Last Updated on: 19th February 2021, 08:54 am
Any member country of the European Union (EU) that has adopted the euro as their national currency form a geographical and economic region known as the eurozone.
The eurozone, officially called the euro area, is a monetary union of 19 of the 27 EU member states which have adopted the euro as their common currency. It forms one of the largest economic regions in the world.
It consists of 19 countries in the EU: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
Altogether, the eurozone is almost equal to the population and Gross Domestic Product (GDP) of the U.S.
The European Central Bank (ECB) and the national central banks together constitute the Eurosystem, the central banking system of the eurozone.
The ECB exercises the sole authority to decide the printing and minting of euro notes and coins.
Politically speaking, the eurozone is collectively represented by the Eurogroup, which consists of the member nations.
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