Eurozone: Difference between revisions

Latest revision as of 10:22, 1 January 2026

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The euro area,^[1] commonly called the eurozone (EZ), is a currency union of 21 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented Economic and Monetary Union policies.

The 21 eurozone members are: Austria, Belgium, Bulgaria, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

The largest economies in the eurozone are France and Germany, whose combined economic output accounts for almost half of the zone’s total.^[2] A number of non-EU member states, namely Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins.^[3]^[4]^[5] In addition, Kosovo and Montenegro have adopted the euro unilaterally, relying on euros already in circulation rather than minting currencies of their own.^[6] These six countries, however, have no representation in any eurozone institution.^[7]

The Eurosystem is the monetary authority of the eurozone, the Eurogroup is an informal body of finance ministers that makes fiscal policy for the currency union, and the European System of Central Banks is responsible for fiscal and monetary cooperation between eurozone and non-eurozone EU members. The European Central Bank (ECB) makes monetary policy for the eurozone, sets its base interest rate, and issues euro banknotes and coins. Since the 2008 financial crisis, the eurozone has established and used provisions for granting emergency loans to member states in return for enacting economic reforms.^[8] The eurozone has also enacted some limited fiscal integration; 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.^[9] 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, Denmark, Hungary, Poland, Romania, and Sweden. Of these, all except Denmark are legally committed to adopting the euro once they meet the required convergence criteria.^[10] To date, no country has left the eurozone, and there are no formal provisions for either voluntary withdrawal or expulsion.^[11]

Territory

Eurozone

File:Launching of the Euro - Press conference - 1998.jpg

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 had met the 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.Script error: No such module "Unsubst".

These twelve founding members introduced physical euro banknotes and 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.Script error: No such module "Unsubst".

Between 2007 and 2026, nine more states have acceded: Bulgaria, Croatia, Cyprus, Estonia, Latvia, Lithuania, Malta, Slovakia, and Slovenia.

State	ISO code	Adopted on 1 Jan ofScript error: No such module "Check for unknown parameters".	Population in 2024^[12]	Nominal GNI in 2023			Pre-euro currency	Conversion rate of euro to pre-euro currency^[13]	Pre-euro currency was also used in	Territories where euro is not used
State	ISO code		Population in 2024^[12]	(USD millions)^[14]	As fraction of eurozone total	Per capita in 2023 in USDScript error: No such module "Check for unknown parameters".	Pre-euro currency	Conversion rate of euro to pre-euro currency^[13]	Pre-euro currency was also used in	Territories where euro is not used
Template:Flagcountry	AT	1999^[15]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	schilling	13.7603
Template:Flagcountry	BE	1999^[15]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	franc	40.3399	Luxembourg
Template:Flagcountry	BG	2026^[16]	Template:Nts	Template:Nts			lev	1.95583
Template:Flagcountry	HR	2023^[17]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	kuna	7.53450
Template:Flagcountry	CY	2008^[18]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	pound	0.585274		Northern Cyprus^{[lower-alpha 1]}
Template:Flagcountry	EE	2011^[19]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	kroon	15.6466
Template:Flagcountry	FI	1999^[15]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	markka	5.94573
Template:Flagcountry	FR	1999^[15]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	franc	6.55957	Andorra Monaco	New Caledonia^{[lower-alpha 2]} French Polynesia^{[lower-alpha 2]} Wallis and Futuna^{[lower-alpha 2]}
Template:Flagcountry	DE	1999^[15]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	Mark	1.95583	Kosovo Montenegro
Template:Flagcountry	GR^{[lower-alpha 3]}	2001^[20]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	drachma	340.750
Template:Flagcountry	IE	1999^[15]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	pound	0.787564
Template:Flagcountry	IT	1999^[15]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	lira	1936.27	San Marino Vatican City
Template:Flagcountry	LV	2014^[21]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	lats	0.702804
Template:Flagcountry	LT	2015^[22]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	litas	3.45280
Template:Flagcountry	LU	1999^[15]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	franc	40.3399	Belgium
Template:Flagcountry	MT	2008^[23]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	lira	0.429300
Template:Flagcountry	NL	1999^[15]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	guilder	2.20371		Aruba^{[lower-alpha 4]} Curaçao^{[lower-alpha 5]} Sint Maarten^{[lower-alpha 5]} Caribbean Netherlands^{[lower-alpha 6]}
Template:Flagcountry	PT	1999^[15]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	escudo	200.482
Template:Flagcountry	SK	2009^[24]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	koruna	30.1260
Template:Flagcountry	SI	2007^[25]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	tolar	239.640
Template:Flagcountry	ES	1999^[15]	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	peseta	166.386	Andorra
Eurozone total	EZTemplate:Efn	—	Template:Nts	Template:Nts	Script error: No such module "Percentage".	Template:Nts	—	—	—	See above

Dependent territories of EU member states not part of the EU

Three French dependent territories that are not part of the EU have adopted the euro, with France ensuring eurozone laws are implemented:

Non-member usage

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File:Eurozone participation.svg

Eurozone participation Template:Glossary Template:Term(special territories not shown) Template:Defn Template:Term Template:Defn Template:Glossary end Script error: No such module "Navbar".

With formal agreement

The euro is also used in countries outside the EU. Four microstates (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins.^[26]^[27] 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 are located on the island of Cyprus but are 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.^[28]

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 was once pegged to the 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 and Central African CFA francs are pegged exactly at 655.957 CFA to 1 EUR. In 1998, in anticipation of Economic and Monetary Union of the European Union, the Council of the European Union addressed the monetary agreements France had with the CFA Zone and Comoros, and ruled that the ECB had no obligation towards the convertibility of the CFA and Comorian francs. The responsibility of the free convertibility remained in the French Treasury.

Without formal agreement

Kosovo and Montenegro unilaterally adopted the euro as their sole currency without an agreement and, therefore, have no issuing rights.^[27] 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.^[29]^[30]^[31] Further unilateral adoption of the euro (euroisation), by both non-euro EU and non-EU members, is opposed by the ECB and EU.^[32]

Historical eurozone enlargements and exchange-rate regimes for EU members

Script error: No such module "labelled list hatnote". The chart below provides a full summary of all applying exchange-rate regimes for EU members, since the birth, on 13 March 1979, of the European Monetary System with its Exchange Rate Mechanism and the related new common currency ECU. On 1 January 1999, the euro replaced the ECU 1:1 at the exchange rate markets. During 1979–1999, the 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.

Template: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, 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, 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, adopted the euro in 2023; while Bulgaria, which joined in 2007, adopted the euro in 2026.

All new EU members joining the bloc after the signing of the 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. 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.^[33]

Future enlargement

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Six countries (the Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden) are EU 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 (ERM II). As of January 2026, only the central bank of Denmark participates in ERM II.

Denmark obtained a special opt-out in the Maastricht Treaty, and thus is legally exempt from joining the eurozone unless its government decides otherwise, either by parliamentary vote or referendum. The United Kingdom likewise had an opt-out prior to withdrawing from the EU 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, which joined the EU in 1995 after the Maastricht Treaty was signed, rejected euro adoption in a 2003 referendum and since then the country has intentionally avoided fulfilling the adoption requirements by not joining ERM II, which is voluntary.^[34]^[35]

Interest in joining the eurozone increased in Denmark, and initially in Poland, as a result of the 2008 financial crisis. In Iceland, there was an increase in interest in joining the European Union, a pre-condition for adopting the euro.^[36] However, by 2010 the debt crisis in the eurozone caused interest from Poland, as well as the Czech Republic, Denmark and Sweden to cool.^[37]

In the context of Bulgaria's adoption of the euro, the Polish government under Donald Tusk has expressed a lack of economic readiness to join, whereas the newly elected Polish president Karol Nawrocki said that he is explicitly against Poland's future adoption of the euro.^[38]

Expulsion and withdrawal

Script error: No such module "Labelled list hatnote". Script error: No such module "Labelled list hatnote". In the opinion of journalist Leigh Phillips and Locke Lord's Charles Proctor,^[39]^[40] 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 was intended to be "irreversible" and "irrevocable".^[40] However, in 2009, a European Central Bank legal study argued that, while voluntary withdrawal is legally not possible, expulsion remains "conceivable".^[41] 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.^[42]

On the issue of leaving the eurozone, the 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]."^[43] 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."^[43] The European Central Bank, responding to a question by a Member of the European Parliament, has stated that an exit is not allowed under the Treaties.^[44]

Likewise there is no provision for a state to be expelled from the euro.^[45] 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.^[46]

In a Texas law journal, 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.^[47] Furthermore, he has suggested that, under narrow circumstances, the European Union can expel member states from the eurozone.^[48]

Administration and representation

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File:Frankfurt EZB-Neubau.20130909.jpg

The European Central Bank (seat in Frankfurt depicted) is the supranational monetary authority of the eurozone.

The monetary policy of all countries in the eurozone is managed by the European Central Bank (ECB) and the 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 (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 and the volume of euro coins minted, and its president is currently Christine Lagarde.

The eurozone is represented politically by its finance ministers, known collectively as the Eurogroup, and is presided over by a president, currently Paschal Donohoe. 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 (Ecofin) of the 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.^[49]^[50]^[51]

Since the 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, that many eurozone reforms have been decided upon. In 2011, former French President Nicolas Sarkozy pushed for these summits to become regular and twice a year in order for it to be a 'true economic government'.^[52]

Reform

In April 2008 in Brussels, future European Commission President Jean-Claude Juncker suggested that the eurozone should be represented at the IMF 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".^[53] In 2017 Juncker stated that he aims to have this agreed by the end of his mandate in 2019.^[54] However, Finance Commissioner Joaquín Almunia stated that before there is common representation, a common political agenda should be agreed upon.^[53]

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. While many have similar themes, details vary greatly.^[55]^[56]^[57]^[58]

Economy

File:Countries with economy larger than Eurozone.png

Countries with economy larger than the eurozone

Comparison table

Comparison of the eurozone with US and China^[59]^[60]
	Population (2024)	GDP (Local currency) (2024)	GDP (US$) (2024)
Template:China	1408 million	CNY 134.908 trillion	US$ 18.943 trillion
File:Logo European Central Bank.svg Eurozone	350 million	EUR 15.231 trillion	US$ 16.483 trillion
Script error: No such module "flag".	340 million	USD 29.184 trillion	US$ 29.184 trillion

Template:Bar chart

Inflation

HICP figures from the ECB, overall index:^[61]

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%

Interest rates

Interest rates for the eurozone, set by the ECB since 1999.^[62] 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.^[63]

Eurozone interest rates

Public debt

The following table states the ratio of public debt to GDP in percent for eurozone countries given by EuroStat.^[64] The euro convergence criterion is to not exceed 60%.

Country	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022^[65]	2023^[66]	2024^[67]
Eurozone	64.9	69.6	80.2	85.7	87.6	91.0	93.0	93.1	91.2	90.4	87.9	85.8	83.8	97.2	95.6	94.2	89.9	87.4

Austria	64.7	68.7	79.7	82.7	82.4	81.9	81.3	84.0	84.9	82.8	78.5	74.1	70.6	83.3	82.8	82.7	78.2	81.8
Belgium	87.0	93.2	99.6	100.3	103.5	104.8	105.5	107.0	105.2	105.0	102.0	99.8	97.7	112.8	108.2	108.3	108.0	104.7
Cyprus	53.5	45.5	53.9	56.3	65.8	80.3	104.0	109.1	108.9	107.1	97.5	100.6	91.1	115.0	103.6	95.2	79.4	65.0
Croatia	37.2	39.1	48.4	57.3	63.7	69.4	80.3	83.9	83.3	79.8	76.7	73.3	71.1	87.3	79.8	74.3	64.4	57.6
Estonia	3.7	4.5	7.0	6.6	5.9	9.8	10.2	10.6	9.7	9.4	9.0	8.4	8.6	19.0	18.1	16.7	18.2	23.6
Finland	34.0	32.6	41.7	47.1	48.5	53.6	56.2	59.8	63.1	63.1	61.4	59.0	59.5	69.0	65.8	72.1	73.8	82.1
France	64.3	68.8	79.0	81.7	85.2	90.6	93.4	94.9	95.8	96.5	97.0	98.4	97.5	114.6	112.9	113.1	111.9	113.0
Germany	63.7	65.5	72.4	81.0	78.3	81.1	78.7	75.6	71.2	68.1	64.1	61.9	58.9	68.7	69.3	67.2	64.8	62.5
Greece	103.1	109.4	126.7	146.2	172.1	161.9	178.4	180.2	176.9	180.8	178.6	181.2	180.7	206.3	193.3	182.1	165.5	153.6
Ireland	23.9	42.4	61.8	86.8	109.1	119.9	119.9	104.2	93.8	72.8	68.0	63.6	57.2	58.4	56.0	51.4	43.6	40.9
Italy	99.8	106.2	112.5	115.4	116.5	126.5	132.5	135.4	132.7	132.0	131.8	134.8	134.3	155.3	150.8	150.2	140.6	135.3
Latvia	8.0	18.6	36.6	47.5	42.8	42.2	40.0	41.6	36.4	40.6	40.1	36.4	36.7	43.3	44.8	41.6	41.4	46.8
Lithuania	15.9	14.6	29.0	36.2	37.2	39.7	38.7	40.5	42.7	40.1	39.7	34.1	35.9	46.6	44.3	39.6	37.4	38.2
Luxembourg	7.7	15.4	16.0	20.1	19.1	22.0	23.7	22.7	21.4	20.8	23.0	21.0	22.3	24.8	24.4	25.4	25.7	26.3
Malta	62.3	61.8	67.8	67.6	69.9	65.9	65.8	61.6	63.9	57.6	50.8	45.8	40.7	53.4	57.0	55.1	49.3	47.4
Netherlands	42.7	54.7	56.5	59.0	61.7	66.3	67.7	67.9	65.1	61.8	56.7	52.4	48.5	54.3	52.1	50.9	45.9	43.3
Portugal	68.4	75.6	83.6	96.2	111.4	129.0	131.4	132.9	129.0	130.1	125.7	122.2	116.6	135.2	127.4	123.4	107.5	94.9
Slovakia	30.1	28.6	41.0	43.3	43.3	51.8	54.7	53.6	52.9	51.8	50.9	49.4	48.1	59.7	63.1	60.3	58.6	59.3
Slovenia	22.8	21.8	36.0	40.8	46.6	53.6	70.0	80.3	83.2	78.5	73.6	70.4	65.6	79.8	74.7	73.5	71.4	67.0
Spain	35.6	39.7	52.7	60.1	69.5	86.3	95.8	100.7	99.2	99.0	98.3	97.6	95.5	120.0	118.4	116.1	109.8	101.8

Fiscal policies

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File:Government surplus or deficit (EU-USA-UK).png

Comparison of government surplus/deficit (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 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, which sets agreed limits on deficits and 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^[68]^[69] (formally, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union),^[70] is an intergovernmental treaty introduced as a new stricter version of the Stability and Growth Pact, signed on 2 March 2012 by all member states of the European Union (EU), except the Czech Republic, the United Kingdom,^[71] and Croatia (subsequently acceding the EU in July 2013). The treaty entered into force on 1 January 2013 for the 16 states which completed ratification prior of this date.^[72] As of 1 April 2014, it had been ratified and entered into force for all 25 signatories.

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.^[73]

Bailout provisions

Script error: No such module "Labelled list hatnote". The 2008 financial crisis prompted several reforms in the eurozone. One was a U-turn on the eurozone's bailout policy that led to the creation of a specific fund to assist eurozone states in trouble. The European Financial Stability Facility (EFSF) and the European Financial Stability Mechanism (EFSM) were created in 2010 to provide, alongside the 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 (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. 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. If both are successfully ratified according to schedule, the ESM would be operational by the time the EFSF/EFSM expire in mid-2013.

In February 2016, the UK secured further confirmation that countries that do not use the Euro would not be required to contribute to bailouts for eurozone countries.^[74]

Peer review

Script error: No such module "Labelled list hatnote". 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. 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.^[75]

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. Poland has criticised the idea of withholding regional funding for those who break the deficit limits, as that would only impact the poorer states.^[75] In June 2010 France agreed to back Germany's plan for suspending the voting rights of members who breach the rules.^[76] In March 2011 was initiated a new reform of the 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.^[77]^[78]

Criticism

Script error: No such module "Labelled list hatnote". In 1997, 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.^[79]

In 2001, 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.^[80] Concerning monetary policies, the system of Federal Reserve banks in the US aims at both growth and reducing unemployment, while the ECB tends to give its first priority to price stability under the 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.^[80] 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.^[80]

In 2008, a study by Alberto Alesina and Vincenzo Galasso found that the adoption of euro promoted market deregulation and market liberalization.^[81]^[82] Furthermore, the euro was also linked to wage moderation, as wage growth slowed down in countries that adopted the new currency.^[81] Oliver Hart, who received the 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.^[83] He also expressed opposition to European integration, arguing that the European Union should instead focus on decentralisation as it has "gone too far in centralising power".^[83] In 2018, a study based on DiD methodology 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.^[84]

The eurozone has also been criticized for deepening inequality in Europe, particularly between the richest and poorest countries.^[85] According to a study by 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,^[86] and some countries are considered to have suffered adverse effects from adopting the euro.^[87] In an article for Politico, 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."^[87] Matthias Matthijs believes that the euro resulted in a "winner-take-all" economy, as national income differences between eurozone members have widened further.^[88] He argues that countries such as Austria and Germany have gained from the eurozone at the expense of southern countries like Italy and Spain.^[88]

By adopting the euro and abandoning their national currencies, eurozone countries gave up their ability to conduct independent monetary policy; as such, monetary policies used to combat recession, such as monetary stimulus or currency devaluation, are no longer available.^[88] During the 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 and the International Monetary Fund.^[89] In order to grant the bailout, the ECB and the IMF forced the affected countries to adopt strict austerity measures.^[88] The European bailouts were largely about shifting exposure from banks onto European taxpayers,^[90]^[91]^[92] and exacerbated issues such as high unemployment and poverty.^[93]^[94]

In 2019, a study from the 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.^[95]^[96] The publication prompted a large number of reactions, pushing its authors to put out a statement clarifying some points.^[97] 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)".^[98] Both studies used the synthetic control method to estimate what might have happened if the euro hadn't been adopted.

Notes

↑ The self-declared Turkish Republic of Northern Cyprus is not recognised by the EU and uses the Turkish lira. However, the euro does circulate widely.Script error: No such module "Unsubst".
↑ ^a ^b ^c French Pacific territories use the CFP franc, which is pegged to the euro at the rate of 1 franc to 0.00838 euro.
↑ The European Union internally uses the code EL for Greece, a deviation from the ISO 3166-1 standard.
↑ Aruba is part of the Kingdom of the Netherlands, but not of the EU. It uses the Aruban florin, which is pegged to the US dollar at the rate of 1 dollar to 1.79 florins.
↑ ^a ^b Used the Netherlands Antillean guilder until the introduction of the Caribbean guilder on 31 March 2025, after the change was delayed several times. Script error: No such module "citation/CS1". Script error: No such module "citation/CS1". Both are pegged to the US dollar at the rate of 1 dollar to 1.79 guilders.
↑ Uses the US dollar.

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References

↑ Script error: No such module "citation/CS1".The euro area Template:Webarchive, European Central Bank
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↑ A glossary (Template:Webarchive) issued by the ECB defines "euro area", without mention of Monaco, San Marino, or the Vatican.
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↑ "Brussels: No one can leave the euro" Template:Webarchive by Leigh Phillips, EUobserver, 8 September 2011
↑ ^a ^b "The Eurozone crisis – the final stage? Template:Webarchive" by Charles Proctor, Locke Lord, 15 May 2012
↑ "Withdrawal and Expulsion from the EU and EMU : Some reflections Template:Webarchive" by Phoebus Athanassiou, Principal Legal Counsel with the Directorate-General for Legal Service, ECB, 2009
↑ "German advisory council calls for exit option in the eurozone" Template:Webarchive by Daniel Tost, EurActiv, 29 July 2015
↑ ^a ^b Text Template:Webarchive of response by Olli Rehn, European Commissioner for Economic and Monetary Affairs and the Euro, on behalf of the European Commission, to question submitted by Claudio Morganti, Member of the European Parliament, 22 June 2012
↑ Text Template:Webarchive of message by Mario Draghi, ECB, to Claudio Morganti, Member of the European Parliament, 6 November 2012
↑ Athanassiou, Phoebus (December 2009) Withdrawal and Expulsion from the EU and EMU, Some Reflections Template:Webarchive (PDF), European Central Bank. Retrieved 8 September 2011
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↑ Treaty of Lisbon (Provisions specific to member states whose currency is the euro), EurLex Template:Webarchive
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↑ Protocols, Official Journal of the European Union
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↑ ^a ^b Script error: No such module "citation/CS1".
↑ "Commission wants single eurozone seat at IMF plan adopted by end of mandate" Template:Webarchive, Euractiv, 7 December 2017
↑ "Macron is right — the eurozone needs a finance minister" Template:Webarchive, Financial Times, 28 September 2017
↑ Europe should have its own economy and finance minister, says EC Template:Webarchive, theguardian 6 December 2017
↑ "Large number of EU finance ministers want euro zone budget: Dijsselbloem" Template:Webarchive, Reuters, 6 November 2017
↑ "Spain urges sweeping reforms on eurozone to correct flaws" Template:Webarchive, Financial Times, 14 June 2017
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↑ Key ECB interest rates Template:Webarchive, ECB
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↑ Fiscal union will never fix a dysfunctional eurozone, warns ex-IMF chief Blanchard Template:Webarchive Mehreen Khan, The Daily Telegraph (London), 10 October 2015
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↑ ^a ^b EU agrees controversial peer review of national budgets, EU Observer
↑ Willis, Andrew (15 June 2010) Merkel: Spain can access aid if needed, EU Observer
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↑ This Prediction about the Euro Deserves a ‘Nostradamus Award’ Template:Webarchive W. Richter, Wolf Street, 16 July 2015
↑ ^a ^b ^c J. Tobin, Policy Opinions, 31 (2001)
↑ ^a ^b Script error: No such module "Citation/CS1".
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External links

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Eurozone official portal (archived 9 June 2012)
European Central Bank
European Commission – Economic and Financial Affairs – Eurozone

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Template:Europe topics (small) Template:Authority control

[19] The self-declared Turkish Republic of Northern Cyprus is not recognised by the EU and uses the Turkish lira. However, the euro does circulate widely.Script error: No such module "Unsubst".

[CFP_note-21] French Pacific territories use the CFP franc, which is pegged to the euro at the rate of 1 franc to 0.00838 euro.

[22] The European Union internally uses the code EL for Greece, a deviation from the ISO 3166-1 standard.

[27] Aruba is part of the Kingdom of the Netherlands, but not of the EU. It uses the Aruban florin, which is pegged to the US dollar at the rate of 1 dollar to 1.79 florins.

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[29] Uses the US dollar.

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[noone-45] "Brussels: No one can leave the euro" Template:Webarchive by Leigh Phillips, EUobserver, 8 September 2011

[locke-46] "The Eurozone crisis – the final stage? Template:Webarchive" by Charles Proctor, Locke Lord, 15 May 2012

[ecblegal-47] "Withdrawal and Expulsion from the EU and EMU : Some reflections Template:Webarchive" by Phoebus Athanassiou, Principal Legal Counsel with the Directorate-General for Legal Service, ECB, 2009

[activ-48] "German advisory council calls for exit option in the eurozone" Template:Webarchive by Daniel Tost, EurActiv, 29 July 2015

[rehn-49] Text Template:Webarchive of response by Olli Rehn, European Commissioner for Economic and Monetary Affairs and the Euro, on behalf of the European Commission, to question submitted by Claudio Morganti, Member of the European Parliament, 22 June 2012

[50] Text Template:Webarchive of message by Mario Draghi, ECB, to Claudio Morganti, Member of the European Parliament, 6 November 2012

[51] Athanassiou, Phoebus (December 2009) Withdrawal and Expulsion from the EU and EMU, Some Reflections Template:Webarchive (PDF), European Central Bank. Retrieved 8 September 2011

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[57] Protocols, Official Journal of the European Union

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[60] "Commission wants single eurozone seat at IMF plan adopted by end of mandate" Template:Webarchive, Euractiv, 7 December 2017

[61] "Macron is right — the eurozone needs a finance minister" Template:Webarchive, Financial Times, 28 September 2017

[62] Europe should have its own economy and finance minister, says EC Template:Webarchive, theguardian 6 December 2017

[63] "Large number of EU finance ministers want euro zone budget: Dijsselbloem" Template:Webarchive, Reuters, 6 November 2017

[64] "Spain urges sweeping reforms on eurozone to correct flaws" Template:Webarchive, Financial Times, 14 June 2017

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[peer_1-81] EU agrees controversial peer review of national budgets, EU Observer

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Eurozone: Difference between revisions

Latest revision as of 10:22, 1 January 2026

Contents

Territory

Eurozone

Dependent territories of EU member states not part of the EU

Non-member usage

With formal agreement

Without formal agreement

Historical eurozone enlargements and exchange-rate regimes for EU members

Future enlargement

Expulsion and withdrawal

Administration and representation

Reform

Economy

Comparison table

Inflation

Interest rates

Public debt

Fiscal policies

Bailout provisions

Peer review

Criticism

See also

Notes

References

External links

Navigation menu

@@ Line 1: / Line 1: @@
 {{Short description|Area in which the euro is the official currency}}
-{{Distinguish|text=the [[Economic and Monetary Union of the European Union]], a term used to denote the entire path along with all related policies, leading to the adoption of the euro, of which the eurozone is the most advanced stage only}}
 {{Distinguish|European Union|Eurodistrict|Euroregion|Eurozine}}
 {{Use dmy dates|date=December 2017}}
 {{Infobox
-|title      = Euro area
+| title            = Euro area
-|bodystyle  = width:4px
+| bodystyle        = width:4px
-|headerstyle = background:#efefef
+| headerstyle      = background:#efefef
-|image = {{Eurozone labelled map interior|float=none|class=}}
+| image            = {{Eurozone labelled map interior|float=none|class=}}
-|label1 = Policy of
+| label1           = Policy of
-|data1 = [[European Union]]
+| data1            = [[European Union]]
-|label2 = Type
+| label2           = Type
-|data2 = [[Currency union|Monetary union]]
+| data2            = [[Currency union|Monetary union]]
-|label3 = Currency
+| label3           = Currency
-|data3 = [[Euro]]
+| data3            = [[Euro]]
-|label4 = Established
+| label4           = Established
-|data4 = 1 January 1999
+| data4            = 1 January 1999
-|label5 = Members
+| label5           = Member states
-|data5 = {{Collapsible list|titlestyle=font-weight:normal; background:transparent; text-align:left;|title=20 states|{{flag|Austria}}|{{flag|Belgium}}|{{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}}|<small>[[International status and usage of the euro|Further usage]]</small>}}
+| 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}}|[[International status and usage of the euro|Further usage]]}}
-|header6 = Governance
+| header6          = Governance
-|label7  = [[Monetary authority]]
+| label7           = [[Monetary authority]]
-|data7   = [[Eurosystem]]
+| data7            = [[Eurosystem]]
-|label8  = Political oversight
+| label8           = Political oversight
-|data8   = [[Eurogroup]]
+| data8            = [[Eurogroup]]
-|header11= Statistics
+| header11         = Statistics
-|label12 = Area
+| label12          = Area
-|data12  = {{convert|2801552|km2|sqmi|0|abbr=on}}<ref>[https://ec.europa.eu/eurostat/databrowser/view/LAN_LCV_OVW__custom_5171738/default/table?lang=en Land cover overview by NUTS 2 regions] Eurostat</ref>
+| data12           = {{convert|2912546|km2|sqmi|0|abbr=on}}<ref>[https://ec.europa.eu/eurostat/databrowser/view/LAN_LCV_OVW__custom_5171738/default/table?lang=en Land cover overview by NUTS 2 regions] Eurostat</ref>
-|label13 = Population
+| label13          = Population
-|data13 = 350,077,581 (1 January 2024)<ref name="population_jan_2023">{{cite web|url=https://ec.europa.eu/eurostat/databrowser/view/tps00001/default/table?lang=en |title = Population on 1 January|publisher=[[Eurostat]]}}</ref>
+| data13           = 358,079,988 (1 January 2026)<ref name="population_jan_2025">{{cite web|url=https://ec.europa.eu/eurostat/databrowser/view/tps00001/default/table?lang=en |title = Population on 1 January|publisher=[[Eurostat]]}}</ref>
-|label14 = Density
+| label14          = Density
-|data14 = {{convert|{{#expr: 350077581/2801552 round 0}}|/km2|1|abbr=on}}
+| data14           = {{convert|{{#expr: 358079988/2912546 round 0}}|/km2|1|abbr=on}}
-|label15 = GDP (nominal)
+| label15          = GDP (nominal)
-|data15 = €14.372 trillion<br />€40,990 (per capita) (2023)<ref name="europa1"/>
+| data15           = €15.231 trillion<br />€43,400 (per capita) (2024)<ref name="europa1"/>
-|label16 = [[Monetary policy#Interest rates|Interest rate]]
+| label16          = [[Monetary policy#Interest rates|Interest rate]]
-|data16 = 2.5%<ref>{{cite web |title=ECB Cuts interest rates |date=6 March 2025 |url=https://www.bbc.co.uk/news/articles/c30mz648nyno}}</ref>
+| data16           = 2.5%<ref>{{cite web |title=ECB Cuts interest rates |date=6 March 2025 |url=https://www.bbc.co.uk/news/articles/c30mz648nyno}}</ref>
-|label17 = Inflation
+| label17          = Inflation
-|data17 = 2.4% (February 2025)<ref>[https://ec.europa.eu/eurostat/statistics-explained/index.php/Inflation_in_the_euro_area Euro area annual inflation and its main components - estimated] Eurostat</ref>
+| data17           = 2.4% (February 2025)<ref>[https://ec.europa.eu/eurostat/statistics-explained/index.php/Inflation_in_the_euro_area Euro area annual inflation and its main components - estimated] Eurostat</ref>
-|label18 = Unemployment
+| label18          = Unemployment
-|data18 = 6.2% (January 2025)<ref>[https://ec.europa.eu/eurostat/databrowser/view/teilm020/default/table?lang=en Harmonised unemployment rate by gender – total] Eurostat</ref>
+| data18           = 6.2% (January 2025)<ref>[https://ec.europa.eu/eurostat/databrowser/view/teilm020/default/table?lang=en Harmonised unemployment rate by gender – total] Eurostat</ref>
-|label19 = [[List of countries by current account balance|Trade balance]]
+| label19          = [[List of countries by current account balance|Trade balance]]
-|data19 = €310 billion trade surplus<ref>{{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}}</ref>
+| data19           = €310 billion trade surplus<ref>{{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}}</ref>
 }}
-The '''euro area''',<ref>{{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}}[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]]</ref> commonly called the '''eurozone''' ('''EZ'''), is a [[Monetary union|currency union]] of 20&nbsp;[[Member state of the European Union|member states]] of the [[European Union]] (EU) that have adopted the [[euro]] ([[Euro sign|€]]) as their primary [[currency]] and sole [[legal tender]], and have thus fully implemented [[Economic and Monetary Union of the European Union|EMU]] policies.
+The '''euro area''',<ref>{{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}}[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]]</ref> commonly called the '''eurozone''' ('''EZ'''), is a [[Monetary union|currency union]] of 21&nbsp;[[Member state of the European Union|member states]] of the [[European Union]] (EU) that have adopted the [[euro]] ([[Euro sign|€]]) as their primary [[currency]] and sole [[legal tender]], and have thus fully implemented [[Economic and Monetary Union of the European Union|Economic and Monetary Union]] policies.
-The 20 eurozone members are:
+The 21 eurozone members are:
+Austria, Belgium, Bulgaria, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
-: Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
+The largest economies in the eurozone are [[France]] and [[Germany]], whose combined economic output accounts for almost half of the zone’s total.<ref>{{Cite web |title=Why France and Germany's political chaos spells trouble for Europe's economy |url=https://www.fastcompany.com/91242909/why-france-germanys-political-chaos-spells-trouble-europes-economy |website=Fast Company}}</ref> A number of non-EU member states, namely [[Andorra–European Union relations|Andorra]], [[Monaco–European Union relations|Monaco]], [[San Marino–European Union relations|San Marino]], and [[Holy See-European Union relations|Vatican City]] have formal agreements with the EU to use the euro as their official currency and issue their own coins.<ref name="agreements2">{{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}}</ref><ref name="design2">{{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}}</ref><ref name="amisdeleuro2">{{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}}</ref> In addition, [[Kosovo]] and [[Montenegro]] have adopted the euro unilaterally, relying on euros already in circulation rather than minting currencies of their own.<ref name="agreements 22">{{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)]]}}</ref> These six countries, however, have no representation in any eurozone institution.<ref>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 [[European Central Bank|ECB]] defines "euro area", without mention of Monaco, San Marino, or the Vatican.</ref>
-The seven non-eurozone members of the EU are [[Bulgaria]], the [[Czech Republic]], [[Denmark]], [[Hungary]], [[Poland]], [[Romania]], and [[Sweden]]. They continue to use their own national currencies, although all but Denmark are obliged to join once they meet the [[euro convergence criteria]].<ref>{{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}}</ref> Bulgaria is targeting to join the eurozone on 1 January 2026.<ref>{{cite news |title=Bulgaria claims it is fully ready to adopt the euro - Euractiv |url=https://www.euractiv.com/section/politics/news/bulgaria-claims-it-is-fully-ready-to-adopt-the-euro/ |work=www.euractiv.com}}</ref>
+The [[Eurosystem]] is the [[monetary authority]] of the eurozone, the [[Eurogroup]] is an informal body of [[finance minister]]s that makes [[fiscal policy]] for the currency union, and the [[European System of Central Banks]] is responsible for fiscal and monetary cooperation between eurozone and non-eurozone EU members. The [[European Central Bank]] (ECB) makes monetary policy for the eurozone, sets its base [[interest rate]], and issues euro banknotes and coins. Since the [[2008 financial crisis]], the eurozone has established and used provisions for granting emergency loans to member states in return for enacting economic reforms.<ref>{{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}}</ref> The eurozone has also enacted some limited [[Fiscal union|fiscal integration]]; 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.
-Among non-EU member states, [[Andorra–European Union relations|Andorra]], [[Monaco–European Union relations|Monaco]], [[San Marino–European Union relations|San Marino]], and [[Holy See-European Union relations|Vatican City]] have formal agreements with the EU to use the euro as their official currency and issue their own coins.<ref name="agreements2">{{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}}</ref><ref name="design2">{{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}}</ref><ref name="amisdeleuro2">{{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}}</ref> In addition, [[Kosovo]] and [[Montenegro]] have adopted the euro unilaterally, relying on euros already in circulation rather than minting currencies of their own.<ref name="agreements 22">{{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)]]}}</ref> These six countries, however, have no representation in any eurozone institution.<ref>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 [[European Central Bank|ECB]] defines "euro area", without mention of Monaco, San Marino, or the Vatican.</ref>
+The eurozone comprises about half the countries in geographical [[Europe]].<ref>{{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/ }}</ref> 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]], [[Denmark]], [[Hungary]], [[Poland]], [[Romania]], and [[Sweden]]. Of these, all except Denmark are legally committed to adopting the euro once they meet the required [[euro convergence criteria|convergence criteria]].<ref>{{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}}</ref> To date, no country has left the eurozone, and there are no formal provisions for either voluntary withdrawal or expulsion.<ref>{{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 }}</ref>
-The [[Eurosystem]] is the [[monetary authority]] of the eurozone, the [[Eurogroup]] is an informal body of [[finance minister]]s that makes [[fiscal policy]] for the currency union, and the [[European System of Central Banks]] is responsible for fiscal and monetary cooperation between eurozone and non-eurozone EU members. The [[European Central Bank]] (ECB) makes monetary policy for the eurozone, sets its base [[interest rate]], and issues euro banknotes and coins.
-Since the [[2008 financial crisis]], the eurozone has established and used provisions for granting emergency loans to member states in return for enacting economic reforms.<ref>{{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}}</ref> The eurozone has also enacted some limited [[Fiscal union|fiscal integration]]; 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. No eurozone member state has left, and there are no provisions to do so or to be expelled.<ref>{{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 }}</ref>
 == Territory ==
 === Eurozone ===
+[[File:Launching of the Euro - Press conference - 1998.jpg|thumb|Press conference at the Council of the EU for the launching of the Euro in 1998]]
 In 1998, eleven [[Member state of the European Union|member states of the European Union]] had met the [[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]] and [[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 2023, eight new states have acceded: Croatia, Cyprus, Estonia, Latvia, Lithuania, Malta, Slovakia, and Slovenia.{{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%;"
@@ Line 96: / Line 93: @@
 | [[Belgian franc|franc]]
 | 40.3399 ||[[Luxembourg]] ||
+|-
+| {{Flagcountry|Bulgaria}}
+| BG || 2026<ref>{{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]]|volume=L}}</ref>
+| style=text-align:right | {{nts|6,437,360}}
+| style=text-align:right | {{nts|98,993}}
+| style=text-align:right |
+| style=text-align:right |
+| [[Bulgarian lev|lev]]
+| 1.95583 ||||
 |-
 | {{Flagcountry|Croatia}}
@@ Line 263: / Line 269: @@
 |-
 ! Eurozone total
-! EZ{{efn|EZ is not assigned, but is reserved for this purpose, in ISO-3166-1.}}
+! EZ{{efn|EZ is not assigned, but is reserved for this purpose, in [[ISO 3166-1]].}}
 ! {{n/a}}
-! style=text-align:right | {{nts|350,077,581}}
+! style=text-align:right | {{nts|356,550,035}}
 ! style=text-align:right | {{nts|15,491,903}}
 ! style=text-align:right | {{percentage|15491903|15491903|pad=2}}
@@ Line 283: / Line 289: @@
 ==== With formal agreement ====
-The euro is also used in countries outside the EU. Four states (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins.<ref name="agreements">{{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}}</ref><ref name="agreements 2">{{cite web |title=The euro outside the euro area |publisher=[[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}}</ref> Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group.
+The euro is also used in countries outside the EU. Four [[Microstate|microstates]] (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins.<ref name="agreements">{{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}}</ref><ref name="agreements 2">{{cite web |title=The euro outside the euro area |publisher=[[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}}</ref> 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]] (located on the island of Cyprus) belong to the United Kingdom, but there are agreements between the United Kingdom and Cyprus{{citation needed|date=December 2021}} and between United Kingdom and EU{{citation needed|date=December 2021}} about their partial integration with Cyprus and partial adoption of Cypriot law, including the usage of euro in Akrotiri and Dhekelia.{{citation needed|date=December 2021}}
+[[Akrotiri and Dhekelia]] are located on the island of Cyprus but are [[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.<ref>{{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}}</ref>
-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]] was once pegged to the [[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 [[Bulgarian lev]] was initially pegged to the Deutsche Mark at a rate of BGL 1000 to DEM 1 in 1997, and has been pegged at a rate of BGN 1.95583 to EUR 1 since the introduction of the euro and the redenomination of the lev in 1999. The [[West African CFA franc|West African]] and [[Central African CFA franc]]s are pegged exactly at 655.957&nbsp;CFA to 1&nbsp;EUR. In 1998, in anticipation of [[Economic and Monetary Union of the European Union]], the [[Council of the European Union]] addressed the monetary agreements France had with the [[CFA franc|CFA Zone]] and Comoros, and ruled that the ECB had no obligation towards the convertibility of the CFA and [[Comorian franc]]s. The responsibility of the free convertibility remained in the [[French Treasury]].
+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]] was once pegged to the [[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 CFA franc|West African]] and [[Central African CFA franc]]s are pegged exactly at 655.957&nbsp;CFA to 1&nbsp;EUR. In 1998, in anticipation of [[Economic and Monetary Union of the European Union]], the [[Council of the European Union]] addressed the monetary agreements France had with the [[CFA franc|CFA Zone]] and Comoros, and ruled that the ECB had no obligation towards the convertibility of the CFA and [[Comorian franc]]s. The responsibility of the free convertibility remained in the [[French Treasury]].
 ==== Without formal agreement ====
-[[Kosovo]] and [[Montenegro]] unilaterally adopted the euro as their sole currency without an agreement and, therefore, have no issuing rights.<ref name="agreements 2"/> 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.<ref>{{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 }}</ref><ref>{{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 }}</ref><ref>{{cite news|url=http://news.bbc.co.uk/1/hi/world/europe/1696122.stm |title=The eurozone's 13th member |work=BBC News |date=11 December 2001 |access-date=30 May 2010}}</ref> Further unilateral adoption of the euro ([[euroisation]]), by both non-euro EU and non-EU members, is opposed by the ECB and EU.<ref>{{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}}</ref>
+[[Kosovo]] and [[Montenegro]] unilaterally adopted the euro as their sole currency without an agreement and, therefore, have no issuing rights.<ref name="agreements 2"/> 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.<ref>{{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 }}</ref><ref>{{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 }}</ref><ref>{{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}}</ref> Further unilateral adoption of the euro ([[euroisation]]), by both non-euro EU and non-EU members, is opposed by the ECB and EU.<ref>{{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}}</ref>
 === Historical eurozone enlargements and exchange-rate regimes for EU members ===
@@ Line 297: / Line 303: @@
 {{Exchange-rate regime for EU members}}
-The eurozone was born with its first 11&nbsp;member states on 1 January 1999. The first [[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 [[2004 enlargement of the European Union|joined the EU in 2004]], and then joined the eurozone on 1 January of the year noted: Slovenia in 2007, Cyprus in 2008, Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, and Lithuania in 2015. Croatia, which [[2013 enlargement of the European Union|acceded to the EU in 2013]], adopted the euro in 2023.
+The eurozone was established with its first 11&nbsp;member states on 1 January 1999. The first [[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 [[2004 enlargement of the European Union|joined the EU in 2004]], 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 [[2013 enlargement of the European Union|joined the EU in 2013]], adopted the euro in 2023; while Bulgaria, which [[2007 enlargement of the European Union|joined in 2007]], adopted the euro in 2026.
-All new EU members joining the bloc after the signing of the [[Maastricht Treaty]] in 1992 are obliged to adopt the euro under the terms of their accession treaties. However, the last of the five economic [[euro convergence criteria|convergence criteria]] which need first to be complied with in order to qualify for euro adoption, 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.
+All new EU members joining the bloc after the signing of the [[Maastricht Treaty]] in 1992 committed to adopt the euro under the terms of their accession treaties once they comply with the five economic [[euro convergence criteria|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.<ref>{{cite web|title=New EU members to break free from euro duty|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}}</ref>
@@ Line 313: / Line 319: @@
 * (The national euro coin article) -->
-Seven countries ([[Bulgaria]], the [[Czech Republic]], [[Denmark]], [[Hungary]], [[Poland]], [[Romania]], and [[Sweden]]) are [[European Union|EU]] members but do not use the euro.
+Six countries (the [[Czech Republic and the euro|Czech Republic]], [[Denmark and the euro|Denmark]], [[Hungary and the euro|Hungary]], [[Poland and the euro|Poland]], [[Romania and the euro|Romania]], and [[Sweden and the euro|Sweden]]) are [[European Union|EU]] 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]] (ERM&nbsp;II). As of January 2023, the central bank of Denmark and the Bulgarian central bank participate in ERM II.
+Before joining the eurozone, a state must spend at least two years in the [[European Exchange Rate Mechanism]] (ERM&nbsp;II). As of January 2026, only the central bank of Denmark participates in ERM II.
-Denmark obtained a special [[Opt-outs in the European Union|opt-out]] in the original [[Maastricht Treaty]], and thus is legally exempt from joining the eurozone unless its government decides otherwise, either by parliamentary vote or [[referendum]]. The United Kingdom likewise had an opt-out prior to [[Brexit|withdrawing from the EU]] in 2020.
+Denmark obtained a special [[Opt-outs in the European Union|opt-out]] in the [[Maastricht Treaty]], and thus is legally exempt from joining the eurozone unless its government decides otherwise, either by parliamentary vote or [[referendum]]. The United Kingdom likewise had an opt-out prior to [[Brexit|withdrawing from the EU]] in 2020.
-The remaining six countries are obliged to adopt the euro in future, although the EU has so far not tried to enforce any time plan. They should join as soon as they fulfill the convergence criteria, which include being part of ERM&nbsp;II for two years. [[Sweden and the euro|Sweden]], which joined the EU in 1995 after the Maastricht Treaty was signed, is required to join the eurozone. However, the Swedish people turned down euro adoption in a [[2003 Swedish euro referendum|2003 referendum]] and since then the country has intentionally avoided fulfilling the adoption requirements by not joining ERM&nbsp;II, which is voluntary.<ref>{{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 }}</ref><ref>{{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}}</ref> Bulgaria joined ERM&nbsp;II on 10 July 2020.<ref>{{Cite news|date=2020-07-10|title=Bulgaria, Croatia take vital step to joining euro|language=en|work=Reuters|url=https://www.reuters.com/article/us-eurozone-economy-croatia-bulgaria-idUSKBN24B2JM|access-date=2020-07-11}}</ref>
+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&nbsp;II for two years. [[Sweden and the euro|Sweden]], which joined the EU in 1995 after the Maastricht Treaty was signed, rejected euro adoption in a [[2003 Swedish euro referendum|2003 referendum]] and since then the country has intentionally avoided fulfilling the adoption requirements by not joining ERM&nbsp;II, which is voluntary.<ref>{{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 }}</ref><ref>{{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}}</ref>
 Interest in joining the eurozone increased in Denmark, and initially in Poland, as a result of the [[2008 financial crisis]]. In Iceland, there was an increase in interest in joining the European Union, a pre-condition for adopting the euro.<ref>{{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 }}</ref> However, by 2010 the debt crisis in the eurozone caused interest from Poland, as well as the Czech Republic, Denmark and Sweden to cool.<ref>{{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}}</ref>
+In the context of Bulgaria's adoption of the euro, the Polish government under Donald Tusk has expressed a lack of economic readiness to join, whereas the newly elected Polish president Karol Nawrocki said that he is explicitly against Poland's future adoption of the euro.<ref>{{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 }}</ref>
 === Expulsion and withdrawal ===
@@ Line 355: / Line 363: @@
 {| class="wikitable sortable"
 |-
-|+ Comparison of the eurozone with US and China
+|+ Comparison of the eurozone with US and China<ref>{{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}}</ref><ref name="europa1">{{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}}</ref>
-<ref>{{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}}</ref><ref name="europa1">{{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}}</ref>
 |-
 ! class=unsortable |
-! Population (2023)
+! Population (2024)
-! GDP (Local currency) (2023)
+! GDP (Local currency) (2024)
-! GDP ([[US$]]) (2023)
+! GDP ([[US$]]) (2024)
 |-
 | style=text-align:left | {{China}}
-| 1410&nbsp;million
+| 1408&nbsp;million
-| CNY 126.1&nbsp;trillion&nbsp;
+| CNY 134.908 trillion
-| US$17.7&nbsp;trillion&nbsp;
+| US$ 18.943 trillion
 |-
 | style=text-align:left | [[File:Logo European Central Bank.svg|22px]] Eurozone
-| 349 million
+| 350 million
-| EUR 14.4 trillion
+| EUR 15.231 trillion
-| US$15.6 trillion
+| US$ 16.483 trillion
 |-
 | style=text-align:left | {{USA}}
-| 335 million
+| 340 million
-| USD 26.9 trillion
+| USD 29.184 trillion
-| US$26.9 trillion
+| US$ 29.184 trillion
 |}
@@ Line 384: / Line 391: @@
 |table_width= 70
 |bar_width  = 40 <!-- must be an unformatted number -->
-|data_max   = 22,000<!-- Upper bound on the values in the data fields -->
+|data_max   = 31,000<!-- Upper bound on the values in the data fields -->
 |label_type = Economy
-|data_type  = {{center|Nominal GDP (billions in USD) – Peak year as of 2020}}
+|data_type  = {{center|Nominal GDP (billions in USD) – Peak year as of 2025}}
-|label1 = (01) United States <small>''(Peak in 2019)''</small>  | data1 = 21,439
+|label1 = (01) United States <small>''(Peak in 2025)''</small>  | data1 = 30,616
-|label2 = (02) China <small>''(Peak in 2020)''</small>          | data2 = 14,860
+|label2 = (02) China <small>''(Peak in 2025)''</small>  | data2 = 19,399
-|label3 = (03) [[File:Logo European Central Bank.svg|22px]] '''Eurozone <small>''(Peak in 2008)''</small>''' | data3 = 14,188
+|label3 = (03) [[File:Logo European Central Bank.svg|22px]] '''Eurozone <small>''(Peak in 2025)''</small>''' | data3 = 17,749
-|label4 = (04) Japan <small>''(Peak in 2012)''</small>          | data4 = 6,203
+|label4 = (04) Japan <small>''(Peak in 2012)''</small>  | data4 = 6,272
-|label5 = (05) United Kingdom <small>''(Peak in 2007)''</small> | data5 = 3,085
+|label5 = (05) India <small>''(Peak in 2025)''</small>  | data5 = 4,125
-|label6 = (06) India <small>''(Peak in 2019)''</small>  | data6 = 2,868
+|label6 = (06) United Kingdom <small>''(Peak in 2025)''</small> | data6 = 3,959
 |label7 = (07) Brazil <small>''(Peak in 2011)''</small> | data7 = 2,614
-|label8 = (08) Russia <small>''(Peak in 2013)''</small> | data8 = 2,289
+|label8 = (08) Russia <small>''(Peak in 2025)''</small> | data8 = 2,541
-|label9 = (09) Canada <small>''(Peak in 2013)''</small> | data9 = 1,847
+|label9 = (09) Canada <small>''(Peak in 2025)''</small> | data9 = 2,284
-|label10= (10) Korea <small>''(Peak in 2018)''</small>  | data10 = 1,720
+|label10= (10) Korea <small>''(Peak in 2021)''</small>  | data10 = 1,942
-|label11= (11) Australia <small>''(Peak in 2012)''</small> | data11 = 1,569
+|label11= (11) Mexico <small>''(Peak in 2025)''</small> | data11 = 1,863
-|label12= (12) Mexico <small>''(Peak in 2014)''</small>    | data12 = 1,315
+|label12= (12) Australia <small>''(Peak in 2025)''</small> | data12 = 1,830
-|label13= (13) Indonesia <small>''(Peak in 2019)''</small> | data13 = 1,112
+|label13= (13) Turkey <small>''(Peak in 2025)''</small> | data13 = 1,565
-|label14= (14) Turkey <small>''(Peak in 2013)''</small>    | data14 = 950
+|label14= (14) Indonesia <small>''(Peak in 2025)''</small> | data14 = 1,443
-|label15= (15) Saudi Arabia <small>''(Peak in 2018)''</small> | data15 = 787
+|label15= (15) Saudi Arabia <small>''(Peak in 2025)''</small> | data15 = 1,269
-|label16= (16) Switzerland <small>''(Peak in 2019)''</small>  | data16 = 715
+|label16= (16) Poland <small>''(Peak in 2025)''</small> | data16 = 1,040
-|label17= (17) Argentina <small>''(Peak in 2017)''</small>    | data17 = 643
+|label17= (17) Switzerland <small>''(Peak in 2025)''</small>  | data17 = 1,003
-|label18= (18) Taiwan <small>''(Peak in 2020)''</small> | data18 = 635
+|label18= (18) Taiwan <small>''(Peak in 2025)''</small> | data18 = 884
-|label19= (19) Poland <small>''(Peak in 2018)''</small> | data19 = 585
+|label19= (19) Argentina <small>''(Peak in 2025)''</small> | data19 = 683
-|label20= (20) Sweden <small>''(Peak in 2013)''</small> | data20 = 579
+|label20= (20) Sweden <small>''(Peak in 2025)''</small> | data20 = 662
-|caption= {{resize|88%|The 20 largest economies in the world including eurozone as a single entity, by [[nominal GDP]] (2020) at their peak level of GDP in billions US$. The values for EU members that are not also eurozone members are listed both separately and as part of the EU.<ref>Figures from the October 2020 update of the International Monetary Fund's ''World Economic Outlook Database''. [https://www.imf.org/en/Publications/WEO/weo-database/2020/October/weo-report?c=512,914,612,614,311,213,911,314,193,122,912,313,419,513,316,913,124,339,638,514,218,963,616,223,516,918,748,618,624,522,622,156,626,628,228,924,233,632,636,634,238,662,960,423,935,128,611,321,243,248,469,253,642,643,939,734,644,819,172,132,646,648,915,134,652,174,328,258,656,654,336,263,268,532,944,176,534,536,429,433,178,436,136,343,158,439,916,664,826,542,967,443,917,544,941,446,666,668,672,946,137,546,674,676,548,556,678,181,867,682,684,273,868,921,948,943,686,688,518,728,836,558,138,196,278,692,694,962,142,449,564,565,283,853,288,293,566,964,182,359,453,968,922,714,862,135,716,456,722,942,718,724,576,936,961,813,726,199,733,184,524,361,362,364,732,366,144,146,463,528,923,738,578,537,742,866,369,744,186,925,869,746,926,466,112,111,298,927,846,299,582,487,474,754,698,&s=NGDPD,&sy=2018&ey=2020&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1] {{Webarchive|url=https://web.archive.org/web/20210120233035/https://www.imf.org/en/Publications/WEO/weo-database/2020/October/weo-report?c=512%2C914%2C612%2C614%2C311%2C213%2C911%2C314%2C193%2C122%2C912%2C313%2C419%2C513%2C316%2C913%2C124%2C339%2C638%2C514%2C218%2C963%2C616%2C223%2C516%2C918%2C748%2C618%2C624%2C522%2C622%2C156%2C626%2C628%2C228%2C924%2C233%2C632%2C636%2C634%2C238%2C662%2C960%2C423%2C935%2C128%2C611%2C321%2C243%2C248%2C469%2C253%2C642%2C643%2C939%2C734%2C644%2C819%2C172%2C132%2C646%2C648%2C915%2C134%2C652%2C174%2C328%2C258%2C656%2C654%2C336%2C263%2C268%2C532%2C944%2C176%2C534%2C536%2C429%2C433%2C178%2C436%2C136%2C343%2C158%2C439%2C916%2C664%2C826%2C542%2C967%2C443%2C917%2C544%2C941%2C446%2C666%2C668%2C672%2C946%2C137%2C546%2C674%2C676%2C548%2C556%2C678%2C181%2C867%2C682%2C684%2C273%2C868%2C921%2C948%2C943%2C686%2C688%2C518%2C728%2C836%2C558%2C138%2C196%2C278%2C692%2C694%2C962%2C142%2C449%2C564%2C565%2C283%2C853%2C288%2C293%2C566%2C964%2C182%2C359%2C453%2C968%2C922%2C714%2C862%2C135%2C716%2C456%2C722%2C942%2C718%2C724%2C576%2C936%2C961%2C813%2C726%2C199%2C733%2C184%2C524%2C361%2C362%2C364%2C732%2C366%2C144%2C146%2C463%2C528%2C923%2C738%2C578%2C537%2C742%2C866%2C369%2C744%2C186%2C925%2C869%2C746%2C926%2C466%2C112%2C111%2C298%2C927%2C846%2C299%2C582%2C487%2C474%2C754%2C698%2C&s=NGDPD%2C&sy=2018&ey=2020&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |date=20 January 2021 }}</ref>}}
+|caption= {{resize|88%|The 20 current largest economies in the world including eurozone as a single entity, by [[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.<ref name="IMFOCT2025">{{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}}</ref>}}
 }}
@@ Line 468: / Line 475: @@
 | 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|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}}
 |-
 | 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|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|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}}
 |-
 | 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}}
+| {{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|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}}
 |-
 | 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}}
+| {{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}}
+| {{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}}
 |-
 | 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|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|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}}
 |-
 | 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}}
+| {{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|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}}
 |-
 | 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|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}}
 |-
 | 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|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}}
 |-
 | 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|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|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}}
 |-
 | 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}}
+| {{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}}
+| {{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}}
 |-
 | 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|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|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}}
 |-
 | 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|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|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}}
 |-
 | 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|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|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}}
 |-
 | 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|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|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}}
 |-
 | 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}}
+| {{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}}
 |-
 | 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}}
+| {{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}}
+| {{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}}
 |-
 | 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|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|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}}
 |-
 | 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|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}}
+| {{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}}
 |-
 | 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}}
+| {{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}}
 |-
 | 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}}
+| {{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|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}}
 |}
@@ Line 550: / Line 557: @@
 {{see also|European Fiscal Compact}}
 [[File:Government surplus or deficit (EU-USA-UK).png|thumb|Comparison of government surplus/[[Government budget|deficit]] (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]] which are written for every member state, but with particular reference to the 20 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.
+The primary means for fiscal coordination within the EU lies in the [[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]], which sets agreed limits on [[Government budget|deficits]] and [[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.
@@ Line 578: / Line 585: @@
 In 2008, a study by [[Alberto Alesina]] and [[Vincenzo Galasso]] found that the adoption of [[euro]] promoted [[deregulation|market deregulation]] and [[free trade|market liberalization]].<ref name ="Alesina">{{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}}</ref><ref name="Belsie">{{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}}</ref> Furthermore, the euro was also linked to wage moderation, as [[wage growth]] slowed down in countries that adopted the new currency.<ref name ="Alesina"/> [[Oliver Hart (economist)|Oliver Hart]], who received the [[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.<ref name="rodri">{{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}}</ref> He also expressed opposition to [[European integration]], arguing that the European Union should instead focus on [[decentralisation]] as it has "gone too far in centralising power".<ref name="rodri"/> In 2018, a study based on [[Difference in differences|DiD methodology]] 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.<ref name ="Ioannatos">{{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 }}</ref>
-The eurozone has also been criticized for deepening inequality in Europe, particularly between the richest and poorest countries.<ref name="Kartnitschnig">{{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}}</ref> According to a study by [[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,<ref name="reuters1">{{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}}</ref> and some countries are considered to have suffered adverse effects from adopting the euro.<ref name="Stiglitz1">{{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}}</ref> In an article for [[Politico]], [[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."<ref name="Stiglitz1"/> Matthias Matthijs believes that the euro resulted in a "winner-take-all" economy, as national income differences between eurozone members have widened further.<ref name ="matthijs">{{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 }}</ref> He argues that countries such as Austria and Germany have gained from the eurozone at the expense of southern countries like Italy and Spain.<ref name ="matthijs"/>
+The eurozone has also been criticized for deepening inequality in Europe, particularly between the richest and poorest countries.<ref name="Kartnitschnig">{{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}}</ref> According to a study by [[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,<ref name="reuters1">{{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}}</ref> and some countries are considered to have suffered adverse effects from adopting the euro.<ref name="Stiglitz1">{{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}}</ref> In an article for [[Politico]], [[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."<ref name="Stiglitz1"/> Matthias Matthijs believes that the euro resulted in a "winner-take-all" economy, as national income differences between eurozone members have widened further.<ref name ="matthijs">{{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 }}</ref> He argues that countries such as Austria and Germany have gained from the eurozone at the expense of southern countries like Italy and Spain.<ref name ="matthijs"/>
 By adopting the euro and abandoning their national currencies, eurozone countries gave up their ability to conduct independent [[monetary policy]]; as such, monetary policies used to combat recession, such as [[Stimulus (economics)|monetary stimulus]] or [[Devaluation|currency devaluation]], are no longer available.<ref name ="matthijs"/> During the [[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]] and the [[International Monetary Fund]].<ref name="Copelovitch">{{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}}</ref> In order to grant the bailout, the ECB and the IMF forced the affected countries to adopt strict [[austerity]] measures.<ref name ="matthijs"/> The European bailouts were largely about shifting exposure from banks onto European taxpayers,<ref name="LSEHO 23Mar2012">{{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}}</ref><ref>{{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]] |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 }}</ref><ref>{{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}}</ref> and exacerbated issues such as high unemployment and poverty.<ref name ="cavero">{{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}}</ref><ref>{{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}}</ref>

Eurozone: Difference between revisions

Latest revision as of 10:22, 1 January 2026

Territory

Eurozone

Dependent territories of EU member states not part of the EU

Non-member usage

With formal agreement

Without formal agreement

Historical eurozone enlargements and exchange-rate regimes for EU members

Future enlargement

Expulsion and withdrawal

Administration and representation

Reform

Economy

Comparison table

Inflation

Interest rates

Public debt

Fiscal policies

Bailout provisions

Peer review

Criticism

See also

Notes

References

External links

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