Eurozone) there are in addition:

  • Monaco, San Marino and Vatican City, countries that mint their own euro coins by virtue of agreements concluded with EU member states and approved by the Council of the European Union;
  • Andorra, that uses the euro by similar agreements, without their own coins;
  • Montenegro and Kosovo, that have unilaterally decided to use the euro; thus this does not involve any commitment on the part of the Eurosystem.
  • countries that have another currency, but fixed to the euro; these are also unilateral decisions; these countries include:

Inflation

  • June 2002 : 1.8%
  • November 2002 : 2.2%
  • December 2002 : 2.2%

Fiscal Policy

Members of the Eurozone have to respect the stability pact and have to keep fiscal deficit below 3%. If they do not do so, they will have to pay fines.

See also: economy.



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