Measure content performance. Develop and improve products. List of Partners vendors. Your Money. Personal Finance. Your Practice. Popular Courses. What Is the Eurozone? Key Takeaways The eurozone refers to an economic and geographic region consisting of all the European Union EU countries that incorporate the euro as their national currency.
In , the Maastricht Treaty created the EU and paved the way for the formation of a common economic and monetary union consisting of a central banking system, a common currency, and a common economic region, the eurozone. Not all European Union nations participate in the eurozone; some opt to use their own currency and maintain their financial independence. European Union nations that decide to participate in the eurozone must meet requirements regarding price stability, sound public finances, the durability of convergence, and exchange rate stability.
Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
We also reference original research from other reputable publishers where appropriate. Usage data on this website are processed only to the extent necessary and only for specific purposes. Cookies on this website are used exclusively to serve the technical provision and optimisation of the website. Detailed information can be found in our data privacy statement: Privacy Policy.
September 15, - The European Central Bank, the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank announce a coordinated plan to pump dollars into Europe's financial system in an effort to boost liquidity across the eurozone. The banks will hold three auctions for US dollars, with a three-month maturity, through the end of the year with the goal of providing US dollars to struggling European banks that need the currency to fund loans and repay debt.
November 30, - The US Federal Reserve along with central banks of the eurozone, England, Japan, Switzerland and Canada, announce a coordinated plan to lower prices on dollar liquidity swaps beginning on December 5 , and extending these swap arrangements to February 1, December 9, - A majority of European leaders agree on a new deal to try to resolve the continent's debt crisis , but Britain refuses to back a broader treaty change.
The agreement includes: handing over the running of the EU's bailout funds to the European Central Bank and adding billion euros to the resources of the International Monetary Fund. June 29, - European leaders reach a deal to create a single supervisory body to oversee the eurozone's banks which could use the single currency area's rescue funds, the European Financial Stability Facility or European Stability Mechanism, to aid banks directly without adding to governments' debt.
September 12, - The German Constitutional Court rules against a group of conservative politicians who requested an injunction that would bar Germany from ratifying the treaty governing the European Stability Mechanism.
November 15, - The eurozone officially slips into recession. It's the second recession since , making it a double dip. January 1, - Latvia joins the eurozone as the 18th member country. January 1, - Lithuania joins the eurozone as the 19th member country. Its capital is Lisbon and the official language is Portuguese. Portugal holds 21 seats in the European Parliament and held the revolving presidency of the Council of the EU 3 times between and Portugal is a member country of the Schengen Area since March 26, The Romanians comprise 3.
Its capital is Bucharest and the official language is Romanian. Romania holds 32 seats in the European Parliament and will hold the revolving presidency of the Council of the EU for the first time in Romania is not a member country of the Schengen Area. Slovaks comprise 2. Its capital is Bratislava and the official language is Slovak.
The political system in Slovakia is a parliamentary republic. Slovakia holds 13 seats in the European Parliament and is currently holding the revolving presidency of the Council of the EU for the first time. Slovakia is also a member state of the Schengen Area since March 26, The Slovenians comprise 0. Its capital is Ljubljana and the official language is Slovenian.
Slovenia holds 8 seats in the European Parliament and held the revolving presidency of the Council of the EU once in Slovenia is a member country of the Schengen Area since December 21, Spain is a member country of the EU since January 1, The Spanish comprise 9.
Its capital is Madrid. The official language in Spain is Spanish. Spain holds 54 seats in the European Parliament and held the revolving presidency of the Council of the EU 4 times between and Spain is a member country of the Schengen Area since March 26, The Swedes comprise 1. Its capital is Stockholm and the official language is Swedish.
Sweden holds 20 seats in the European Parliament and held the revolving presidency of the Council of the EU twice, in and Sweden is a member country of the Schengen Area since March 25, The continental territories of the member states of the European Union European Communities pre , animated in order of accession.
In , the European Coal and Steel Community began the uniting of European countries economically and politically to gain lasting peace. This brought a good period for the economy, as the EU countries stopped charging customs duties when trading with each other. In , Denmark, Ireland, and the United Kingdom formally decided to join the European Union, becoming nine member states altogether.
The political divisions, during the s, between the east and west Europe finally healed and 10 more new countries joined the EU in , followed by Bulgaria and Romania which joined in In , a financial crisis hits the global economy.
Therefore, the Treaty of Lisbon entered into force in , providing the EU with modern institutions and more efficient working methods. In June , the United Kingdom held a referendum, letting the people decide whether they want to leave or remain in the European Union, after a few years of political debate on the topic. Presently the increase of religious extremism in the Middle East, as well as in various other countries and regions around the world, has lead to wars and turmoil, which has pushed many people to flee their home countries and seek refuge in Europe.
0コメント