# Eurozone > Mediated Wiki article. Canonical URL: https://mediated.wiki/source/Eurozone > Markdown URL: https://mediated.wiki/source/Eurozone.md > Source: https://en.wikipedia.org/wiki/Eurozone > Source revision: 1354634869 > License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/) {{Short description|Area in which the euro is the official currency}} {{Distinguish|European Union|Eurodistrict|Euroregion|Eurozine}} {{Use dmy dates|date=December 2017}} {{Infobox | title = Euro area | bodystyle = width:4px | headerstyle = background:#efefef | image =
{{Eurozone labelled map interior|float=none|class=}}
| label1 = Policy of | data1 = [European Union](/source/European_Union) | label2 = Type | data2 = [Monetary union](/source/Currency_union) | label3 = Currency | data3 = [Euro](/source/Euro) | label4 = Established | data4 = 1 January 1999 | label5 = Member states | data5 = {{Collapsible list|titlestyle=font-weight:normal; background:transparent; text-align:left;|title=21|{{flag|Austria}}|{{flag|Belgium}}|{{flag|Bulgaria}}|{{flag|Croatia}}|{{flag|Cyprus}}|{{flag|Estonia}}|{{flag|Finland}}|{{flag|France}}|{{flag|Germany}}|{{flag|Greece}}|{{flag|Ireland}}|{{flag|Italy}}|{{flag|Latvia}}|{{flag|Lithuania}}|{{flag|Luxembourg}}|{{flag|Malta}}|{{flag|Netherlands}}|{{flag|Portugal}}|{{flag|Slovakia}}|{{flag|Slovenia}}|{{flag|Spain}}| [Further usage](/source/International_status_and_usage_of_the_euro)}} | header6 = Governance | label7 = [Monetary authority](/source/Monetary_authority) | data7 = [Eurosystem](/source/Eurosystem) | label8 = Political oversight | data8 = [Eurogroup](/source/Eurogroup) | header11 = Statistics | label12 = Area | data12 = {{convert|2912546|km2|sqmi|0|abbr=on}}[https://ec.europa.eu/eurostat/databrowser/view/LAN_LCV_OVW__custom_5171738/default/table?lang=en Land cover overview by NUTS 2 regions] {{Webarchive|url=https://web.archive.org/web/20230302173552/https://ec.europa.eu/eurostat/databrowser/view/LAN_LCV_OVW__custom_5171738/default/table?lang=en |date=2 March 2023 }} Eurostat | label13 = Population | data13 = 358,079,988 (1 January 2026){{cite web |url=https://ec.europa.eu/eurostat/databrowser/view/tps00001/default/table?lang=en |title=Population on 1 January |publisher=[Eurostat](/source/Eurostat) |access-date=31 October 2020 |archive-date=24 December 2021 |archive-url=https://web.archive.org/web/20211224094645/https://ec.europa.eu/eurostat/databrowser/view/tps00001/default/table?lang=en |url-status=live }} | label14 = Density | data14 = {{convert|{{#expr: 358079988/2912546 round 0}}|/km2|1|abbr=on}} | label15 = GDP (nominal) | data15 = €15.937 trillion
€44,460 (per capita) (2025) | label16 = [Interest rate](/source/Monetary_policy) | data16 = 2.0% (June 2025){{cite web |title=ECB cuts interest rates to 2% in effort to bolster flagging eurozone growth |date=5 June 2025 |url=https://www.theguardian.com/business/2025/jun/05/european-central-bank-ecb-interest-rate-cut-economic-growth-eurozone}} | label17 = Inflation | data17 = 2.0% (December 2025)[https://ec.europa.eu/eurostat/statistics-explained/index.php/Inflation_in_the_euro_area Euro area annual inflation and its main components - estimated] {{Webarchive|url=https://web.archive.org/web/20210203194046/https://ec.europa.eu/eurostat/statistics-explained/index.php/Inflation_in_the_euro_area |date=3 February 2021 }} Eurostat | label18 = Unemployment | data18 = 6.2% (January 2025)[https://ec.europa.eu/eurostat/databrowser/view/teilm020/default/table?lang=en Harmonised unemployment rate by gender – total] {{Webarchive|url=https://web.archive.org/web/20210422193106/https://ec.europa.eu/eurostat/databrowser/view/teilm020/default/table?lang=en |date=22 April 2021 }} Eurostat | label19 = [Trade balance](/source/List_of_countries_by_current_account_balance) | data19 = €310 billion trade surplus{{Cite news|url=https://markets.businessinsider.com/news/interestrates/eurozone-current-account-surplus-falls-in-december-1031207964|title=Eurozone Current Account Surplus Falls In December|date=18 February 2022|archive-date=1 January 2023|access-date=7 September 2022|archive-url=https://web.archive.org/web/20230101102210/https://markets.businessinsider.com/news/interestrates/eurozone-current-account-surplus-falls-in-december-1031207964|url-status=dead}} }} The '''euro area''' ('''EA'''),{{cite web |title=Countries, languages, currencies |url=https://publications.europa.eu/code/en/en-370300.htm |access-date=2 February 2009 |work=Interinstitutional style guide |publisher=the EU Publications Office |archive-date=23 February 2009 |archive-url=https://web.archive.org/web/20090223102832/http://publications.europa.eu/code/en/en-370300.htm |url-status=live }}[http://www.ecb.int/euro/intro/html/map.en.html The euro area] {{webarchive|url=https://web.archive.org/web/20130806204322/http://www.ecb.int/euro/intro/html/map.en.html |date=6 August 2013 }}, [European Central Bank](/source/European_Central_Bank) commonly called the '''eurozone''' ('''EZ'''), is a [currency union](/source/Monetary_union) of 21 [member states](/source/Member_state_of_the_European_Union) of the [European Union](/source/European_Union) (EU) that have adopted the [euro](/source/euro) ([€](/source/Euro_sign)) as their primary [currency](/source/currency) and sole [legal tender](/source/legal_tender), and have thus fully implemented [Economic and Monetary Union](/source/Economic_and_Monetary_Union_of_the_European_Union) policies. The 21 eurozone members are: [Austria](/source/Austria), [Belgium](/source/Belgium), [Bulgaria](/source/Bulgaria), [Croatia](/source/Croatia), [Cyprus](/source/Cyprus), [Estonia](/source/Estonia), [Finland](/source/Finland), [France](/source/France), [Germany](/source/Germany), [Greece](/source/Greece), [Ireland](/source/Republic_of_Ireland), [Italy](/source/Italy), [Latvia](/source/Latvia), [Lithuania](/source/Lithuania), [Luxembourg](/source/Luxembourg), [Malta](/source/Malta), the [Netherlands](/source/Netherlands), [Portugal](/source/Portugal), [Slovakia](/source/Slovakia), [Slovenia](/source/Slovenia), and [Spain](/source/Spain). The largest economies in the eurozone are [Germany](/source/Germany), [France](/source/France), and [Italy](/source/Italy). A number of non-EU member states, namely [Andorra](/source/Andorra%E2%80%93European_Union_relations), [Monaco](/source/Monaco%E2%80%93European_Union_relations), [San Marino](/source/San_Marino%E2%80%93European_Union_relations), and [Vatican City](/source/Holy_See-European_Union_relations) have formal agreements with the EU to use the euro as their official currency and issue their own coins.{{cite web |date=30 September 2004 |title=Agreements on monetary relations (Monaco, San Marino, the Vatican and Andorra) |url=http://europa.eu/legislation_summaries/economic_and_monetary_affairs/institutional_and_economic_framework/l25040_en.htm |access-date=12 September 2006 |publisher=European Communities |archive-date=25 May 2015 |archive-url=https://web.archive.org/web/20150525032924/http://europa.eu/legislation_summaries/economic_and_monetary_affairs/institutional_and_economic_framework/l25040_en.htm |url-status=live }}{{cite web |date=19 March 2013 |title=The government announces a contest for the design of the Andorran euros |url=http://www.andorra-euro.com/en/news1.html |url-status=dead |archive-url=https://web.archive.org/web/20130822005234/http://www.andorra-euro.com/en/news1.html |archive-date=22 August 2013 |access-date=26 March 2013 |publisher=Andorra Mint |df=dmy-all}}{{cite web |date=1 February 2013 |title=Nouvelles d'Andorre |url=http://www.amisdeleuro.org/news.php?news_id=603&lg=fr |url-status=dead |archive-url=https://web.archive.org/web/20131004224909/http://www.amisdeleuro.org/news.php?news_id=603&lg=fr |archive-date=4 October 2013 |access-date=2 February 2013 |language=fr}} In addition, [Kosovo](/source/Kosovo) and [Montenegro](/source/Montenegro) have adopted the euro unilaterally, relying on euros already in circulation rather than minting currencies of their own.{{cite web |title=The euro outside the euro area |url=https://ec.europa.eu/info/business-economy-euro/euro-area/euro/use-euro/euro-outside-euro-area_en |access-date=15 February 2021 |publisher=[Europa (web portal)](/source/Europa_(web_portal)) |archive-date=7 May 2021 |archive-url=https://web.archive.org/web/20210507122006/https://ec.europa.eu/info/business-economy-euro/euro-area/euro/use-euro/euro-outside-euro-area_en |url-status=live }} These six countries, however, have no representation in any eurozone institution.A [http://www.ecb.int/home/glossary/html/glosse.en.html glossary] ({{webarchive|url=https://web.archive.org/web/20130514162558/http://www.ecb.int/home/glossary/html/glosse.en.html|date=14 May 2013}}) issued by the [ECB](/source/European_Central_Bank) defines "euro area", without mention of Monaco, San Marino, or the Vatican. The [Eurosystem](/source/Eurosystem) is the [monetary authority](/source/monetary_authority) of the eurozone, the [Eurogroup](/source/Eurogroup) is an informal body of [finance minister](/source/finance_minister)s that makes [fiscal policy](/source/fiscal_policy) for the currency union, and the [European System of Central Banks](/source/European_System_of_Central_Banks) is responsible for fiscal and monetary cooperation between eurozone and non-eurozone EU members. The [European Central Bank](/source/European_Central_Bank) (ECB) makes monetary policy for the eurozone, sets its base [interest rate](/source/interest_rate), and issues euro banknotes and coins. Since the [2008 financial crisis](/source/2008_financial_crisis), the eurozone has established and used provisions for granting emergency loans to member states in return for enacting economic reforms.{{Cite web |date=2024-04-30 |title=Financial assistance to EU Member States {{!}} Fact Sheets on the European Union {{!}} European Parliament |url=https://www.europarl.europa.eu/factsheets/en/sheet/91/financial-assistance-to-eu-member-states |access-date=2024-08-30 |website=www.europarl.europa.eu |language=en |archive-date=30 August 2024 |archive-url=https://web.archive.org/web/20240830032659/https://www.europarl.europa.eu/factsheets/en/sheet/91/financial-assistance-to-eu-member-states |url-status=live }} The eurozone has also enacted some limited [fiscal integration](/source/Fiscal_union); for example, in peer review of each other's national budgets. The issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone change. The eurozone comprises about half the countries in geographical [Europe](/source/Europe).{{cite web | title=European countries don't actually use the Euro! | date=9 April 2025 | url=https://www.aph.com/community/know-before-you-go/european-countries-dont-actually-use-euro/ }} Within the European Union (EU), six member states have not yet adopted the euro and continue to use their own national currencies: the [Czech Republic](/source/Czech_Republic), [Denmark](/source/Denmark), [Hungary](/source/Hungary), [Poland](/source/Poland), [Romania](/source/Romania), and [Sweden](/source/Sweden). Of these, all except Denmark are legally committed to adopting the euro once they meet the required [convergence criteria](/source/euro_convergence_criteria).{{Cite web |title=Who can join and when? |url=https://ec.europa.eu/info/business-economy-euro/euro-area/enlargement-euro-area/who-can-join-and-when_en |access-date=2020-12-02 |website=European Commission – European Commission |archive-date=3 January 2021 |archive-url=https://web.archive.org/web/20210103160804/https://ec.europa.eu/info/business-economy-euro/euro-area/enlargement-euro-area/who-can-join-and-when_en |url-status=live }} To date, no country has left the eurozone, and there are no formal provisions for either voluntary withdrawal or expulsion.{{cite news |last=Fox |first=Benjamin |date=1 February 2013 |title=Dutch PM: Eurozone needs exit clause |newspaper=EUobserver.com |url=https://euobserver.com/political/118925 |access-date=18 June 2013 |archive-date=23 August 2013 |archive-url=https://web.archive.org/web/20130823025256/http://euobserver.com/political/118925 |url-status=live }} == Territory == === Eurozone === thumb|Press conference at the Council of the EU for the launching of the Euro in 1998 In 1998, eleven [member states of the European Union](/source/Member_state_of_the_European_Union) had met the [euro convergence criteria](/source/euro_convergence_criteria), and the eurozone came into existence with the official launch of the euro (alongside national currencies) on 1 January 1999 in those countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Greece qualified in 2000 and was admitted on 1 January 2001.{{citation needed|date=February 2025}} These twelve founding members introduced physical [euro banknotes](/source/euro_banknotes) and [euro coins](/source/euro_coins) on 1 January 2002. After a short transition period, they took out of circulation and rendered invalid their pre-euro national coins and notes.{{citation needed|date=February 2025}} Between 2007 and 2026, nine more states have acceded: Bulgaria, Croatia, Cyprus, Estonia, Latvia, Lithuania, Malta, Slovakia, and Slovenia. {| class="wikitable sortable" style="font-size:95%;" ! rowspan=2|[State](/source/Member_state_of_the_European_Union) ! rowspan=2|[ISO code](/source/ISO_3166-1) ! rowspan=2|[Adopted](/source/Enlargement_of_the_eurozone)
{{small|on 1 Jan of}} ! rowspan=2|Population
in 2024 {{citation needed|date=January 2026}} ! colspan=3|Nominal [GNI](/source/Gross_National_Income) in 2024 ! rowspan=2|Pre-euro
currency ! rowspan=2|Conversion rate
of euro to
pre-euro currency{{cite web | url=https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro_en | title=EU countries and the euro | website=[European Commission](/source/European_Commission) | access-date=2022-12-02 | archive-date=2 December 2022 | archive-url=https://web.archive.org/web/20221202210946/https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro_en | url-status=live }} ! rowspan=2 class="unsortable" | Pre-euro currency
was also used in ! rowspan=2 class="unsortable" | Territories where
euro is not used |- ! (USD millions){{cite web |url=https://data.worldbank.org/indicator/NY.GNP.ATLS.CD |title=GNI, Atlas method (current US$) {{!}} Data {{!}} Table (update date unknown) |access-date=2025-05-01 |df=dmy |archive-date=7 May 2016 |archive-url=https://web.archive.org/web/20160507043605/http://data.worldbank.org/indicator/NY.GNP.ATLS.CD |url-status=live }} ! As fraction of
eurozone total ! Per capita
{{small|in 2024 in USD}} |- | {{Flagcountry|Austria}} | AT || 1999{{cite journal|url=http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:31998D0317&from=EN|title=COUNCIL DECISION of 3 May 1998 in accordance with Article 109j(4) of the Treaty|date=11 May 1998|access-date=27 October 2014|journal=[Official Journal of the European Union](/source/Official_Journal_of_the_European_Union)|volume=L|number=139/30|archive-date=14 November 2020|archive-url=https://web.archive.org/web/20201114130734/https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:31998D0317&from=EN|url-status=live}} | style=text-align:right | {{nts|9,158,750}} | style=text-align:right | {{nts|502,607}} | style=text-align:right | {{percentage|502607|15693946|pad=2}} | style=text-align:right | {{nts|54,877}} | [schilling](/source/Austrian_schilling) | 13.7603 |||| |- | {{Flagcountry|Belgium}} | BE || 1999 | style=text-align:right | {{nts|11,832,049}} | style=text-align:right | {{nts|655,615}} | style=text-align:right | {{percentage|655615|15693946|pad=2}} | style=text-align:right | {{nts|55,410}} | [franc](/source/Belgian_franc) | 40.3399 ||[Luxembourg](/source/Luxembourg) || |- | {{Flagcountry|Bulgaria}} | BG || 2026{{cite journal|url=https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L_202501407|title=COUNCIL DECISION (EU) 2025/1407 of 8 July 2025 on the adoption by Bulgaria of the euro on 1 January 2026|date=14 July 2025|access-date=29 December 2025|journal=[Official Journal of the European Union](/source/Official_Journal_of_the_European_Union)|volume=L}} | style=text-align:right | {{nts|6,437,360}} | style=text-align:right | {{nts|98,994}} | style=text-align:right | {{percentage|0|1|pad=2}}Bulgaria was not part of the Eurozone in 2024 | style=text-align:right | {{nts|15,378}} | [lev](/source/Bulgarian_lev) | 1.95583 |||| |- | {{Flagcountry|Croatia}} | HR || 2023{{cite journal|url=https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022D1211&qid=1664779252884|title=Council Decision (EU) 2022/1211 of 12 July 2022 on the adoption by Croatia of the euro on 1 January 2023|date=12 July 2022|access-date=2 January 2023|journal=[Official Journal of the European Union](/source/Official_Journal_of_the_European_Union)|volume=L|number=187/31|archive-date=3 January 2023|archive-url=https://web.archive.org/web/20230103033040/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32022D1211&qid=1664779252884|url-status=live}} | style=text-align:right | {{nts|3,861,967}} | style=text-align:right | {{nts|86,014}} | style=text-align:right | {{percentage|86014|15693946|pad=2}} | style=text-align:right | {{nts|22,272}} | [kuna](/source/Croatian_kuna) | 7.53450 |||| |- | {{Flagcountry|Cyprus}} | CY || 2008{{cite journal|url=http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32007D0503&from=EN|title=COUNCIL DECISION of 10 July 2007 in accordance with Article 122(2) of the Treaty on the adoption by Cyprus of the single currency on 1 January 2008|date=18 July 2007|access-date=27 October 2014|journal=[Official Journal of the European Union](/source/Official_Journal_of_the_European_Union)|volume=L|number=186/29|archive-date=26 December 2020|archive-url=https://web.archive.org/web/20201226013057/https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32007D0503&from=EN|url-status=live}} | style=text-align:right | {{nts|933,505}} | style=text-align:right | {{nts|31,982}} | style=text-align:right | {{percentage|31982|15693946|pad=2}} | style=text-align:right | {{nts|34,260}} | [pound](/source/Cypriot_pound) | 0.585274 |||| [Northern Cyprus](/source/Northern%26nbsp%3BCyprus)The self-declared ''Turkish Republic of Northern Cyprus'' is not recognised by the EU and uses the [Turkish lira](/source/Turkish_lira). However, the euro does circulate widely.{{citation needed|date=May 2018}} |- | {{Flagcountry|Estonia}} | EE || 2011{{cite journal|url=http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010D0416&from=EN|title=COUNCIL DECISION of 13 July 2010 in accordance with Article 140(2) of the Treaty on the adoption by Estonia of the euro on 1 January 2011|date=28 July 2010|access-date=27 October 2014|journal=[Official Journal of the European Union](/source/Official_Journal_of_the_European_Union)|volume=L|number=196/24|archive-date=16 October 2020|archive-url=https://web.archive.org/web/20201016132228/https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32010D0416&from=EN|url-status=live}} | style=text-align:right | {{nts|1,374,687}} | style=text-align:right | {{nts|39,628}} | style=text-align:right | {{percentage|39628|15693946|pad=2}} | style=text-align:right | {{nts|28,827}} | [kroon](/source/Estonian_kroon) | 15.6466 |||| |- | {{Flagcountry|Finland}} | FI || 1999 | style=text-align:right | {{nts|5,603,851}} | style=text-align:right | {{nts|290,286}} | style=text-align:right | {{percentage|290286|15693946|pad=2}} | style=text-align:right | {{nts|51,801}} | [markka](/source/Finnish_markka) | 5.94573 |||| |- | {{Flagcountry|France}} | FR || 1999 | style=text-align:right | {{nts|68,401,997}} | style=text-align:right | {{nts|3,096,055}} | style=text-align:right | {{percentage|3096055|15693946|pad=2}} | style=text-align:right | {{nts|45,263}} | [franc](/source/French_franc) | 6.55957 || [Andorra](/source/Andorra)
[Monaco](/source/Monaco) | [New Caledonia](/source/New%26nbsp%3BCaledonia)French Pacific territories use the [CFP franc](/source/CFP_franc), which is pegged to the euro at the rate of 1 franc to 0.00838 euro.
[French Polynesia](/source/French%26nbsp%3BPolynesia)
[Wallis and Futuna](/source/Wallis%26nbsp%3Band%26nbsp%3BFutuna) |- | {{Flagcountry|Germany}} | DE || 1999 | style=text-align:right | {{nts|83,445,000}} | style=text-align:right | {{nts|4,601,091}} | style=text-align:right | {{percentage|4601091|15693946|pad=2}} | style=text-align:right | {{nts|55,139}} | [mark](/source/Deutsche_Mark) | 1.95583 || [Kosovo](/source/Kosovo)
[Montenegro](/source/Montenegro) || |- | {{Flagcountry|Greece}} | GRThe European Union internally uses the code EL for Greece, a deviation from the [ISO 3166-1](/source/ISO_3166-1) standard. | 2001{{cite journal|url=http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32000D0427&from=EN|title=COUNCIL DECISION of 19 June 2000 in accordance with Article 122(2) of the Treaty on the adoption by Greece of the single currency on 1 January 2001|date=7 July 2000|access-date=27 October 2014|journal=[Official Journal of the European Union](/source/Official_Journal_of_the_European_Union)|volume=L|number=167/19|archive-date=19 October 2020|archive-url=https://web.archive.org/web/20201019072256/https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32000D0427&from=EN|url-status=live}} | style=text-align:right | {{nts|10,397,193}} | style=text-align:right | {{nts|236,498}} | style=text-align:right | {{percentage|236498|15693946|pad=2}} | style=text-align:right | {{nts|22,746}} | [drachma](/source/Modern_drachma) | 340.750 |||| |- | {{Flagcountry|Ireland}} | IE || 1999 | style=text-align:right | {{nts|5,343,805}} | style=text-align:right | {{nts|435,172}} | style=text-align:right | {{percentage|435172|15693946|pad=2}} | style=text-align:right | {{nts|81,435}} | [pound](/source/Irish_pound) | 0.787564 |||| |- | {{Flagcountry|Italy}} | IT || 1999 | style=text-align:right | {{nts|58,989,749}} | style=text-align:right | {{nts|2,275,197}} | style=text-align:right | {{percentage|2275197|15693946|pad=2}} | style=text-align:right | {{nts|38,569}} | [lira](/source/Italian_lira) | 1936.27 ||[San Marino](/source/San_Marino)
[Vatican City](/source/Vatican_City) || |- | {{Flagcountry|Latvia}} | LV || 2014{{cite journal|url=http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013D0387&from=EN|title=COUNCIL DECISION of 9 July 2013 on the adoption by Latvia of the euro on 1 January 2014|date=18 July 2013|access-date=27 October 2014|journal=[Official Journal of the European Union](/source/Official_Journal_of_the_European_Union)|volume=L|number=195/24|archive-date=4 November 2020|archive-url=https://web.archive.org/web/20201104032359/https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013D0387&from=EN|url-status=live}} | style=text-align:right | {{nts|1,871,882}} | style=text-align:right | {{nts|40,360}} | style=text-align:right | {{percentage|40360|15693946|pad=2}} | style=text-align:right | {{nts|21,561}} | [lats](/source/Latvian_lats) | 0.702804 |||| |- | {{Flagcountry|Lithuania}} | LT || 2015{{cite journal|url=http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014D0509&from=EN|title=COUNCIL DECISION of 23 July 2014 on the adoption by Lithuania of the euro on 1 January 2015|date=31 July 2014|access-date=31 December 2014|journal=[Official Journal of the European Union](/source/Official_Journal_of_the_European_Union)|volume=L|number=228/29|archive-date=18 August 2020|archive-url=https://web.archive.org/web/20200818022056/https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014D0509&from=EN|url-status=live}} | style=text-align:right | {{nts|2,885,891}} | style=text-align:right | {{nts|78,419}} | style=text-align:right | {{percentage|78419|15693946|pad=2}} | style=text-align:right | {{nts|27,173}} | [litas](/source/Lithuanian_litas) | 3.45280 |||| |- | {{Flagcountry|Luxembourg}} | LU || 1999 | style=text-align:right | {{nts|672,050}} | style=text-align:right | {{nts|57,311}} | style=text-align:right | {{percentage|57311|15693946|pad=2}} | style=text-align:right | {{nts|85,278}} | [franc](/source/Luxembourgish_franc) | 40.3399 ||[Belgium](/source/Belgium)|| |- | {{Flagcountry|Malta}} | MT || 2008{{cite journal|url=http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32007D0504&from=EN|title=COUNCIL DECISION of 10 July 2007 in accordance with Article 122(2) of the Treaty on the adoption by Malta of the single currency on 1 January 2008|date=18 July 2007|access-date=27 October 2014|journal=[Official Journal of the European Union](/source/Official_Journal_of_the_European_Union)|volume=L|number=186/32|archive-date=1 January 2021|archive-url=https://web.archive.org/web/20210101150126/https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32007D0504&from=EN|url-status=live}} | style=text-align:right | {{nts|563,443}} | style=text-align:right | {{nts|20,893}} | style=text-align:right | {{percentage|20893|15693946|pad=2}} | style=text-align:right | {{nts|37,081}} | [lira](/source/Maltese_lira) | 0.429300 |||| |- | {{Flagcountry|Netherlands}} | NL || 1999 | style=text-align:right | {{nts|17,942,942}} | style=text-align:right | {{nts|1,124,891}} | style=text-align:right | {{percentage|1124891|15693946|pad=2}} | style=text-align:right | {{nts|62,693}} | [guilder](/source/Dutch_guilder) | 2.20371 || | [Aruba](/source/Aruba)Aruba is part of the Kingdom of the Netherlands, but not of the EU. It uses the [Aruban florin](/source/Aruban_florin), which is pegged to the US dollar at the rate of 1 dollar to 1.79 florins.
[Curaçao](/source/Cura%C3%A7ao)Used the [Netherlands Antillean guilder](/source/Netherlands_Antillean_guilder) until the introduction of the [Caribbean guilder](/source/Caribbean_guilder) on 31 March 2025, after the change was delayed several times. {{cite news |title=CBCS wants to have the Caribbean guilder introduced by 2025 |url=https://www.curacaochronicle.com/post/local/cbcs-wants-to-have-the-caribbean-guilder-introduced-by-2025/ |access-date=2 August 2022 |work=Curaçao Chronicle |date=16 March 2022 |archive-date=6 October 2022 |archive-url=https://web.archive.org/web/20221006021829/https://www.curacaochronicle.com/post/local/cbcs-wants-to-have-the-caribbean-guilder-introduced-by-2025/ |url-status=live }} {{cite web |url=https://www.centralbank.cw/faq/currency |title=Frequent Asked Questions |website=Centrale Bank Curaçao & Sint Maarten |access-date=2 August 2022 |archive-date=2 August 2022 |archive-url=https://web.archive.org/web/20220802161037/https://www.centralbank.cw/faq/currency |url-status=live }} Both are pegged to the US dollar at the rate of 1 dollar to 1.79 guilders.
[Sint Maarten](/source/Sint%26nbsp%3BMaarten)
[Caribbean Netherlands](/source/Caribbean%26nbsp%3BNetherlands)Uses the US dollar. |- | {{Flagcountry|Portugal}} | PT || 1999 | style=text-align:right | {{nts|10,639,726}} | style=text-align:right | {{nts|287,747}} | style=text-align:right | {{percentage|287747|15693946|pad=2}} | style=text-align:right | {{nts|27,045}} | [escudo](/source/Portuguese_escudo) | 200.482 |||| |- | {{Flagcountry|Slovakia}} | SK || 2009{{cite journal|url=http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32008D0608&from=EN|title=COUNCIL DECISION of 8 July 2008 in accordance with Article 122(2) of the Treaty on the adoption by Slovakia of the single currency on 1 January 2009|date=24 July 2008|access-date=27 October 2014|journal=[Official Journal of the European Union](/source/Official_Journal_of_the_European_Union)|volume=L|number=195/24|archive-date=7 November 2020|archive-url=https://web.archive.org/web/20201107233524/https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32008D0608&from=EN|url-status=live}} | style=text-align:right | {{nts|5,459,781}} | style=text-align:right | {{nts|127,769}} | style=text-align:right | {{percentage|127769|15693946|pad=2}} | style=text-align:right | {{nts|23,402}} | [koruna](/source/Slovak_koruna) | 30.1260 |||| |- | {{Flagcountry|Slovenia}} | SI || 2007{{cite journal|url=http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32006D0495&from=EN|title=COUNCIL DECISION of 11 July 2006 in accordance with Article 122(2) of the Treaty on the adoption by Slovenia of the single currency on 1 January 2007|date=15 July 2006|access-date=27 October 2014|journal=[Official Journal of the European Union](/source/Official_Journal_of_the_European_Union)|volume=L|number=195/25|archive-date=26 December 2020|archive-url=https://web.archive.org/web/20201226013045/https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32006D0495&from=EN|url-status=live}} | style=text-align:right | {{nts|2,123,949}} | style=text-align:right | {{nts|67,629}} | style=text-align:right | {{percentage|67629|15693946|pad=2}} | style=text-align:right | {{nts|31,841}} | [tolar](/source/Slovenian_tolar) | 239.640 |||| |- | {{Flagcountry|Spain}} | ES || 1999 | style=text-align:right | {{nts|48,610,458}} | style=text-align:right | {{nts|1,638,781}} | style=text-align:right | {{percentage|1638781|15693946|pad=2}} | style=text-align:right | {{nts|33,713}} | [peseta](/source/Spanish_peseta) | 166.386 || [Andorra](/source/Andorra) || |- ! Eurozone total ! EZ{{efn|EZ is not assigned, but is reserved for this purpose, in [ISO 3166-1](/source/ISO_3166-1).}} ! {{n/a}} ! style=text-align:right | {{nts|356,550,035}} ! style=text-align:right | 15,693,946 ! style=text-align:right | {{percentage|15693946|15693946|pad=2}} ! style=text-align:right | {{nts|44,016}} ! {{n/a}} !! {{n/a}} !! {{n/a}} !! See above |} === Dependent territories of EU member states not part of the EU === Three French [dependent territories that are not part of the EU](/source/International_status_and_usage_of_the_euro) have adopted the euro, with France ensuring eurozone laws are implemented: * [Territorial collectivity of Saint Barthélemy](/source/Territorial_collectivity_of_Saint_Barth%C3%A9lemy) * [Overseas Collectivity of Saint-Pierre and Miquelon](/source/Overseas_Collectivity_of_Saint-Pierre_and_Miquelon) * [French Southern and Antarctic Lands](/source/French_Southern_and_Antarctic_Lands) === Non-member usage === {{Further|International status and usage of the euro}} {{Euro accession map}} ==== With formal agreement ==== The euro is also used in countries outside the EU. Four [microstates](/source/Microstate) (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins.{{cite web| url=http://europa.eu/legislation_summaries/economic_and_monetary_affairs/institutional_and_economic_framework/l25040_en.htm| title=Agreements on monetary relations (Monaco, San Marino, the Vatican and Andorra)| date=30 September 2004| access-date=12 September 2006| publisher=European Communities| archive-date=25 May 2015| archive-url=https://web.archive.org/web/20150525032924/http://europa.eu/legislation_summaries/economic_and_monetary_affairs/institutional_and_economic_framework/l25040_en.htm| url-status=live}}{{cite web |title=The euro outside the euro area |publisher=[Europa (web portal)](/source/Europa_(web_portal)) |url=https://ec.europa.eu/info/business-economy-euro/euro-area/euro/use-euro/euro-outside-euro-area_en |access-date=15 February 2021 |archive-date=7 May 2021 |archive-url=https://web.archive.org/web/20210507122006/https://ec.europa.eu/info/business-economy-euro/euro-area/euro/use-euro/euro-outside-euro-area_en |url-status=live }} Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group. [Akrotiri and Dhekelia](/source/Akrotiri_and_Dhekelia) are located on the island of Cyprus but are [British Overseas Territories](/source/British_Overseas_Territories) which are part of the United Kingdom. There are agreements between the United Kingdom and Cyprus and between United Kingdom and EU about their partial adoption of Cypriot law, including the usage of euro in Akrotiri and Dhekelia.{{cite web |url=http://www.timesonline.co.uk/tol/news/world/europe/article3097521.ece |archive-url=https://web.archive.org/web/20110510204604/http://www.timesonline.co.uk/tol/news/world/europe/article3097521.ece |url-status=dead |archive-date=10 May 2011 |title=The Times |access-date=2012-01-31}} Several currencies are pegged to the euro, some of them with a fluctuation band and others with an exact rate. The [Bosnia and Herzegovina convertible mark](/source/Bosnia_and_Herzegovina_convertible_mark) was once pegged to the [Deutsche mark](/source/Deutsche_mark) at par, and continues to be pegged to the euro today at the Deutsche mark's old rate (1.95583 per euro). The [West African](/source/West_African_CFA_franc) and [Central African CFA franc](/source/Central_African_CFA_franc)s are pegged exactly at 655.957 CFA to 1 EUR. In 1998, in anticipation of [Economic and Monetary Union of the European Union](/source/Economic_and_Monetary_Union_of_the_European_Union), the [Council of the European Union](/source/Council_of_the_European_Union) addressed the monetary agreements France had with the [CFA Zone](/source/CFA_franc) and Comoros, and ruled that the ECB had no obligation towards the convertibility of the CFA and [Comorian franc](/source/Comorian_franc)s. The responsibility of the free convertibility remained in the [French Treasury](/source/French_Treasury). ==== Without formal agreement ==== [Kosovo](/source/Kosovo) and [Montenegro](/source/Montenegro) unilaterally adopted the euro as their sole currency without an agreement and, therefore, have no issuing rights. These states are not considered part of the eurozone by the ECB. However, sometimes the term ''eurozone'' is applied to all territories that have adopted the euro as their sole currency.{{cite web|url=http://www.europeanfoundation.org/docs/117id.htm |title=European Foundation Intelligence Digest |publisher=Europeanfoundation.org |access-date=30 May 2010 |url-status=dead |archive-url=https://web.archive.org/web/20070826141401/http://www.europeanfoundation.org/docs/117id.htm |archive-date=26 August 2007 }}{{cite web|url=http://www.iht.com/articles/2007/01/01/business/euro.php |title=Euro used as legal tender in non-EU nations |work=International Herald Tribune |date=1 January 2007 |access-date=22 November 2010 |url-status=dead |archive-url=https://web.archive.org/web/20081210203907/http://www.iht.com/articles/2007/01/01/business/euro.php |archive-date=10 December 2008 }}{{cite news |url=https://news.bbc.co.uk/2/hi/europe/1696122.stm |title=The eurozone's 13th member |work=BBC News |date=11 December 2001 |access-date=30 May 2010 |archive-date=15 September 2013 |archive-url=https://web.archive.org/web/20130915190409/http://news.bbc.co.uk/2/hi/europe/1696122.stm |url-status=live }} Further unilateral adoption of the euro ([euroisation](/source/euroisation)), by both non-euro EU and non-EU members, is opposed by the ECB and EU.{{cite web|url=http://www.lawofemu.info/blog/2008/02/ecb-unilateral.html |title=Unilateral Euroization By Iceland Comes With Real Costs And Serious Risks |publisher=Lawofemu.info |date=15 February 2008 |archive-url=https://web.archive.org/web/20120314000247/http://www.lawofemu.info/blog/2008/02/ecb-unilateral.html |archive-date=14 March 2012 |access-date=28 February 2015}} === Historical eurozone enlargements and exchange-rate regimes for EU members === {{Further|History of the euro}} The chart below provides a full summary of all applying [exchange-rate regime](/source/exchange-rate_regime)s for [EU members](/source/Member_state_of_the_European_Union), since the birth, on 13 March 1979, of the [European Monetary System](/source/European_Monetary_System) with its [Exchange Rate Mechanism](/source/Exchange_Rate_Mechanism) and the related new common currency [ECU](/source/European_Currency_Unit). On 1 January 1999, the euro replaced the ECU 1:1 at the exchange rate markets. During 1979–1999, the [Deutsche Mark](/source/Deutsche_Mark) functioned as a de facto anchor for the ECU, meaning there was only a minor difference between pegging a currency against the ECU and pegging it against the Deutsche Mark. {{Exchange-rate regime for EU members}} The eurozone was established with its first 11 member states on 1 January 1999. The first [enlargement of the eurozone](/source/enlargement_of_the_eurozone), to Greece, took place on 1 January 2001, one year before the euro physically entered into circulation. The next enlargements were to states which [joined the EU in 2004](/source/2004_enlargement_of_the_European_Union), and then joined the eurozone on 1 January of the year noted: Slovenia in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, and Lithuania in 2015. Croatia, which [joined the EU in 2013](/source/2013_enlargement_of_the_European_Union), adopted the euro in 2023; while Bulgaria, which [joined in 2007](/source/2007_enlargement_of_the_European_Union), adopted the euro in 2026. All new EU members joining the bloc after the signing of the [Maastricht Treaty](/source/Maastricht_Treaty) in 1992 committed to adopt the euro under the terms of their accession treaties once they comply with the five economic [convergence criteria](/source/euro_convergence_criteria). The last of these is the exchange rate stability criterion, which requires having been an ERM-member for a minimum of two years without the presence of "severe tensions" for the currency exchange rate. In September 2011, a diplomatic source close to the euro adoption preparation talks with the seven remaining new member states who had yet to adopt the euro at that time (Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland, and Romania), claimed that the monetary union (eurozone) they had thought they were going to join upon their signing of the accession treaty may very well end up being a very different union, entailing a much closer fiscal, economic, and political convergence than originally anticipated. This changed legal status of the eurozone could potentially cause them to conclude that the conditions for their promise to join were no longer valid, which "could force them to stage new referendums" on euro adoption.{{cite web|author1=Georgi|title=New EU members to break free from euro duty|work=EurActiv | EU News & policy debates, across languages|url=https://www.euractiv.com/euro-finance/new-eu-members-break-free-eurozone-duty-news-507564|publisher=Euractiv.com|date=13 September 2011|access-date=7 September 2013|archive-date=25 October 2014|archive-url=https://web.archive.org/web/20141025092606/http://www.euractiv.com/euro-finance/new-eu-members-break-free-eurozone-duty-news-507564|url-status=live}} === Future enlargement === {{main|Enlargement of the eurozone}} {{Supranational European Bodies|align=right|size=400px}} Six countries (the [Czech Republic](/source/Czech_Republic_and_the_euro), [Denmark](/source/Denmark_and_the_euro), [Hungary](/source/Hungary_and_the_euro), [Poland](/source/Poland_and_the_euro), [Romania](/source/Romania_and_the_euro), and [Sweden](/source/Sweden_and_the_euro)) are [EU](/source/European_Union) members but do not use the euro. Before joining the eurozone, a state must spend at least two years in the [European Exchange Rate Mechanism](/source/European_Exchange_Rate_Mechanism) (ERM II). As of January 2026, only the central bank of Denmark participates in ERM II. Denmark obtained a special [opt-out](/source/Opt-outs_in_the_European_Union) in the [Maastricht Treaty](/source/Maastricht_Treaty), and thus is legally exempt from joining the eurozone unless its government decides otherwise, either by parliamentary vote or [referendum](/source/referendum). The United Kingdom likewise had an opt-out prior to [withdrawing from the EU](/source/Brexit) in 2020. The remaining five countries have committed to adopt the euro in future, once they meet the convergence criteria. They should join as soon as they do so, which include being part of ERM II for two years. [Sweden](/source/Sweden_and_the_euro), which joined the EU in 1995 after the Maastricht Treaty was signed, rejected euro adoption in a [2003 referendum](/source/2003_Swedish_euro_referendum) and since then the country has intentionally avoided fulfilling the adoption requirements by not joining ERM II, which is voluntary.{{cite web |url=http://www.eu-upplysningen.se/Sverige-i-EU/Sverige-sa-nej-till-euron/ |title=Sverige sa nej till euron |publisher=Swedish Parliament |date=28 August 2013 |access-date=12 August 2014 |language=sv |archive-date=19 September 2017 |archive-url=https://web.archive.org/web/20170919201011/http://www.eu-upplysningen.se/Sverige-i-EU/Sverige-sa-nej-till-euron/ |url-status=dead }}{{cite web |url=http://ec.europa.eu/economy_finance/euro/adoption/erm2/index_en.htm |title=Information on ERM II |publisher=European Commission |date=22 December 2009 |access-date=16 January 2010 |archive-date=7 July 2012 |archive-url=https://archive.today/20120707130605/http://ec.europa.eu/economy_finance/euro/adoption/erm2/index_en.htm |url-status=live }} Interest in joining the eurozone increased in Denmark, and initially in Poland, as a result of the [2008 financial crisis](/source/2008_financial_crisis). In Iceland, there was an increase in interest in joining the European Union, a pre-condition for adopting the euro.{{cite news |last=Dougherty |first=Carter |title=Buffeted by financial crisis, countries seek euro's shelter |work=International Herald Tribune |date=1 December 2008 |url=http://www.iht.com/articles/2008/12/01/business/euro.php?page=1 |access-date=2 December 2008 |archive-date=22 December 2022 |archive-url=https://web.archive.org/web/20221222184154/http://www.iht.com/articles/2008/12/01/business/euro.php?page=1 |url-status=dead }} However, by 2010 the debt crisis in the eurozone caused interest from Poland, as well as the Czech Republic, Denmark and Sweden to cool.{{cite news |url=https://www.reuters.com/article/idUSLDE65F15Z20100616 |title=Czechs, Poles cooler to euro as they watch debt crisis |work=Reuters |date=16 June 2010 |access-date=18 June 2010 |archive-date=20 October 2017 |archive-url=https://wayback.archive-it.org/all/20171020152451/https://www.reuters.com/article/czech-election-euro/update-2-czechs-poles-cooler-to-euro-as-they-watch-debt-crisis-idUSLDE65F15Z20100616 |url-status=live }} At the time of Bulgaria’s euro adoption in 2026, the Polish government under Donald Tusk has expressed a lack of economic readiness to join, and the Polish president Karol Nawrocki has said that he is explicitly against Poland's future adoption of the euro.{{cite web | url=https://www.politico.eu/article/bulgaria-eu-poland-poverty-central-bank-economy/ | title=Bulgaria prepares to join the euro — but Poland couldn't be less interested | date=4 June 2025 | access-date=4 June 2025 | archive-date=4 June 2025 | archive-url=https://web.archive.org/web/20250604074036/https://www.politico.eu/article/bulgaria-eu-poland-poverty-central-bank-economy/ | url-status=live }} === Expulsion and withdrawal === {{main|Withdrawal from the eurozone}} {{see also|Greek withdrawal from the eurozone}} In the opinion of journalist Leigh Phillips and [Locke Lord](/source/Locke_Lord)'s Charles Proctor,[https://euobserver.com/news/113563 "Brussels: No one can leave the euro"] {{Webarchive|url=https://web.archive.org/web/20201224165810/https://euobserver.com/news/113563 |date=24 December 2020 }} by Leigh Phillips, ''[EUobserver](/source/EUobserver)'', 8 September 2011"[http://www.lexology.com/library/detail.aspx?g=a92664b9-d267-4347-a59a-6488ab3895fb The Eurozone crisis – the final stage?] {{Webarchive|url=https://web.archive.org/web/20180701193837/https://www.lexology.com/library/detail.aspx?g=a92664b9-d267-4347-a59a-6488ab3895fb |date=1 July 2018 }}" by Charles Proctor, [Locke Lord](/source/Locke_Lord), 15 May 2012 there is no provision in any European Union treaty for an exit from the eurozone. In fact, they argued, the Treaties make it clear that the process of [monetary union](/source/Economic_and_Monetary_Union_of_the_European_Union) was intended to be "irreversible" and "irrevocable". However, in 2009, a [European Central Bank](/source/European_Central_Bank) legal study argued that, while voluntary withdrawal is legally not possible, expulsion remains "conceivable"."[https://www.ecb.europa.eu/pub/pdf/scplps/ecblwp10.pdf Withdrawal and Expulsion from the EU and EMU : Some reflections] {{Webarchive|url=https://web.archive.org/web/20130120184437/http://www.ecb.int/pub/pdf/scplps/ecblwp10.pdf |date=20 January 2013 }}" by Phoebus Athanassiou, Principal Legal Counsel with the [Directorate-General for Legal Service](/source/Directorate-General_for_Legal_Service), [ECB](/source/European_Central_Bank), 2009 Although an explicit provision for an exit option does not exist, many experts and politicians in Europe have suggested an option to leave the eurozone should be included in the relevant treaties.[https://www.euractiv.com/section/eu-priorities-2020/news/german-advisory-council-calls-for-exit-option-in-the-eurozone/ "German advisory council calls for exit option in the eurozone"] {{Webarchive|url=https://web.archive.org/web/20201205105426/https://www.euractiv.com/section/eu-priorities-2020/news/german-advisory-council-calls-for-exit-option-in-the-eurozone/ |date=5 December 2020 }} by Daniel Tost, [EurActiv](/source/EurActiv), 29 July 2015 On the issue of leaving the eurozone, the [European Commission](/source/European_Commission) has stated that "[t]he irrevocability of membership in the euro area is an integral part of the Treaty framework and the Commission, as a guardian of the EU Treaties, intends to fully respect [that irrevocability]." It added that it "does not intend to propose [any] amendment" to the relevant Treaties, the current status being "the best way going forward to increase the resilience of euro area Member States to potential economic and financial crises."[http://www.europarl.europa.eu/sides/getAllAnswers.do?reference=E-2012-004398&language=EN Text] {{Webarchive|url=https://web.archive.org/web/20201114141840/https://www.europarl.europa.eu/sides/getAllAnswers.do?reference=E-2012-004398&language=EN |date=14 November 2020 }} of response by [Olli Rehn](/source/Olli_Rehn), [European Commissioner for Economic and Monetary Affairs and the Euro](/source/European_Commissioner_for_Economic_and_Monetary_Affairs_and_the_Euro), on behalf of the [European Commission](/source/European_Commission), to question submitted by Claudio Morganti, [Member of the European Parliament](/source/Member_of_the_European_Parliament), 22 June 2012 The [European Central Bank](/source/European_Central_Bank), responding to a question by a [Member of the European Parliament](/source/Member_of_the_European_Parliament), has stated that an exit is not allowed under the Treaties.[https://www.ecb.europa.eu/pub/pdf/other/20121107_morganti.en.pdf Text] {{Webarchive|url=https://web.archive.org/web/20201117041132/https://www.ecb.europa.eu/pub/pdf/other/20121107_morganti.en.pdf |date=17 November 2020 }} of message by [Mario Draghi](/source/Mario_Draghi), [ECB](/source/European_Central_Bank), to Claudio Morganti, [Member of the European Parliament](/source/Member_of_the_European_Parliament), 6 November 2012 Likewise there is no provision for a state to be expelled from the euro.Athanassiou, Phoebus (December 2009) [http://www.ecb.int/pub/pdf/scplps/ecblwp10.pdf Withdrawal and Expulsion from the EU and EMU, Some Reflections] {{Webarchive|url=https://web.archive.org/web/20130120184437/http://www.ecb.int/pub/pdf/scplps/ecblwp10.pdf |date=20 January 2013 }} (PDF), European Central Bank. Retrieved 8 September 2011 Some, however, including the Dutch government, favour the creation of an expulsion provision for the case whereby a heavily indebted state in the eurozone refuses to comply with an EU economic reform policy.{{cite web |last=Phillips |first=Leigh |url=https://euobserver.com/19/113552 |title=EUobserver / Netherlands: Indebted states must be made 'wards' of the commission or leave euro |date=7 September 2011 |publisher=Euobserver.com |access-date=20 May 2014 |archive-date=29 February 2012 |archive-url=https://web.archive.org/web/20120229050258/http://euobserver.com/19/113552 |url-status=live }} In a Texas law journal, [University of Texas at Austin](/source/University_of_Texas_at_Austin) law professor Jens Dammann has argued that even now EU law contains an implicit right for member states to leave the eurozone if they no longer meet the criteria that they had to meet in order to join it.{{cite journal| last=Dammann|first=Jens|title=The Right to Leave the Eurozone|journal=U of Texas Law, Public Law Research Paper|date=10 February 2012|volume=48| series=2013|issue=2| ssrn=2262873}} Furthermore, he has suggested that, under narrow circumstances, the European Union can expel member states from the eurozone.{{cite journal| last=Dammann| first=Jens|title=Paradise Lost: Can the European Union Expel Countries from the Eurozone| journal=Vanderbilt Journal of Transnational Law|date=26 August 2015|volume=49| series=2016| issue=2|ssrn=2827699}} == Administration and representation == {{Further|European Central Bank|Eurogroup|Euro summit}} [[File:Frankfurt EZB-Neubau.20130909.jpg|thumb|The [European Central Bank](/source/European_Central_Bank) ([seat](/source/Seat_of_the_European_Central_Bank) in [Frankfurt](/source/Frankfurt_am_Main) depicted) is the supranational [monetary authority](/source/Central_bank) of the eurozone.]] The monetary policy of all countries in the eurozone is managed by the [European Central Bank](/source/European_Central_Bank) (ECB) and the [Eurosystem](/source/Eurosystem) which comprises the ECB and the central banks of the EU states who have joined the eurozone. Countries outside the eurozone are not represented in these institutions. Whereas all EU member states are part of the [European System of Central Banks](/source/European_System_of_Central_Banks) (ESCB), non EU member states have no say in all three institutions, even those with monetary agreements such as Monaco. The ECB is entitled to authorise the design and printing of [euro banknotes](/source/euro_banknotes) and the volume of [euro coins](/source/euro_coins) minted, and [its president](/source/President_of_the_European_Central_Bank) is currently [Christine Lagarde](/source/Christine_Lagarde). The eurozone is represented politically by its finance ministers, known collectively as the [Eurogroup](/source/Eurogroup), and is presided over by a president, currently [Kyriakos Pierrakakis](/source/Kyriakos_Pierrakakis). The finance ministers of the EU member states that use the euro meet a day before a meeting of the [Economic and Financial Affairs Council](/source/Economic_and_Financial_Affairs_Council) (Ecofin) of the [Council of the European Union](/source/Council_of_the_European_Union). The Group is not an official Council formation but when the full EcoFin council votes on matters only affecting the eurozone, only Euro Group members are permitted to vote on it.[http://eur-lex.europa.eu/en/treaties/dat/12007L/htm/C2007306EN.01004201.htm Treaty of Lisbon (Provisions specific to member states whose currency is the euro)], EurLex {{webarchive |url=https://web.archive.org/web/20090327080406/http://eur-lex.europa.eu/en/treaties/dat/12007L/htm/C2007306EN.01004201.htm |date=27 March 2009 }}{{cite web|title=An economic government for the eurozone? |publisher=Federal Union |url=http://www.fedtrust.co.uk/admin/uploads/FedT_Economic_Government.pdf |access-date=26 February 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110717135636/http://www.fedtrust.co.uk/admin/uploads/FedT_Economic_Government.pdf |archive-date=17 July 2011 }}[https://web.archive.org/web/20090307190231/http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2008:115:0201:0328:EN:PDF Protocols], Official Journal of the European Union Since the [2008 financial crisis](/source/2008_financial_crisis), the Euro Group has met irregularly not as finance ministers, but as heads of state and government (like the European Council). It is in this forum, the [Euro summit](/source/Euro_summit), that many eurozone reforms have been decided upon. In 2011, former [French President](/source/French_President) [Nicolas Sarkozy](/source/Nicolas_Sarkozy) pushed for these summits to become regular and twice a year in order for it to be a 'true economic government'.{{Cite news |last1=Elliott |first1=Larry |last2=Wearden |first2=Graeme |date=2011-08-17 |title=Merkel and Sarkozy push for greater European co-operation |url=https://www.theguardian.com/business/2011/aug/17/angela-merkel-nicolas-sarkozy-summit |access-date=2024-08-30 |work=The Guardian |language=en-GB |issn=0261-3077}} === Reform === In April 2008 in [Brussels](/source/Brussels), future [European Commission](/source/European_Commission) [President](/source/President_of_the_European_Commission) [Jean-Claude Juncker](/source/Jean-Claude_Juncker) suggested that the eurozone should be represented at the [IMF](/source/International_Monetary_Fund) as a bloc, rather than each member state separately: "It is absurd for those 15 countries not to agree to have a single representation at the IMF. It makes us look absolutely ridiculous. We are regarded as buffoons on the international scene".{{cite web |title=Eurozone countries should speak with one voice, Juncker says |author=Elitsa Vucheva |date=15 April 2008 |publisher=EU Observer |url=https://euobserver.com/9/25984 |access-date=26 February 2011 |archive-date=15 March 2011 |archive-url=https://web.archive.org/web/20110315003501/http://euobserver.com/9/25984 |url-status=live }} In 2017 Juncker stated that he aims to have this agreed by the end of his mandate in 2019.[https://www.euractiv.com/section/economy-jobs/news/commission-wants-single-eurozone-seat-at-imf-plan-adopted-by-end-of-mandate "Commission wants single eurozone seat at IMF plan adopted by end of mandate"] {{Webarchive|url=https://web.archive.org/web/20171227235524/https://www.euractiv.com/section/economy-jobs/news/commission-wants-single-eurozone-seat-at-imf-plan-adopted-by-end-of-mandate/ |date=27 December 2017 }}, ''Euractiv'', 7 December 2017 However, [Finance Commissioner](/source/European_Commissioner_for_Economic_%26_Financial_Affairs) [Joaquín Almunia](/source/Joaqu%C3%ADn_Almunia) stated that before there is common representation, a common political agenda should be agreed upon. Leading EU figures including the commission and national governments have proposed a variety of reforms to the eurozone's architecture; notably the creation of a Finance Minister, a larger eurozone budget, and reform of the current bailout mechanisms into either a "European Monetary Fund" or a eurozone [Treasury](/source/Treasury). While many have similar themes, details vary greatly.[https://www.ft.com/content/68e0ead0-a3a5-11e7-8d56-98a09be71849 "Macron is right — the eurozone needs a finance minister"] {{Webarchive|url=https://web.archive.org/web/20171107003553/https://www.ft.com/content/68e0ead0-a3a5-11e7-8d56-98a09be71849 |date=7 November 2017 }}, ''Financial Times'', 28 September 2017[https://www.theguardian.com/business/2017/dec/06/europe-should-have-its-own-minister-of-economy-and-finance-says-ec Europe should have its own economy and finance minister, says EC] {{Webarchive|url=https://web.archive.org/web/20171227235652/https://www.theguardian.com/business/2017/dec/06/europe-should-have-its-own-minister-of-economy-and-finance-says-ec |date=27 December 2017 }}, theguardian 6 December 2017[https://www.reuters.com/article/us-eurozone-eurogroup-budget/large-number-of-eu-finance-ministers-want-euro-zone-budget-dijsselbloem-idUSKBN1D62NS "Large number of EU finance ministers want euro zone budget: Dijsselbloem"] {{Webarchive|url=https://web.archive.org/web/20171227235530/https://www.reuters.com/article/us-eurozone-eurogroup-budget/large-number-of-eu-finance-ministers-want-euro-zone-budget-dijsselbloem-idUSKBN1D62NS |date=27 December 2017 }}, ''Reuters'', 6 November 2017[https://www.ft.com/content/afedcb46-5021-11e7-a1f2-db19572361bb "Spain urges sweeping reforms on eurozone to correct flaws"] {{Webarchive|url=https://web.archive.org/web/20171227235553/https://www.ft.com/content/afedcb46-5021-11e7-a1f2-db19572361bb |date=27 December 2017 }}, ''Financial Times'', 14 June 2017 == Economy == thumb|upright=1.5|center|Countries with economy larger than the eurozone === Comparison table === {| class="wikitable sortable" |- |+ Comparison of the eurozone with US and China{{cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=512,914,612,171,614,311,213,911,314,193,122,912,313,419,513,316,913,124,339,638,514,218,963,616,223,516,918,748,618,624,522,622,156,626,628,228,924,233,632,636,634,238,662,960,423,935,128,611,321,243,248,469,253,642,643,939,734,644,819,172,132,646,648,915,134,652,174,328,258,656,654,336,263,268,532,944,176,534,536,429,433,178,436,136,343,158,439,916,664,826,542,967,443,917,544,941,446,666,668,672,946,137,546,674,676,548,556,678,181,867,682,684,273,868,921,948,943,686,688,518,728,836,558,138,196,278,692,694,962,142,449,564,565,283,853,288,293,566,964,182,359,453,968,922,714,862,135,716,456,722,942,718,724,576,936,961,813,726,199,733,184,524,361,362,364,732,366,144,146,463,528,923,738,578,537,742,866,369,744,186,925,869,746,926,466,112,111,298,927,846,299,582,487,474,754,698,&s=NGDPD,&sy=2021&ey=2028&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1|title=Report for Selected Countries and Subjects|website=www.imf.org|access-date=12 March 2024|archive-date=17 March 2024|archive-url=https://web.archive.org/web/20240317024526/https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=512,914,612,171,614,311,213,911,314,193,122,912,313,419,513,316,913,124,339,638,514,218,963,616,223,516,918,748,618,624,522,622,156,626,628,228,924,233,632,636,634,238,662,960,423,935,128,611,321,243,248,469,253,642,643,939,734,644,819,172,132,646,648,915,134,652,174,328,258,656,654,336,263,268,532,944,176,534,536,429,433,178,436,136,343,158,439,916,664,826,542,967,443,917,544,941,446,666,668,672,946,137,546,674,676,548,556,678,181,867,682,684,273,868,921,948,943,686,688,518,728,836,558,138,196,278,692,694,962,142,449,564,565,283,853,288,293,566,964,182,359,453,968,922,714,862,135,716,456,722,942,718,724,576,936,961,813,726,199,733,184,524,361,362,364,732,366,144,146,463,528,923,738,578,537,742,866,369,744,186,925,869,746,926,466,112,111,298,927,846,299,582,487,474,754,698,&s=NGDPD,&sy=2021&ey=2028&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1|url-status=live}}{{cite web |url=https://ec.europa.eu/eurostat/databrowser/view/tec00001/default/table?lang=en |title=Gross domestic product at market prices (Current prices and per capita) |publisher=Eurostat |access-date=28 July 2016 |archive-date=15 December 2022 |archive-url=https://web.archive.org/web/20221215203256/https://ec.europa.eu/eurostat/databrowser/view/tec00001/default/table?lang=en |url-status=live }} |- ! class=unsortable | ! Population (2024) ! GDP (Local currency) (2024) ! GDP ([US$](/source/US%24)) (2024) |- | style=text-align:left | {{China}} | 1408 million | CNY 134.908 trillion | US$ 18.943 trillion |- | style=text-align:left | 22px Eurozone | 350 million | EUR 15.231 trillion | US$ 16.483 trillion |- | style=text-align:left | {{USA}} | 340 million | USD 29.184 trillion | US$ 29.184 trillion |} {{Bar chart |float = |title = Comparison with economies of individual sovereign countries |table_width= 70 |bar_width = 40 |data_max = 31,000 |label_type = Economy |data_type = {{center|Nominal GDP (billions in USD) – Peak year as of 2025}} |label1 = (01) United States ''(Peak in 2025)'' | data1 = 30,616 |label2 = (02) China ''(Peak in 2025)'' | data2 = 19,399 |label3 = (03) 22px '''Eurozone ''(Peak in 2025)''''' | data3 = 17,749 |label4 = (04) Japan ''(Peak in 2012)'' | data4 = 6,272 |label5 = (05) India ''(Peak in 2025)'' | data5 = 4,125 |label6 = (06) United Kingdom ''(Peak in 2025)'' | data6 = 3,959 |label7 = (07) Brazil ''(Peak in 2011)'' | data7 = 2,614 |label8 = (08) Russia ''(Peak in 2025)'' | data8 = 2,541 |label9 = (09) Canada ''(Peak in 2025)'' | data9 = 2,284 |label10= (10) South Korea ''(Peak in 2021)'' | data10 = 1,942 |label11= (11) Mexico ''(Peak in 2025)'' | data11 = 1,863 |label12= (12) Australia ''(Peak in 2025)'' | data12 = 1,830 |label13= (13) Turkey ''(Peak in 2025)'' | data13 = 1,565 |label14= (14) Indonesia ''(Peak in 2025)'' | data14 = 1,443 |label15= (15) Saudi Arabia ''(Peak in 2025)'' | data15 = 1,269 |label16= (16) Poland ''(Peak in 2025)'' | data16 = 1,040 |label17= (17) Switzerland ''(Peak in 2025)'' | data17 = 1,003 |label18= (18) Taiwan ''(Peak in 2025)'' | data18 = 884 |label19= (19) Argentina ''(Peak in 2025)'' | data19 = 683 |label20= (20) Sweden ''(Peak in 2025)'' | data20 = 662 |caption= {{resize|88%|The 20 current largest economies in the world including eurozone as a single entity, by [nominal GDP](/source/nominal_GDP) (2025) at their peak level of GDP in billions US$. The values for EU members that are not eurozone members are listed separately.{{cite web |title=Data Explorer |url=https://data.imf.org/en/Data-Explorer?datasetUrn=IMF.RES:WEO(9.0.0) |website=data.imf.org |access-date=24 October 2025 |archive-date=29 December 2025 |archive-url=https://web.archive.org/web/20251229200304/https://data.imf.org/en/Data-Explorer?datasetUrn=IMF.RES:WEO(9.0.0) |url-status=live }}}} }} === Inflation === [HICP](/source/HICP) figures from the ECB, overall index:{{Cite web |url=https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Inflation_in_the_euro_area |title=Annual average rate of change, neither seasonally nor working day adjusted |access-date=7 January 2026 |url-status=live |archive-date=22 April 2023 |archive-url=https://web.archive.org/web/20230422101534/https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Inflation_in_the_euro_area }} {| |- style="vertical-align:top" | * 2000: 2.1% * 2001: 2.3% * 2002: 2.3% * 2003: 2.1% * 2004: 2.1% * 2005: 2.2% | * 2006: 2.2% * 2007: 2.1% * 2008: 3.3% * 2009: 0.3% * 2010: 1.6% * 2011: 2.7% | * 2012: 2.5% * 2013: 1.4% * 2014: 0.4% * 2015: 0.2% * 2016: 0.2% * 2017: 1.5% | * 2018: 1.8% * 2019: 1.2% * 2020: 0.3% * 2021: 2.6% * 2022: 8.4% * 2023: 5.4% | * 2024: 2.4% * 2025: 2.0% |} === Interest rates === Interest rates for the eurozone, set by the ECB since 1999.{{Cite web |date=2022-06-08 |title=Official interest rates |url=https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html |access-date=2022-06-19 |website=European Central Bank |language=en |archive-date=2 June 2016 |archive-url=https://web.archive.org/web/20160602145112/https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html |url-status=live }} Levels are in percentages per annum. Between June 2000 and October 2008, the ''main refinancing operations'' were variable rate tenders, as opposed to fixed rate tenders. The figures indicated in the table from 2000 to 2008 refer to the minimum interest rate at which counterparties may place their bids.[http://www.ecb.int/stats/monetary/rates/html/index.en.html Key ECB interest rates] {{webarchive |url=https://web.archive.org/web/20130811172454/http://www.ecb.int/stats/monetary/rates/html/index.en.html |date=11 August 2013 }}, ECB [[File:ECBrates.png|Eurozone [interest rate](/source/interest_rate)s]] === Public debt === The following table states the ratio of [public debt](/source/public_debt) to GDP in percent for eurozone countries given by EuroStat.{{cite web |title=General government gross debt – annual data (table code: teina225) |url=https://ec.europa.eu/eurostat/databrowser/view/teina225/default/table?lang=en |access-date=29 August 2022 |publisher=[Eurostat](/source/Eurostat) |archive-date=28 March 2020 |archive-url=https://web.archive.org/web/20200328142601/https://ec.europa.eu/eurostat/databrowser/view/teina225/default/table?lang=en |url-status=live }} The [euro convergence criterion](/source/Euro_convergence_criteria) is to not exceed 60%. {| class="wikitable sortable" style=font-size:90% |- ! Country ! 2007 !! 2008 !! 2009 !! 2010 !! 2011 !! 2012 !! 2013 !! 2014 !! 2015 !! 2016 !! 2017 !! 2018 !! 2019 !! 2020 !! 2021 !! 2022{{cite web |title=Government debt down to 94.2% of GDP in euro area - European Union |url=https://ec.europa.eu/eurostat/documents/2995521/15131955/2-21102022-BP-EN.pdf/ |access-date=12 January 2023 |archive-date=21 January 2023 |archive-url=https://web.archive.org/web/20230121183707/https://ec.europa.eu/eurostat/documents/2995521/15131955/2-21102022-BP-EN.pdf/ |url-status=live }}!! 2023{{cite book|title=Government debt down to 89.9% of GDP in euro area|date=22 January 2024|url=https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-22012024-ap|access-date=26 January 2024|archive-date=26 January 2024|archive-url=https://web.archive.org/web/20240126181258/https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-22012024-ap|url-status=live}} !! 2024{{cite web|title=Government debt at 87.4% of GDP in euro area|date=22 April 2025|url=https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-22042025-bp|access-date=May 13, 2025|archive-date=13 May 2025|archive-url=https://web.archive.org/web/20250513191401/https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-22042025-bp|url-status=live}}!! 2025{{cite web|title=Government debt at 88.5% of GDP in euro area|date=January 22, 2026|url=https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-22012026-ap|access-date=January 22, 2026|archive-date=2026-01-22 |archive-url=https://web.archive.org/web/20260122103347/https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-22012026-ap|url-status=live}} |- ! Eurozone | {{no|64.9}} || {{no|69.6}} || {{no|80.2}} || {{no|85.7}} || {{no|87.6}} || {{no|91.0}} || {{no|93.0}} || {{no|93.1}} | {{no|91.2}} || {{no|90.4}} || {{no|87.9}} || {{no|85.8}} || {{no|83.8}} || {{no|97.2}} || {{no|95.6}} || {{no|94.2}} || {{no|89.9}} || {{no|87.4}} || {{no|88.5}} |- | Austria | {{no|64.7}} || {{no|68.7}} || {{no|79.7}} || {{no|82.7}} || {{no|82.4}} || {{no|81.9}} || {{no|81.3}} || {{no|84.0}} | {{no|84.9}} || {{no|82.8}} || {{no|78.5}} || {{no|74.1}} || {{no|70.6}} || {{no|83.3}} || {{no|82.8}} || {{no|82.7}} || {{no|78.2}} || {{no|81.8}} || {{no|83.7}} |- | Belgium | {{no|87.0}} || {{no|93.2}} || {{no|99.6}} ||{{no|100.3}} ||{{no|103.5}} || {{no|104.8}} || {{no|105.5}} || {{no|107.0}} | {{no|105.2}} || {{no|105.0}} ||{{no|102.0}} || {{no|99.8}} || {{no|97.7}} || {{no|112.8}} || {{no|108.2}} || {{no|108.3}} || {{no|108.0}} || {{no|104.7}} || {{no|107.1}} |- | Bulgaria | NA || NA || NA || NA || NA || NA || {{yes|17.0}} || {{yes|27.0}} || {{yes|25.9}} || {{yes|29.1}} || {{yes|25.1}} || {{yes|22.2}} || {{yes|20.1}} || {{yes|24.5}} || {{yes|23.8}} || {{yes|23.1}} || {{yes|21.0}} || {{yes|24.1}} || {{yes|28.4}} |- | Croatia | {{yes|37.2}} || {{yes|39.1}} || {{yes|48.4}} || {{yes|57.3}} || {{no|63.7}} || {{no|69.4}} || {{no|80.3}} || {{no|83.9}} | {{no|83.3}} || {{no|79.8}} || {{no|76.7}} || {{no|73.3}} || {{no|71.1}} || {{no|87.3}} || {{no|79.8}} || {{no|74.3}} || {{no|64.4}} || {{yes|57.6}} || {{yes|57.2}} |- | Cyprus | {{yes|53.5}} || {{yes|45.5}} || {{yes|53.9}} || {{yes|56.3}} || {{no|65.8}} || {{no|80.3}} || {{no|104.0}} || {{no|109.1}} | {{no|108.9}} || {{no|107.1}} || {{no|97.5}} || {{no|100.6}} || {{no|91.1}} || {{no|115.0}} || {{no|103.6}} || {{no|95.2}} || {{no|79.4}} || {{no|65.0}} || {{no|60.6}} |- | Estonia | {{yes|3.7}} || {{yes|4.5}} || {{yes|7.0}} || {{yes|6.6}} || {{yes|5.9}} || {{yes|9.8}} || {{yes|10.2}} || {{yes|10.6}} | {{yes|9.7}} || {{yes|9.4}} || {{yes|9.0}} || {{yes|8.4}} || {{yes|8.6}} || {{yes|19.0}} || {{yes|18.1}} || {{yes|16.7}} || {{yes|18.2}} || {{yes|23.6}} || {{yes|22.9}} |- | Finland | {{yes|34.0}} || {{yes|32.6}} || {{yes|41.7}} || {{yes|47.1}} || {{yes|48.5}} || {{yes|53.6}} || {{yes|56.2}} || {{yes|59.8}} | {{no|63.1}} || {{no|63.1}} || {{no|61.4}} || {{yes|59.0}} || {{yes|59.5}} || {{no|69.0}} || {{no|65.8}} || {{no|72.1}} || {{no|73.8}} || {{no|82.1}} || {{no|86.8}} |- | France | {{no|64.3}} || {{no|68.8}} || {{no|79.0}} || {{no|81.7}} || {{no|85.2}} || {{no|90.6}} || {{no|93.4}} || {{no|94.9}} | {{no|95.8}} || {{no|96.5}} || {{no|97.0}} || {{no|98.4}} || {{no|97.5}} || {{no|114.6}} || {{no|112.9}} || {{no|113.1}} || {{no|111.9}} || {{no|113.0}} || {{no|117.7}} |- | Germany | {{no|63.7}} || {{no|65.5}} || {{no|72.4}} || {{no|81.0}} || {{no|78.3}} || {{no|81.1}} || {{no|78.7}} || {{no|75.6}} | {{no|71.2}} || {{no|68.1}} || {{no|64.1}} || {{no|61.9}} || {{yes|58.9}} || {{no|68.7}} || {{no|69.3}} || {{no|67.2}} || {{no|64.8}} || {{no|62.5}} || {{no|63.0}} |- | Greece | {{no|103.1}} || {{no|109.4}} || {{no|126.7}} || {{no|146.2}} || {{no|172.1}} ||{{no|161.9}} || {{no|178.4}} || {{no|180.2}} | {{no|176.9}} || {{no|180.8}} || {{no|178.6}} || {{no|181.2}} || {{no|180.7}} ||{{no|206.3}} || {{no|193.3}} || {{no|182.1}} || {{no|165.5}} || {{no|153.6}} || {{no|149.7}} |- | Ireland | {{yes|23.9}} || {{yes|42.4}} || {{no|61.8}} || {{no|86.8}} || {{no|109.1}} || {{no|119.9}} || {{no|119.9}} || {{no|104.2}} | {{no|93.8}} || {{no|72.8}} || {{no|68.0}} || {{no|63.6}} || {{yes|57.2}} || {{yes|58.4}} || {{yes|56.0}} || {{yes|51.4}} || {{yes|43.6}} || {{yes|40.9}} || {{yes|32.8}} |- | Italy | {{no|99.8}} || {{no|106.2}} || {{no|112.5}} || {{no|115.4}} || {{no|116.5}} || {{no|126.5}} || {{no|132.5}} || {{no|135.4}} | {{no|132.7}} || {{no|132.0}} || {{no|131.8}} || {{no|134.8}} || {{no|134.3}} || {{no|155.3}} || {{no|150.8}} || {{no|150.2}} || {{no|140.6}} || {{no|135.3}} || {{no|137.8}} |- | Latvia | {{yes|8.0}} || {{yes|18.6}} || {{yes|36.6}} || {{yes|47.5}} || {{yes|42.8}} || {{yes|42.2}} || {{yes|40.0}} || {{yes|41.6}} | {{yes|36.4}} || {{yes|40.6}} || {{yes|40.1}} || {{yes|36.4}} || {{yes|36.7}} || {{yes|43.3}} || {{yes|44.8}} || {{yes|41.6}} || {{yes|41.4}} || {{yes|46.8}} || {{yes|45.2}} |- | Lithuania | {{yes|15.9}} || {{yes|14.6}} || {{yes|29.0}} || {{yes|36.2}} || {{yes|37.2}} || {{yes|39.7}} || {{yes|38.7}} || {{yes|40.5}} | {{yes|42.7}} || {{yes|40.1}} || {{yes|39.7}} || {{yes|34.1}} || {{yes|35.9}} || {{yes|46.6}} || {{yes|44.3}} || {{yes|39.6}} || {{yes|37.4}} || {{yes|38.2}} || {{yes|40.7}} |- | Luxembourg | {{yes|7.7}} || {{yes|15.4}} || {{yes|16.0}} || {{yes|20.1}} || {{yes|19.1}} || {{yes|22.0}} || {{yes|23.7}} || {{yes|22.7}} | {{yes|21.4}} || {{yes|20.8}} || {{yes|23.0}} || {{yes|21.0}} || {{yes|22.3}} || {{yes|24.8}} || {{yes|24.4}} || {{yes|25.4}} || {{yes|25.7}} || {{yes|26.3}} || {{yes|27.9}} |- | Malta | {{no|62.3}} || {{no|61.8}} || {{no|67.8}} || {{no|67.6}} || {{no|69.9}} || {{no|65.9}} || {{no|65.8}} || {{no|61.6}} | {{no|63.9}} || {{yes|57.6}} || {{yes|50.8}} || {{yes|45.8}} || {{yes|40.7}} || {{yes|53.4}} || {{yes|57.0}} || {{yes|55.1}} || {{yes|49.3}} || {{yes|47.4}} || {{yes|46.5}} |- | Netherlands | {{yes|42.7}} || {{yes|54.7}} || {{yes|56.5}} || {{yes|59.0}} || {{no|61.7}} || {{no|66.3}} || {{no|67.7}} || {{no|67.9}} | {{no|65.1}} || {{no|61.8}} || {{yes|56.7}} || {{yes|52.4}} || {{yes|48.5}} || {{yes|54.3}} || {{yes|52.1}} || {{yes|50.9}} || {{yes| 45.9}} || {{yes|43.3}} || {{yes|42.4}} |- | Portugal | {{no|68.4}} || {{no|75.6}} || {{no|83.6}} || {{no|96.2}} || {{no|111.4}} || {{no|129.0}} || {{no|131.4}} || {{no|132.9}} | {{no|129.0}} || {{no|130.1}} || {{no|125.7}} || {{no|122.2}} || {{no|116.6}} || {{no|135.2}} || {{no|127.4}} || {{no|123.4}} || {{no|107.5}} || {{no|94.9}} || {{no|97.6}} |- | Slovakia | {{yes|30.1}} || {{yes|28.6}} || {{yes|41.0}} || {{yes|43.3}} || {{yes|43.3}} || {{yes|51.8}} || {{yes|54.7}} ||{{yes|53.6}} | {{yes|52.9}} || {{yes|51.8}} || {{yes|50.9}} || {{yes|49.4}} || {{yes|48.1}} || {{yes|59.7}} || {{no|63.1}} || {{no|60.3}} || {{yes|58.6}} || {{yes|59.3}} || {{no|62.3}} |- | Slovenia | {{yes|22.8}} || {{yes|21.8}} || {{yes|36.0}} ||{{yes|40.8}} || {{yes|46.6}} || {{yes|53.6}} || {{no|70.0}} || {{no|80.3}} | {{no|83.2}} || {{no|78.5}} || {{no|73.6}} || {{no|70.4}} || {{no|65.6}} || {{no|79.8}} || {{no|74.7}} || {{no|73.5}} || {{no|71.4}} || {{no|67.0}} || {{no|67.6}} |- | Spain | {{yes|35.6}} || {{yes|39.7}} || {{yes|52.7}} || {{no|60.1}} || {{no|69.5}} || {{no|86.3}} || {{no|95.8}} || {{no|100.7}} | {{no|99.2}} || {{no|99.0}} || {{no|98.3}} || {{no|97.6}} || {{no|95.5}} || {{no|120.0}} || {{no|118.4}} || {{no|116.1}} || {{no|109.8}} || {{no|101.8}} || {{no|103.2}} |} === Fiscal policies === {{see also|European Fiscal Compact}} [[File:Government surplus or deficit (EU-USA-UK).png|thumb|Comparison of government surplus/[deficit](/source/Government_budget) (2001–2012) of eurozone, United States and United Kingdom]] The primary means for fiscal coordination within the EU lies in the [Broad Economic Policy Guidelines](/source/Broad_Economic_Policy_Guidelines) which are written for every member state, but with particular reference to the 21 current members of the eurozone. These guidelines are not binding, but are intended to represent policy coordination among the EU member states, so as to take into account the linked structures of their economies. For their mutual assurance and stability of the currency, members of the eurozone have to respect the [Stability and Growth Pact](/source/Stability_and_Growth_Pact), which sets agreed limits on [deficits](/source/Government_budget) and [national debt](/source/national_debt), with associated sanctions for deviation. The Pact originally set a limit of 3% of GDP for the yearly deficit of all eurozone member states; with fines for any state which exceeded this amount. In 2005, Portugal, Germany, and France had all exceeded this amount, but the Council of Ministers had not voted to fine those states. Subsequently, reforms were adopted to provide more flexibility and ensure that the deficit criteria took into account the economic conditions of the member states, and additional factors. The [Fiscal Compact](/source/Fiscal_Compact){{cite news|author=Nicholas Watt|url=https://www.theguardian.com/politics/2012/jan/31/lib-dems-david-cameron-eu|title=Lib Dems praise David Cameron for EU U-turn|newspaper=The Guardian|date=31 January 2012|access-date=5 February 2012|location=London|archive-date=13 November 2020|archive-url=https://web.archive.org/web/20201113100638/https://www.theguardian.com/politics/2012/jan/31/lib-dems-david-cameron-eu|url-status=live}}{{cite web|url=http://european-council.europa.eu/home-page/highlights/the-fiscal-compact-ready-to-be-signed-(2)?lang=en|title=The fiscal compact ready to be signed|date=31 January 2012|access-date=5 February 2012|publisher=European Commission|url-status=dead|archive-url=https://web.archive.org/web/20121022095150/http://european-council.europa.eu/home-page/highlights/the-fiscal-compact-ready-to-be-signed-%282%29?lang=en|archive-date=22 October 2012|df=dmy-all}} (formally, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union),{{cite news | url=http://www.rte.ie/news/2012/0228/referendum.html#video | work=RTÉ News | title=Referendum to be held on Fiscal Treaty | date=28 February 2012 | archive-date=26 October 2012 | access-date=14 May 2016 | archive-url=https://web.archive.org/web/20121026123939/http://www.rte.ie/news/2012/0228/referendum.html#video | url-status=live }} is an [intergovernmental treaty](/source/Enhanced_cooperation) introduced as a new stricter version of the [Stability and Growth Pact](/source/Stability_and_Growth_Pact), signed on 2 March 2012 by all [member states of the European Union](/source/member_states_of_the_European_Union) (EU), except the Czech Republic, the United Kingdom,{{cite news|url=https://www.bbc.co.uk/news/world-europe-17230760|title=EU summit: All but two leaders sign fiscal treaty|work=BBC News|access-date=2 March 2012|date=2 March 2012|archive-date=13 November 2020|archive-url=https://web.archive.org/web/20201113184120/https://www.bbc.co.uk/news/world-europe-17230760|url-status=live}} and Croatia (subsequently [acceding the EU](/source/Accession_of_Croatia_to_the_European_Union) in July 2013). The treaty entered into force on 1 January 2013 for the 16 states which completed ratification prior of this date.{{cite web|url=http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/134543.pdf|title=Fiscal compact enters into force 21/12/2012 (Press: 551, Nr: 18019/12)|publisher=European Council|date=21 December 2012|access-date=21 December 2012|archive-url=https://web.archive.org/web/20121223192244/http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/134543.pdf|archive-date=23 December 2012|url-status=live}} As of 1 April 2014, it had been ratified and entered into force for all 25 signatories. [Olivier Blanchard](/source/Olivier_Blanchard) suggests that a fiscal union in the eurozone can mitigate devastating effects of the single currency on the eurozone peripheral countries. But he adds that the currency bloc will not work perfectly even if a fiscal transfer system is built, because, he argues, the fundamental issue about competitiveness adjustment is not tackled. The problem is, since the eurozone peripheral countries do not have their own currencies, they are forced to adjust their economies by decreasing their wages instead of devaluation.[https://www.telegraph.co.uk/finance/economics/11919355/fiscal-union-eurozone-emu-olivier-blanchard-imf.html Fiscal union will never fix a dysfunctional eurozone, warns ex-IMF chief Blanchard] {{Webarchive|url=https://web.archive.org/web/20180218122546/http://www.telegraph.co.uk/finance/economics/11919355/fiscal-union-eurozone-emu-olivier-blanchard-imf.html |date=18 February 2018 }} Mehreen Khan, ''The Daily Telegraph'' (London), 10 October 2015 == Bailout provisions == {{see also|History of the euro#Recession era}} The [2008 financial crisis](/source/2008_financial_crisis) prompted several reforms in the eurozone. One was a U-turn on the eurozone's [bailout](/source/bailout) policy that led to the creation of a specific fund to assist eurozone states in trouble. The [European Financial Stability Facility](/source/European_Financial_Stability_Facility) (EFSF) and the [European Financial Stability Mechanism](/source/European_Financial_Stability_Mechanism) (EFSM) were created in 2010 to provide, alongside the [International Monetary Fund](/source/International_Monetary_Fund) (IMF), a system and fund to bail out members. However, the EFSF and EFSM were temporary, small and lacked a basis in the EU treaties. Therefore, it was agreed in 2011 to establish a [European Stability Mechanism](/source/European_Stability_Mechanism) (ESM) which would be much larger, funded only by eurozone states (not the EU as a whole as the EFSF/EFSM were) and would have a permanent [treaty basis](/source/Treaties_of_the_European_Union). As a result of that its creation involved agreeing an amendment to TEFU Article 136 allowing for the ESM and a new ESM treaty to detail how the ESM would operate. The ESM became operational in September 2012. In February 2016, the UK secured further confirmation that countries that do not use the [Euro](/source/Euro) would not be required to contribute to bailouts for eurozone countries.{{cite web|title=European Council meeting (18 and 19 February 2016) – Conclusions|url=http://www.consilium.europa.eu/en/press/press-releases/2016/02/19-euco-conclusions/|publisher=European Commission|access-date=14 May 2016|archive-date=20 October 2017|archive-url=https://web.archive.org/web/20171020075425/http://www.consilium.europa.eu/en/press/press-releases/2016/02/19-euco-conclusions/|url-status=live}} == Peer review == {{see also|Euro Plus Pact}} In June 2010, a broad agreement was finally reached on a controversial proposal for member states to peer review each other's budgets prior to their presentation to [national parliaments](/source/National_parliaments_of_the_European_Union). Although showing the entire budget to each other was opposed by Germany, Sweden and the UK, each government would present to their peers and the Commission their estimates for growth, inflation, revenue and expenditure levels six months before they go to national parliaments. If a country was to run a deficit, they would have to justify it to the rest of the EU while countries with a debt more than 60% of GDP would face greater scrutiny.[https://euobserver.com/9/30232 EU agrees controversial peer review of national budgets] {{Webarchive|url=https://web.archive.org/web/20250523022246/https://euobserver.com/9/30232 |date=23 May 2025 }}, EU Observer The plans would apply to all EU members, not just the eurozone, and have to be approved by EU leaders along with proposals for states to face sanctions before they reach the 3% limit in the [Stability and Growth Pact](/source/Stability_and_Growth_Pact). Poland has criticised the idea of withholding regional funding for those who break the deficit limits, as that would only impact the poorer states. In June 2010 France agreed to back Germany's plan for suspending the voting rights of members who breach the rules.Willis, Andrew (15 June 2010) [https://euobserver.com/9/30284 Merkel: Spain can access aid if needed] {{Webarchive|url=https://web.archive.org/web/20250523013849/https://euobserver.com/9/30284 |date=23 May 2025 }}, EU Observer In March 2011 was initiated a new reform of the [Stability and Growth Pact](/source/Stability_and_Growth_Pact) aiming at straightening the rules by adopting an automatic procedure for imposing of penalties in case of breaches of either the deficit or the debt rules.{{cite web|url=http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/119888.pdf |title=Council reaches agreement on measures to strengthen economic governance |access-date=18 May 2011 |archive-url=https://web.archive.org/web/20110825060552/http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/119888.pdf |archive-date=25 August 2011 |url-status=live }}{{cite web |author=Jan Strupczewski |url=http://uk.finance.yahoo.com/news/EU-finmins-adopt-tougher-reuters_molt-1023414724.html?x=0 |title=EU finmins adopt tougher rules against debt, imbalance |website=Uk.finance.yahoo.com |publisher=[Yahoo! Finance](/source/Yahoo!_Finance) |date=15 March 2011 |access-date=18 May 2011 |archive-date=24 April 2023 |archive-url=https://web.archive.org/web/20230424074017/https://uk.finance.yahoo.com/news/EU-finmins-adopt-tougher-reuters_molt-1023414724.html?x=0 |url-status=dead }} == Criticism == {{see also|Phillips curve|Nominal rigidity}} In 1997, [Arnulf Baring](/source/Arnulf_Baring) expressed concern that the European Monetary Union would make Germans the most hated people in Europe. Baring suspected the possibility that the people in Mediterranean countries would regard Germans and the currency bloc as economic policemen.[http://wolfstreet.com/2015/07/16/this-prediction-about-the-euro-deserves-a-nostradamus-award/ This Prediction about the Euro Deserves a ‘Nostradamus Award’] {{Webarchive|url=https://web.archive.org/web/20151208092807/http://wolfstreet.com/2015/07/16/this-prediction-about-the-euro-deserves-a-nostradamus-award/ |date=8 December 2015 }} W. Richter, Wolf Street, 16 July 2015 In 2001, [James Tobin](/source/James_Tobin) thought that the euro project would not succeed without making drastic changes to European institutions, pointing out the difference between the US and the eurozone.J. Tobin, Policy Opinions, 31 (2001) Concerning monetary policies, the system of [Federal Reserve bank](/source/Federal_Reserve_bank)s in the US aims at both growth and reducing unemployment, while the [ECB](/source/European_Central_Bank) tends to give its first priority to price stability under the [Bundesbank](/source/Deutsche_Bundesbank)'s supervision. As the price level of the currency bloc is kept low, the unemployment level of the region has become higher than that of the US since 1982. Concerning fiscal policies, 12% of the US federal budget is used for transfers to states and local governments. The US government does not impose restrictions on state budget policies, whereas the Maastricht Treaty requires each eurozone member country to keep its budget deficit below 3% of its GDP. In 2008, a study by [Alberto Alesina](/source/Alberto_Alesina) and [Vincenzo Galasso](/source/Vincenzo_Galasso) found that the adoption of [euro](/source/euro) promoted [market deregulation](/source/deregulation) and [market liberalization](/source/free_trade).{{cite journal |last1=Alesina |first1=Alberto |last2=Galasso |first2=Vincenzo |first3=Silvia |last3=Ardagna |author-link1=Alberto Alesina |author-link2=Vincenzo Galasso |date=May 2008 |title=The Euro and Structural Reforms |url=https://www.nber.org/system/files/working_papers/w14479/w14479.pdf |journal=NBER Working Paper |number=14479 |volume=1 |doi=10.3386/w14479 |archive-date=26 February 2023 |access-date=26 February 2023 |archive-url=https://web.archive.org/web/20230226153720/https://www.nber.org/system/files/working_papers/w14479/w14479.pdf |url-status=live }}{{cite web |url=https://www.nber.org/digest/apr09/euro-wages-and-prices |title=The Euro, Wages, and Prices |last=Belsie |first=Laurent |date=April 2009 |website=NBER |publisher=The Digest |access-date=2023-02-26 |archive-date=26 February 2023 |archive-url=https://web.archive.org/web/20230226153717/https://www.nber.org/digest/apr09/euro-wages-and-prices |url-status=live }} Furthermore, the euro was also linked to wage moderation, as [wage growth](/source/wage_growth) slowed down in countries that adopted the new currency. [Oliver Hart](/source/Oliver_Hart_(economist)), who received the [Nobel Memorial Prize in Economic Sciences](/source/Nobel_Memorial_Prize_in_Economic_Sciences) in 2016, criticized the euro, calling it a "mistake" and emphasising his opposition to monetary union since its inception.{{cite web |url=https://www.euractiv.com/section/euro-finance/news/economic-nobel-prize-winner-the-euro-was-a-mistake/ |title=Nobel economics prize winner: 'The euro was a mistake' |last=Rodríguez |first=Carmen |editor=Sam Morgan |date=December 2016 |website=Euractiv |access-date=2023-02-26 |archive-date=26 February 2023 |archive-url=https://web.archive.org/web/20230226153716/https://www.euractiv.com/section/euro-finance/news/economic-nobel-prize-winner-the-euro-was-a-mistake/ |url-status=live }} He also expressed opposition to [European integration](/source/European_integration), arguing that the European Union should instead focus on [decentralisation](/source/decentralisation) as it has "gone too far in centralising power". In 2018, a study based on [DiD methodology](/source/Difference_in_differences) found that the adoption of euro produced no systematic growth effects, as no growth-enhancing effects were found when compared to European economies outside the eurozone.{{cite journal |last1=Ioannatos |first1=Petros E. |date=June 2018 |title=Has the Euro Promoted Eurozone's Growth? |url=https://www.e-jei.org/upload/JEI_33_2_1388_1411_2013600162.pdf |journal=Journal of Economic Integration |volume=33 |issue=2 |pages=1388–1411 |doi=10.11130/jei.2018.33.2.1389 |s2cid=158295739 |archive-date=26 February 2023 |access-date=26 February 2023 |archive-url=https://web.archive.org/web/20230226153718/https://www.e-jei.org/upload/JEI_33_2_1388_1411_2013600162.pdf |url-status=live }} The eurozone has also been criticized for deepening inequality in Europe, particularly between the richest and poorest countries.{{cite web |url=https://www.politico.eu/article/eurozone-problem-country-germany-coronavirus/ |title=The eurozone's problem country: Germany |last=Karnitschnig |first=Matthew |date=22 April 2020 |website=Politico |access-date=2023-02-27 |archive-date=27 February 2023 |archive-url=https://web.archive.org/web/20230227055250/https://www.politico.eu/article/eurozone-problem-country-germany-coronavirus/ |url-status=live }} According to a study by [Bertelsmann Stiftung](/source/Bertelsmann_Stiftung), countries such as Austria and the Netherlands benefited significantly from the common currency, while southern and eastern European members of the eurozone gained very little,{{cite web |url=https://www.reuters.com/article/us-europe-single-market-study-idUSKCN1SE07Z |title=Germany, wealthy regions are biggest winners of EU single market: report |date=8 May 2019 |last1=Escritt |first1=Thomas |editor=Gareth Jones |website=Reuters |access-date=2023-02-27 |archive-date=27 February 2023 |archive-url=https://web.archive.org/web/20230227055252/https://www.reuters.com/article/us-europe-single-market-study-idUSKCN1SE07Z |url-status=live }} and some countries are considered to have suffered adverse effects from adopting the euro.{{cite web |url=https://www.politico.eu/article/opinion-italy-germany-how-to-exit-the-eurozone-euro-reform/ |title=How to exit the eurozone |last=Stiglitz |first=Joseph |author-link=Joseph Stiglitz |date=26 June 2018 |website=Politico |access-date=2023-02-27 |archive-date=27 February 2023 |archive-url=https://web.archive.org/web/20230227055247/https://www.politico.eu/article/opinion-italy-germany-how-to-exit-the-eurozone-euro-reform/ |url-status=live }} In an article for [Politico](/source/Politico), [Joseph Stiglitz](/source/Joseph_Stiglitz) argues that "[t]he result for the eurozone has been slower growth, and especially for the weaker countries within it. The euro was supposed to usher in greater prosperity, which in turn would lead to renewed commitment to European integration. It has done just the opposite — increasing divisions within the EU, especially between creditor and debtor countries." Matthias Matthijs believes that the euro resulted in a "winner-take-all" economy, as national income differences between eurozone members have widened further.{{cite journal |last1=Matthijs |first1=Matthias |date=2016 |title=The Euro's "Winner-Take-All" Political Economy: Institutional Choices, Policy Drift, and Diverging Patterns of Inequality |url=https://journals.sagepub.com/doi/10.1177/0032329216655317 |journal=Politics & Society |volume=44 |issue=3 |pages=393–422 |doi=10.1177/0032329216655317 |publisher=SAGE Publications |s2cid=220681429 |url-access=subscription |archive-date=27 February 2023 |access-date=27 February 2023 |archive-url=https://web.archive.org/web/20230227055247/https://journals.sagepub.com/doi/10.1177/0032329216655317 |url-status=live }} He argues that countries such as Austria and Germany have gained from the eurozone at the expense of southern countries like Italy and Spain. By adopting the euro and abandoning their national currencies, eurozone countries gave up their ability to conduct independent [monetary policy](/source/monetary_policy); as such, monetary policies used to combat recession, such as [monetary stimulus](/source/Stimulus_(economics)) or [currency devaluation](/source/Devaluation), are no longer available. During the [European debt crisis](/source/European_debt_crisis), several eurozone countries (Greece, Italy, Portugal, Ireland, Spain, and Cyprus) were unable to repay their debt without third-party intervention by the [European Central Bank](/source/European_Central_Bank) and the [International Monetary Fund](/source/International_Monetary_Fund).{{Cite journal|last1=Copelovitch|first1=Mark|last2=Frieden|first2=Jeffry|last3=Walter|first3=Stefanie|date=14 March 2016|title=The Political Economy of the Euro Crisis|journal=Comparative Political Studies|language=en-US|volume=49|issue=7|pages=811–840|doi=10.1177/0010414016633227|s2cid=18181290|issn=0010-4140|url=https://nrs.harvard.edu/urn-3:HUL.InstRepos:33694190}} In order to grant the bailout, the ECB and the IMF forced the affected countries to adopt strict [austerity](/source/austerity) measures. The European bailouts were largely about shifting exposure from banks onto European taxpayers,{{cite web |url= https://blogs.lse.ac.uk/greeceatlse/2012/03/23/are-the-european-banks-saving-greece-or-saving-themselves/#more-537 |title= Are the European banks saving Greece or saving themselves? |first= Kevin |last= Featherstone |date= 23 March 2012 |work= Greece@LSE |publisher= LSE |access-date= 27 March 2012 |archive-date= 29 July 2018 |archive-url= https://web.archive.org/web/20180729081420/http://blogs.lse.ac.uk/greeceatlse/2012/03/23/are-the-european-banks-saving-greece-or-saving-themselves/#more-537 |url-status= live }}{{cite web |url=http://www.presseurop.eu/en/content/news-brief/1599061-greek-aid-will-go-banks |title=Greek aid will go to the banks |date=9 March 2012 |work=Die Gazette |publisher=[Presseurop](/source/Presseurop) |access-date=12 March 2012 |archive-date=3 December 2012 |archive-url=https://web.archive.org/web/20121203235903/http://www.presseurop.eu/en/content/news-brief/1599061-greek-aid-will-go-banks |url-status=dead }}{{cite news |last= Whittaker |first= John |year= 2011 |title= Eurosystem debts, Greece, and the role of banknotes |url= http://www.lums.lancs.ac.uk/files/23558.pdf |publisher= Lancaster University Management School |access-date= 2 April 2012 |url-status= dead |archive-url= https://web.archive.org/web/20111125004634/http://www.lums.lancs.ac.uk/files/23558.pdf |archive-date= 25 November 2011}} and exacerbated issues such as high unemployment and poverty.{{cite journal |last1=Cavero |first1=Gonzalo |last2=Cortés |first2=Irene Martín |date=September 2013 |title=The true cost of austerity and inequality: Greece Case Study |url=https://www-cdn.oxfam.org/s3fs-public/file_attachments/cs-true-cost-austerity-inequality-greece-120913-en_0.pdf |journal=Oxfam Case Study |isbn=9781780774046 |archive-date=3 January 2024 |access-date=27 February 2023 |archive-url=https://web.archive.org/web/20240103142137/https://www-cdn.oxfam.org/s3fs-public/file_attachments/cs-true-cost-austerity-inequality-greece-120913-en_0.pdf |url-status=live }}{{cite news |last= Coppola |first= Frances |date= 31 August 2018 |title= The Terrible Human Cost Of Greece's Bailouts |url= https://www.forbes.com/sites/francescoppola/2018/08/31/the-terrible-human-cost-of-greeces-bailouts/?sh=3e368e634b31 |work= Forbes |access-date= 27 February 2023 |url-status= live |archive-url= https://web.archive.org/web/20220809020647/https://www.forbes.com/sites/francescoppola/2018/08/31/the-terrible-human-cost-of-greeces-bailouts/?sh=2b3ad6af4b31 |archive-date= 9 August 2022}} In 2019, a study from the [Centre for European Policy](/source/Centre_for_European_Policy) concluded that while some countries had gained from adopting the euro, several countries were poorer than they would have been had they not adopted it, with France and Italy being particularly affected.Nicole Ng, [https://p.dw.com/p/3E2fQ "CEP study: Germans gain most from euro introduction"] {{Webarchive|url=https://web.archive.org/web/20210420064240/https://www.dw.com/en/cep-study-germany-gains-most-from-euro-introduction/a-47675856 |date=20 April 2021 }}, ''Deutsche Welle'', 25 February 2019, accessed 05/03/19.{{Cite web|url=https://www.cep.eu/Studien/20_Jahre_Euro_-_Gewinner_und_Verlierer/cepStudy_20_years_Euro_-_Winners_and_Losers.pdf |first1=Alessandro |last1=Gasparotti |first2=Matthias |last2=Kullas |date=February 2019 |publisher=cepStudy |title=20 Years of the Euro: Winners and Losers|archive-url=https://web.archive.org/web/20191119003917/https://www.cep.eu/Studien/20_Jahre_Euro_-_Gewinner_und_Verlierer/cepStudy_20_years_Euro_-_Winners_and_Losers.pdf|archive-date=19 November 2019|url-status=live}} The publication prompted a large number of reactions, pushing its authors to put out a statement clarifying some points.{{Cite web|url=https://www.cep.eu/en/cep-news-archive/article/statement-on-reactions-to-the-study-20-years-of-euro.html|title=Statement on reactions to the study 20 years of euro|date=19 December 2022 |website=Centrum für europäische Politik |url-status=live |archive-url=https://web.archive.org/web/20230131095656/https://www.cep.eu/en/cep-news-archive/article/statement-on-reactions-to-the-study-20-years-of-euro.html |archive-date= 31 Jan 2023 }} In 2020, a study from the University of Bonn reached a different conclusion: the adoption of the euro made "some mild losers (France, Germany, Italy, and Portugal) and a clear winner (Ireland)".{{Cite journal|journal=SSRN|last1=Gabriel|first1=Ricardo Duque|last2=Pessoa|first2=Ana Sofia|date=2020-12-01|title=Adopting the Euro: A Synthetic Control Approach|doi=10.2139/ssrn.3563044 |doi-access=free |language=en|ssrn=3563044 |ssrn-access=free |s2cid=219969338 |s2cid-access=free }} Both studies used the [synthetic control method](/source/synthetic_control_method) to estimate what might have happened if the euro had not been adopted. == See also == {{Portal|European Union}} * [Capital Markets Union](/source/Capital_Markets_Union) * [Craiova Group](/source/Craiova_Group) * [Economic and Monetary Union of the European Union](/source/Economic_and_Monetary_Union_of_the_European_Union) * [European banking union](/source/European_banking_union) * [Single Euro Payments Area](/source/Single_Euro_Payments_Area) * [List of acronyms associated with the eurozone crisis](/source/List_of_acronyms_associated_with_the_eurozone_crisis) * [List of people associated with the eurozone crisis](/source/List_of_people_associated_with_the_eurozone_crisis) * [Open Balkan](/source/Open_Balkan) * [Sixpack (European Union law)](/source/Sixpack_(European_Union_law)) * [Special territories of members of the European Economic Area](/source/Special_territories_of_members_of_the_European_Economic_Area) == Notes == {{reflist|group=lower-alpha|30em}} == References == {{reflist|30em}} == External links == {{commons category|Eurozone}} {{wikisource|Consolidated version of the Treaty on the Functioning of the European Union/Title VIII: Economic and Monetary Policy}} * [https://web.archive.org/web/20120609030416/http://www.eurozone.europa.eu/ Eurozone official portal] (archived 9 June 2012) * [https://www.ecb.europa.eu/ European Central Bank] * [http://ec.europa.eu/economy_finance/euro/index_en.htm European Commission – Economic and Financial Affairs – Eurozone] {{Euro topics|state=expanded}} {{European Union topics|state=collapsed}} {{Europe topics (small)|state=collapsed}} {{Authority control}} Category:Eurozone Category:Multi-speed Europe --- Adapted from the Wikipedia article [Eurozone](https://en.wikipedia.org/wiki/Eurozone) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Eurozone?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.