What is the Eurozone?

The eurozone is an economic and monetary area of 18 European countries using the euro as the common currency.

The eurozone is the region of countries in the European Union that are economically unified under the euro. The eurozone's participating countries are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. Several other territories—Monaco, San Marino, Vatican City, Andorra, Kosovo and Montenegro—have agreements to use the euro as the predominant currency. There is generally no political or fiscal policy governing the eurozone; however, the monetary policy is governed by the European Central Bank.

The eurozone has a population of more than 330 million((http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&language=en&pcode=tps00001 Retrieved 11 December 2014)) and a GDP of €9.6 trillion((http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&language=en&pcode=tps00001 Retrieved 11 December 2014)) . The eurozone came into existence 1 January 1999 with the official launch of the euro.

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