The eurozone (officially the euro area)^[1][2] is a currency union An economic and monetary union is a single market with a common currency. It is to be distinguished from a mere currency union , which does not involve a single market. This is the fifth stage of economic integration. EMU is established through a currency-related trade pact of 16 European Union (EU) states A Member State of the European Union is any one of the 27 sovereign states that have acceded to the European Union since its de facto inception in 1951 as the European Coal and Steel Community (ECSC). From an original membership of six states, there have been six successive enlargements, the largest occurring on 1 May 2004, when ten states joined which have adopted the euro The euro is the official currency of 16 of the 27 member states of the European Union (EU). The states, known collectively as the Eurozone, are Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The currency is also used in a further five European as their sole legal tender Legal tender is variously defined in different jurisdictions. Formally, it is anything which when offered in payment extinguishes the debt. Thus, personal cheques, credit cards, debit cards and similar non-cash methods of payment are not usually legal tender. The law does not relieve the debt until payment is accepted. Coins and notes are usually. It currently consists of Austria Austria /ˈɔstria/ (help·info) (German: Österreich) ( Österreich), officially the Republic of Austria (German: Republik Österreich) ( Republik Österreich (help·info)), is a landlocked country of roughly 8.3 million people in Central Europe. It borders both Germany and the Czech Republic to the north, Slovakia and Hungary to the east,, Belgium The Kingdom of Belgium /ˈbɛldʒəm/ is a country in northwest Europe. It is a founding member of the European Union and hosts its headquarters, as well as those of other major international organizations, including NATO. Belgium covers an area of 30,528 km2 (11,787 square miles) and has a population of about 10.7 million, Cyprus Cyprus , officially the Republic of Cyprus (Greek: Κυπριακή Δημοκρατία, Kypriakī́ Dīmokratía, [cipɾiaˈci ðimo̞kɾaˈtia]; Turkish: Kıbrıs Cumhuriyeti), is a Eurasian island country situated in the eastern Mediterranean, east of Greece , west of Lebanon, Syria and Israel, north of Egypt and south of Turkey, Finland Finland /ˈfɪnlənd/ , officially the Republic of Finland ( Finnish: Suomi; Swedish: Finland (help·info)), is a Nordic country situated in the Fennoscandian region of northern Europe. It borders Sweden on the west, Russia on the east, and Norway on the north, while Estonia lies to its south across the Gulf of Finland. The capital city is, France France ( /ˈfræns/ or /ˈfrɑːns/; French pronunciation: [fʁɑ̃s]), officially the French Republic (French: République française, French pronunciation: [ʁepyblik fʁɑ̃sɛz]), is a country located in Western Europe, with several overseas islands and territories located on other continents. Metropolitan France extends from the Mediterranean, Germany Germany /ˈdʒɜrməni/ , officially the Federal Republic of Germany (German: Bundesrepublik Deutschland (help·info), IPA: [ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant]), is a country in Central Europe. It is bordered to the north by the North Sea, Denmark, and the Baltic Sea; to the east by Poland and the Czech Republic; to the south by Austria and, Greece Greece /ˈɡriːs/ (Greek: Ελλάδα, transliterated: Elláda [e̞ˈlaða] , historically Ἑλλάς, Hellás, IPA: [e̞ˈlas]), officially the Hellenic Republic (Ελληνική Δημοκρατία, Ellīnikī́ Dīmokratía, [e̞liniˈkʲi ðimo̞kɾaˈtia]), is a country in southeastern Europe, situated on the southern end of the Balkan, Ireland Ireland (pronounced /ˈaɪɚlənd/ , locally [ˈaɾlənd] – Irish: Éire, pronounced [ˈeːɾʲə] (help·info)) is an independent state in north-western Europe. The modern sovereign state occupies about five-sixths of the island of Ireland, which was partitioned on 3 May 1921. It is a parliamentary democracy and a republic. It is bordered by, Italy Italy /ˈɪtəli/ (Italian: Italia), officially the Italian Republic (Italian: Repubblica Italiana)(formed in 1947), is a country located on the Italian Peninsula in Southern Europe and on the two largest islands in the Mediterranean Sea, Sicily and Sardinia. Italy shares its northern, Alpine boundary with France, Switzerland, Austria and Slovenia, Luxembourg Luxembourg /ˈlʌksəmbɜrɡ/ , officially the Grand Duchy of Luxembourg (Luxembourgish: Groussherzogtum Lëtzebuerg, French: Grand-Duché de Luxembourg, German: Großherzogtum Luxemburg), is a small, landlocked country in western Europe, bordered by Belgium, France, and Germany. Luxembourg has a population of under half a million people in an, Malta Malta /ˈmɔːltə/ , officially the Republic of Malta (Maltese: Repubblika ta' Malta), is a densely populated developed European country in the European Union. The island nation comprises an archipelago of seven islands situated in the Southern European areas of the Mediterranean sea, 93 km off the coast of Sicily (Italy), 288 km east of Tunisia, the Netherlands The Netherlands [ˈnɛðɚləndz] (Dutch: Nederland (help·info), [ˈneːdərlɑnt]) is a country that is part of the Kingdom of the Netherlands. It is a parliamentary democratic constitutional monarchy. The Netherlands is located in Northwestern Europe, and bordered by the North Sea to the north and west, Belgium to the south, and Germany to the, Portugal Portugal /ˈpɔrtʃəɡəl/ , officially the Portuguese Republic (Portuguese: República Portuguesa), is a country on the Iberian Peninsula. Located in southwestern Europe, Portugal is the westernmost country of mainland Europe and is bordered by the Atlantic Ocean to the west and south and by Spain to the north and east. The Atlantic archipelagos, Slovakia The Slovak Republic /sloʊˈvɑːkiə/ (short form: Slovakia; Slovak: Slovensko (help·info), long form Slovenská republika (help·info)) is a landlocked country in Central Europe with a population of over five million and an area of about 49,000 square kilometres (almost 19,000 square miles). It borders the Czech Republic and Austria to the west,, Slovenia Slovenia /sloʊˈviːniə/ , officially the Republic of Slovenia (Slovene: Republika Slovenija, listen (help·info)), is a country in Central Europe bordering Italy to the west, the Adriatic Sea to the southwest, Croatia to the south and east, Hungary to the northeast, and Austria to the north. The capital of Slovenia is Ljubljana and Spain Spain /ˈspeɪn/ (Spanish: España (help·info), Spanish pronunciation: [esˈpaɲa]) or the Kingdom of Spain (Spanish: Reino de España), is a country located in southwestern Europe on the Iberian Peninsula.[note 6] Its mainland is bordered to the south and east by the Mediterranean Sea except for a small land boundary with Gibraltar; to the north. Eight^[3] other states are obliged to adopt the zone once they fulfill the strict entry criteria.

Monetary policy Monetary policy is the process by which the government, central bank, or monetary authority of a country controls the supply of money, (ii) availability of money, and (iii) cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy. Monetary theory provides insight into how to of the zone is the responsibility of the European Central Bank The European Central Bank is one of the world's most important central banks, responsible for monetary policy covering the 16 member States of the Eurozone. It was established by the European Union (EU) in 1998 with its headquarters in Frankfurt, Germany, though there is no common representation, governance or fiscal policy Fiscal policy can be contrasted with the other main type of economic policy, monetary policy, which attempts to stabilize the economy by controlling interest rates and the supply of money. The two main instruments of fiscal policy are government spending and taxation. Changes in the level and composition of taxation and government spending can for the currency union.

The term "eurozone" or "euro area" can also be taken informally to include third countries that have adopted the euro, for example Montenegro Montenegro ( /ˌmɒntɨˈneɪɡroʊ/ or /ˌmɒntɨˈniːɡroʊ/), (Montenegrin: Crna Gora/Црна Гора, listen (help·info)) (meaning "Black Mountain" in Montenegrin) is a country located in Southeastern Europe. It has a coast on the Adriatic Sea to the south-west and is bordered by Croatia to the west, Bosnia and Herzegovina to the (see details on these countries below). Three European microstates A microstate or ministate is a sovereign state having a very small population or very small land area, but usually both. Some examples include: Nauru, Singapore, Liechtenstein, Monaco, and Vatican City. The influence of microstates in the United Nations General Assembly is disproportionately large due to the one state, one vote rule – Monaco Monaco /ˈmɒnəkoʊ/ , officially the Principality of Monaco (French: Principauté de Monaco; Monégasque: Principatu de Múnegu; Italian: Principato di Monaco; Occitan: Principat de Mónegue), is a small sovereign city-state located in South Western Europe. Monaco is the name of the country as well as the name of its capital city. The territory, San Marino The Most Serene Republic of San Marino /ˌsæn məˈriːnoʊ/ (Italian: Serenissima Repubblica di San Marino) is a country in the Apennine Mountains. It is a landlocked enclave, completely surrounded by Italy. One of the European microstates, San Marino has the smallest population of all the members of the Council of Europe and the Vatican Vatican City /ˈvætɪkən ˈsɪti/ , officially the State of the Vatican City (Italian: Stato della Città del Vaticano), is a landlocked sovereign city-state whose territory consists of a walled enclave within the city of Rome, the capital city of Italy. At approximately 44 hectares (110 acres), and with a population of around 900, it is the – have concluded agreements with the European Union permitting them to use the euro as their official currency and mint coins,^[4] but they are neither formally part of the eurozone^[5][6] nor represented on the board of the European Central Bank The European Central Bank is one of the world's most important central banks, responsible for monetary policy covering the 16 member States of the Eurozone. It was established by the European Union (EU) in 1998 with its headquarters in Frankfurt, Germany.

Members

In 1998 eleven EU member-states had met the convergence criteria The euro convergence criteria are the criteria for European Union member states to enter the third stage of European Economic and Monetary Union (EMU) and adopt the euro as their currency. The four main criteria are based on Article 121(1) of the European Community Treaty, and the eurozone came into existence with the official launch of the euro on 1 January 1999. Greece Greece /ˈɡriːs/ (Greek: Ελλάδα, transliterated: Elláda [e̞ˈlaða] , historically Ἑλλάς, Hellás, IPA: [e̞ˈlas]), officially the Hellenic Republic (Ελληνική Δημοκρατία, Ellīnikī́ Dīmokratía, [e̞liniˈkʲi ðimo̞kɾaˈtia]), is a country in southeastern Europe, situated on the southern end of the Balkan qualified in 2000 and was admitted on 1 January 2001. Physical coins There are eight coins of the euro, ranging in value from one cent to two euros . The coins first came into use in 2002. The coins have a common reverse, portraying a map of Europe, but each country in the Eurozone has its own design on the obverse (including the three European microstates with currency agreements: Monaco, San Marino and the and banknotes Euro banknotes are the banknotes of the euro, the currency of the eurozone . They have been in circulation since 2002 and are issued by the European Central Bank (ECB), each bearing the signature of the President of the European Central Bank. Denominations of notes range from €5 to €500 and, unlike euro coins, the design is identical across were introduced on 1 January 2002. Slovenia Slovenia /sloʊˈviːniə/ , officially the Republic of Slovenia (Slovene: Republika Slovenija, listen (help·info)), is a country in Central Europe bordering Italy to the west, the Adriatic Sea to the southwest, Croatia to the south and east, Hungary to the northeast, and Austria to the north. The capital of Slovenia is Ljubljana qualified in 2006 and was admitted on 1 January 2007. Cyprus Cyprus , officially the Republic of Cyprus (Greek: Κυπριακή Δημοκρατία, Kypriakī́ Dīmokratía, [cipɾiaˈci ðimo̞kɾaˈtia]; Turkish: Kıbrıs Cumhuriyeti), is a Eurasian island country situated in the eastern Mediterranean, east of Greece , west of Lebanon, Syria and Israel, north of Egypt and south of Turkey and Malta Malta /ˈmɔːltə/ , officially the Republic of Malta (Maltese: Repubblika ta' Malta), is a densely populated developed European country in the European Union. The island nation comprises an archipelago of seven islands situated in the Southern European areas of the Mediterranean sea, 93 km off the coast of Sicily (Italy), 288 km east of Tunisia qualified in 2007 and were admitted on 1 January 2008. Slovakia The Slovak Republic /sloʊˈvɑːkiə/ (short form: Slovakia; Slovak: Slovensko (help·info), long form Slovenská republika (help·info)) is a landlocked country in Central Europe with a population of over five million and an area of about 49,000 square kilometres (almost 19,000 square miles). It borders the Czech Republic and Austria to the west, qualified in 2008 and joined on 1 January 2009. At the moment there are 16 member states with over 325 million people in the eurozone.

Enlargement

Eleven countries of the European Union currently do not use the euro. They are: Denmark, Sweden, the United Kingdom, Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania. Before a state can join the eurozone, it must spend two years in the European Exchange Rate Mechanism (ERM II). As of the 1 January 2008, five National Central Banks (NCBs) participated in the mechanism (see table below). The remaining currencies are expected to follow as soon as they meet the criteria.

Romania is seeking adoption in 2014.^[12] When Hungary adopted a program of financial convergence in 2006 to tackle its serious fiscal problems, there was no new target set for adopting the euro.^[13] Estonia had problems with inflation that prevented it adopting the euro in 2007; the estimated date is now 2011. Some recent analysis says that Bulgaria will not be able to join earlier than 2015, due to their inflation problems and the impact of the global financial crisis of 2008.^[14] The Bulgarian lev is pegged to the euro at a fixed rate of 1.95583 leva = 1 euro, having previously been pegged to the German mark.

On 10 September 2008, speaking at the launch of an economic forum in a Polish resort of Krynica-Zdrój, Polish Prime Minister Donald Tusk announced the ruling government's objective to join the eurozone in 2012, by holding a referendum in 2010 and being approved by the European Central Bank in 2011.^[15][16][17] However, since the Polish constitution will need to change first^[18] and they will have to join the ERM II before second quarter 2009,^[19] this target date is still very aggressive. On January 1, 2009, current Czech PM, Mirek Topolánek, declared that on November 1, 2009, the Czech government will announce a fixed date for euro adoption, since the Czech Republic "currently fulfills all criteria for adoption of the euro."^[20]

The 2008 financial crisis has increased interest in Denmark and Poland to join the eurozone, and in Iceland to join the European Union, a pre-condition for adopting the euro.^[21] On the other hand, since Latvia is asking for help from the International Monetary Fund (IMF), it is possible that the IMF will force Latvia to give up its currency peg as a precondition; officially taking Latvia out of the ERM II and possibly moving the euro adoption date even further from 2013 than currently planned.^[22]

Denmark and the United Kingdom obtained special opt-outs in the original Maastricht Treaty of the European Union. Both countries are legally exempt from joining the eurozone unless their governments decide otherwise, either by parliamentary vote or referendum. The current Danish government has announced plans to hold a referendum on the issue following the adoption of the Treaty of Lisbon.^[23][24][25] Sweden gained a de facto opt-out by exploiting a legal loophole. It does not work to meet the criteria to join, deliberately staying out of ERM II, and so is not able to adopt the currency as it is obliged to. This is because the Swedish public rejected the euro in a referendum. The Commission tolerates this, but has stated that it would not be lenient on any future members attempting this action.^{[citation needed]}

Non-member usage

The euro is used beyond the EU states which have joined the economic and monetary union. Three states, Monaco, San Marino and Vatican City,^[26][27] have signed formal agreements with the EU to use the euro, and to mint their own coins. However, although they have formally adopted the euro and mint coins, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group.

Several other countries have officially adopted the euro as their sole currency, such as Andorra, Kosovo^[a] and Montenegro, without even an agreement. These states are also not considered part of the official eurozone by the ECB, however in some usage, the term eurozone is applied to all such states and territories that have adopted the euro as their sole currency.^[28] Further unilateal adoption of the euro (euroisation), by both non-euro EU and non-EU members, is opposed by the ECB and EU.^[29]

Administration

The monetary policy of all countries in the eurozone is managed by the European Central Bank (ECB) and the European System of Central Banks (ESCB) which comprises the ECB and the central banks of the EU states who have joined the zone. Countries outside the European Union, even those with monetary agreements such as Monaco, are not represented in these institutions. The ECB authorised the design and printing of euro banknotes and the minting of euro coins.

Representation and governance

The eurozone is represented politically by its finance ministers. 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, colloquially called the "Euro Group" (formerly Euro-X and then Euro-XI), was established at the request of France as a policy co-ordination and consultation forum on eurozone matters.^[30] Legally speaking, this group is not an official formation of the Council of the European Union. In September 2004, the Euro Group decided it should have a semi-permanent president that is to be appointed for a period of two years. Prime Minister and Finance Minister of Luxembourg Jean-Claude Juncker was appointed first president of the Euro Group, mandated from 1 January 2005, until 31 December 2006, and was re-appointed for a second term in September 2006.^[31]

On 15 April 2008 in Brussels, Juncker suggested that the eurozone should be represented at the International Monetary Fund as a bloc, rather than each member state separately: "It is absurd for those 15 countries not to agree to have a single representation at the IMF. It makes us look absolutely ridiculous. We are regarded as buffoons on the international scene."^[32] However Finance Commissioner Joaquin Almunia stated that before there is common representation, a common political agenda should be agreed.^[32] However, under the Treaty of Lisbon (currently stalled in ratification), the Euro Group would gain a legal basis and be given an official President (dubbed "Mr. Euro"):^[30] Protocol 14 lays out just two articles to govern the group;

Article 1: The Ministers of the Member States whose currency is the euro shall meet informally. Such meetings shall take place, when necessary, to discuss questions related to the specific responsibilities they share with regard to the single currency. The Commission shall take part in the meetings. The European Central Bank shall be invited to take part in such meetings, which shall be prepared by the representatives of the Ministers with responsibility for finance of the Member States whose currency is the euro and of the Commission. Article 2: The Ministers of the Member States whose currency is the euro shall elect a president for two and a half years, by a majority of those Member States.

—Protocol 14 of the Consolidated Treaties of the European Union (as amended by the Treaty of Lisbon)^[33]

Furthermore, the treaty amends the Council of the EU's rules so that when the full EcoFin council votes on matters only affecting the eurozone, only those states using the euro (the Euro Group countries) are permitted to vote on it.^[34]

In 2008, in light of the 2008 financial crisis, French President Nicolas Sarkozy (speaking at the European Parliament as the outgoing President of the European Council) called the Euro Group to be replaced by a "clearly identified economic government" for the eurozone, stating it was not possible for the eurozone to continue without it. The eurozone economic government would discuss issues with the European Central Bank, which would remain independent.^[35] This government would come in the form of a regular meeting of the eurozone heads of state and government (similar to the European Council) rather than simply the finance ministers which happens with the current Euro Group. Sarkozy stated that "only heads of state and government have the necessary democratic legitimacy" for the role. This idea was based on the meeting of eurozone leaders in 2008 who met to agree a co-ordinated eurozone response to the banking crisis.^[36] This is in contrast to an early proposal from former Belgian Prime Minister Guy Verhofstadt who saw the European Commission taking a leading role in a new economic government, something that would be opposed by the less integrationist states.^[30] Germany subsequently rejected Sarkozy's idea, as he had proposed economic policies to respond to the economic crisis that would be mainly paid for by German funds.^[36] It is also opposed by current Euro Group chair Jean-Claude Juncker who does not think Europe is ripe for such a large step.^[30]

Economy

Comparison of eurozone with other economies, all figures from 2006.^[37]

(*) Excluding intra-EU trade.

Inflation

HICP figures from the ECB;^[38]

Interest rates

Interest rates for the eurozone, set by the ECB since 1999. Levels are in percentages per annum. Prior to June 2000, the main refinancing operations were fixed rate tenders. This was replaced by variable rate tenders, the figures indicated in the table after that refer to the minimum interest rate at which counterparties may place their bids.^[39]

Fiscal policies

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 16 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 Organization for Economic Cooperation and Development downgraded its economic forecasts on 20 March 2008 for the eurozone for the first half of 2008. Europe does not have room to ease fiscal or monetary policy, the 30-nation group warned. For the euro zone, the OECD now forecasts first-quarter GDP growth of just 0.5%, with no improvement in the second quarter, which is expected to show just a 0.4% gain.

World financial crisis

The Euro Group heads of state and government held a financial crisis summit in Paris on 11 October 2008 to define a joint action plan for the eurozone and the European Central Bank to end the turmoil of the global financial crisis.

European Union leaders hammered out a plan to confront the financial crisis which will involve hundreds of billions of euros of new initiatives to head off a feared "meltdown".^{[citation needed]} They agreed a bank rescue plan: governments would buy into banks to boost their finances and guarantee interbank lending. Coordination against the crisis is considered vital to prevent the actions of one country harming another and exacerbating the bank solvency and credit shortage problems. In the Great Depression, so-called "beggar-thy-neighbour" measures taken unilaterally by countries are considered to have deepened the economic loss.^[41]

The eurozone entered its first official recession in the third quarter of 2008, official figures confirmed in January 2009.^[42]

See also

• Economy of the European Union
• European Central Bank
• Economic and Monetary Union of the European Union
• Special member state territories and the European Union

Notes and references

1. ^ "Countries, languages, currencies". Interinstitutional style guide. the EU Publications Office. http://publications.europa.eu/code/en/en-370300.htm. Retrieved on 2 February 2009.
2. ^ The euro area, European Central Bank
3. ^ Not including Sweden, which has a de facto opt out
4. ^ "Agreements on monetary relations (Monaco, San Marino, the Vatican and Andorra)". http://europa.eu/scadplus/leg/en/lvb/l25040.htm. Retrieved on 2 February 2009.
5. ^ A glossary issued by the ECB defines “euro area”, without mention of Monaco, San Marino, or the Vatican.
6. ^ The agreements contain provisions that do not apply to the eurozone proper. For example, banks in Monaco need the consent of the ECB to gain access to national payment systems in France.^{[citation needed]}
7. ^ The self-declared Turkish Republic of Northern Cyprus is not recognised by the EU and uses the Turkish new lira. However the euro does circulate widely.
8. ^ ^{a b c} French Pacific territories use the CFP franc.
9. ^ Uses Swiss frank. However the euro is also accepted and circulate widely.
10. ^ Aruba uses the Aruban florin. It is part of the Kingdom of the Netherlands, but not EU.
11. ^ The Netherlands Antilles uses the Antillean guilder. It is part of the Kingdom of the Netherlands, but not the EU. The guilder typically followed the US dollar, but the Netherlands Antilles is to be dissolved with some islands becoming part of the EU. The future currency situation is unclear.
12. ^ "Fifth Report on the Practical Preparations for the Future Enlargement of the Euro Area" (PDF). Commission of the European Communities. 2007-07-16. http://eur-lex.europa.eu/LexUriServ/site/en/com/2007/com2007_0434en01.pdf. Retrieved on 6 January 2009.
13. ^ "Index - A gólya és a kettős kereszt már foglalt". Index.hu. http://index.hu/politika/kulfold/eu/euro7141/. Retrieved on 2009-01-02.
14. ^ "Bulgaria’s eurozone accession drifts away". http://www.focus-fen.net/index.php?id=n160657. Retrieved on 2008-11-25.
15. ^ "Poland may hold euro referendum in 2010-Deputy PM". Forbes. http://www.forbes.com/afxnewslimited/feeds/afx/2008/09/18/afx5440142.html. Retrieved on 2008-09-19.
16. ^ "Poland may push back euro rollout to 2012". guardian.co.uk. http://www.guardian.co.uk/business/feedarticle/7799421. Retrieved on 2008-09-19.
17. ^ "Poland may push back euro rollout to 2012". BizPoland. http://www.bizpoland.pl/news/index.php?contentid=172545. Retrieved on 2008-09-19.
18. ^ "Polish charter must change before ERM-2". www.fxstreet.com. http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=c5dfd795-8560-498d-99ec-cc0066d38786. Retrieved on 2008-09-25.
19. ^ "Poland will have to join ERM-2 at latest in Q2 2009". Forbes. http://www.forbes.com/afxnewslimited/feeds/afx/2008/09/25/afx5469429.html. Retrieved on 2008-09-26.
20. ^ "Czech PM: On Nov 1 Govt Will Set Euro Adoption Date". http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=82909ae5-94b8-4124-8dcf-d9a1203ea4fb. Retrieved on 2009-01-01.
21. ^ Dougherty, Carter (2008-12-01). "Buffeted by financial crisis, countries seek euro's shelter". International Herald Tribune (The New York Times). http://www.iht.com/articles/2008/12/01/business/euro.php?page=1. Retrieved on 2008-12-02.
22. ^ "€5bn question is whether IMF will force Latvia to give up currency peg". Business News Europe. http://businessneweurope.eu/storyf1384. Retrieved on 2008-12-03.
23. ^ "Newsvine - Denmark to Hold New Referendum on Euro". Newsvine.com. http://www.newsvine.com/_news/2007/11/22/1115165-denmark-to-hold-new-referendum-on-euro. Retrieved on 2009-01-02.
24. ^ Denmark to hold new referendum on euroBy Robert Anderson in Stockholm Published: November 22 2007 15:10. "FT.com / World - Denmark to hold new referendum on euro". Ft.com. http://www.ft.com/cms/s/0/79799902-9909-11dc-bb45-0000779fd2ac.html. Retrieved on 2009-01-02.
25. ^ "Denmark to hold second euro referendum - EurActiv.com | EU - European Information on Economy & Euro". Euractiv.com. 2007-11-23. http://www.euractiv.com/en/euro/denmark-hold-second-euro-referendum/article-168631. Retrieved on 2009-01-02.
26. ^ "Agreements on monetary relations (Monaco, San Marino, the Vatican and Andorra)". European Communities. 2004-09-30. http://europa.eu/scadplus/leg/en/lvb/l25040.htm. Retrieved on 2006-09-12.
27. ^ The euro outside the euro area, Europa (web portal)
28. ^ [1] [2] [3]
29. ^ ECB: "UNILATERAL EUROIZATION BY ICELAND COMES WITH REAL COSTS AND SERIOUS RISKS"
30. ^ ^{a b c d} [http://www.fedtrust.co.uk/admin/uploads/FedT_Economic_Government.pdf An economic government for the eurozone? ] PDF, Federal Union
31. ^ "Juncker re-elected Euro Group president, voicing optimism over economic growth". People's Daily. 2006-09-09. http://english.peopledaily.com.cn/200609/09/eng20060909_301052.html. Retrieved on 2008-01-02.
32. ^ ^{a b} Vucheva, Elitsa (2008-04-15)eurozone countries should speak with one voice, Juncker says, EU Observer.
33. ^ PROTOCOLS, Official Journal of the European Union
34. ^ Treaty of Lisbon (Provisions specific to member states whose currency is the euro), EurLex
35. ^ "Sarkozy pushes eurozone 'economic government', France 24 (21 October 2008)
36. ^ ^{a b} Germany rejects idea of eurozone 'economic government': report, EU Business (21 October 2008)
37. ^ What is EMU?, Europa (web portal)
38. ^ European Central Bank (2007-12-14). "Euro area (changing composition) - HICP - Overall index, Annual rate of change, Eurostat, Neither seasonally or working day adjusted". http://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=122.ICP.M.U2.N.000000.4.ANR. Retrieved on 2008-01-02.
39. ^ Key ECB interest rates, ECB
40. ^ The ECB announced on 22 December 1998 that, between 4-21 January 1999, there would be a narrow corridor of 50 base points interest rates for the marginal lending facility and the deposit facility in order to help the transition to the ECB's interest regime.
41. ^ "European leaders agree crisis rescue at summit — EUbusiness.com - business, legal and economic news and information from the European Union". Eubusiness.com. http://www.eubusiness.com/news-eu/1223856121.86. Retrieved on 2009-01-02.
42. ^ EU data confirms eurozone's first recession, EUbusiness.com, January 8, 2009

External links

• European Central Bank
• eurozone Watch
• Calculate inflation in Euro Area MUICP 16 country
• Calculate inflation in AREA Euro

Categories: Eurozone fiscal matters

See Also:

• Eurozone
• Enlargement of The Eurozone
• Society: Government: Finance: Central Banks: Supranational: Eurozone

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