Euro zone


Eurozone, also known as eurozone, are those member countries of the European Union that use the euro as their main currency. In other words, the euro zone is the area comprised of a group of countries or member states of the European Union that have adopted the euro as their Official Currency, thus forming a monetary union. The date that this new currency, the Euro, was introduced was January 1, 1999, and from then on the eurozone was also created. It should be noted that the monetary authority that controls the euro zone is the Eurosystem and the political and economic authority is established in the Eurogroup and in the European Commission.

So far the euro zone is made up of 17 countries, of the 28 that make up the European Union and the European Central Bank is the organization responsible for the monetary policy of said zone; These countries that make it up are: Germany, Austria, Belgium, Cyprus, Slovakia, Slovenia, Spain, Finland, France, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Estonia and Portugal. In its beginnings, the eurozone only had 11 states or members and then they were joined in 2011 by Greece, Slovenia in 2007, Cyprus and Malta in 2008, Slovakia in 2009 and finally Estonia in 2011.

On the other hand there are also some regions or states that have an agreement with the European Union, for the use of the Euro, they are territories such as Monaco, the Vatican and San Martin that use the Euro according to what is established in said specific agreements of each one. and that they can issue euros with their own national symbols on the back of banknotes and coins. For this the Vatican and San Marino signed the agreement with Italy and Monaco with France.