Eurozone
The
Eurozone ( pronunciation (help·info)), officially called the
euro area, is an economic and monetary union (EMU) of 18 European Union (EU) member states that have adopted the euro (€) as their common currency and sole legal tender. The Eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Other EU states (except for the United Kingdom and Denmark) are obliged to join once they meet the criteria to do so. No state has left and there are no provisions to do so or to be expelled. Monaco, San Marino, the Vatican City and Andorra have formal agreements with the EU to use the euro as their official currency and issue their own coins. Other states, like Kosovo and Montenegro, have adopted the euro unilaterally, but these countries do not formally form part of the Eurozone and do not have representation in the ECB or the Eurogroup. Monetary policy of the zone is the responsibility of the European Central Bank (ECB) which is governed by a president and a board of the heads of national central banks.