Eurozone

• States with the euro as legal tender
• States that use the euro de facto

As euro zone ( officially also euro area or euro area), the group of EU member states is referred to, which have adopted the euro as its official currency. The euro zone currently consists of 18 EU Member States and is therefore also referred to as Euro -18. Recently took over Latvia 1 January 2014 as the 18th EU country to the euro as its official currency.

The current 18 EU countries of the euro zone are Belgium, Germany, Estonia, Finland, France, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovakia, Slovenia, Spain and Cyprus. Of the other ten EU countries are eight obliged to introduce the euro as soon as they reach the agreed convergence criteria. Denmark and the United Kingdom ( UK ) have de jure an exit option.

For the monetary policy of the euro zone, the European Central Bank is in charge and responsible. Together with the national central banks of the countries of the euro zone, it forms the euro system. As part of the Euro Group, the euro zone countries coordinate their fiscal and economic policy from each other, but without formal decision-making power.

• 3.1 States and territories outside the EU that use the euro as their currency 3.1.1 formal agreement
• 3.1.2 Without formal agreement

• 4.1 Planned extensions to the ERM II
• 4.2 Possible unilateral euro introductions

Term use and definition of the European Economic and Monetary Union

In the founding treaties of the European Union, the term euro zone itself does not occur; its members are referred to as " Member States whose currency is the euro" (Art. 136ff. TFEU). Also the Publications Office of the European Union not used the term, but instead uses the euro area or euro zone to refer to the "participating Euro countries as a whole". In common parlance, however, the term euro zone has been established in German.

Synonym to the term is sometimes used European Economic and Monetary Union ( EMU). However, this term designates an EU policy area in general. Members of the EMU are formally all EU Member States, with those countries that have not adopted the euro, are referred to " as Member States with a derogation " as in the text of the treaty (Art. 139ff. TFEU).

Sometimes euro zone is also used in a wider sense for all countries that use the euro, even if they are not EU members. These have either a monetary agreement with the EU Member States, the euro unilaterally introduced as the currency or coupled to the rate of their currency to the euro 's reserve currency.

Euro zone in the narrow sense

The euro area

• Members of the euro zone in the narrow sense ( EUR -18)
• Non-EU members which use the Euro
• EU member with a fixed exchange rate to the euro (Bulgaria)
• Non-EU member with a fixed exchange rate to the euro (Bosnia and Herzegovina)
• Members of the ERM II
• EU members with free exchange rate for euros
• Non-EU members with free exchange rate for euros ( Switzerland: minimum rate)

In a narrower sense, the euro zone comprises those Member States of the European Union that have adopted the euro as their currency. Condition for this is the fulfillment of the EU convergence criteria to ensure a degree of economic harmonization of the euro zone.

With the introduction of the euro as book money on January 1, 1999, these criteria were first met by eleven of the then fifteen Member States. Greece was 2000, to meet the criteria as well, and joined the euro zone on 1 January 2001. On 1 January 2002 the euro was introduced with euro coins and euro bank notes as the official currency in the twelve states Belgium, Germany, Finland, France, Greece, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal, Spain. 2006 Slovenia fulfilled the criteria and led on 1 January 2007 the euro as their currency. Malta and Cyprus met the criteria in 2007 and led on 1 January 2008 the euro as their currency. Slovakia fulfilled the criteria 2008 and led on 1 January 2009 the euro as their currency. Estonia fulfilled the criteria in 2010 and led on 1 January 2011 the euro as their currency. Latvia adopted the euro on 1 January 2014.

However, there are some areas of the Member States, use restricted or not the euro. This applies to Biisingen and Campione d' Italia, a German and an Italian exclave in Switzerland in which, although the euro is the official currency, but in fact, the Swiss franc is being used. In addition, none of the outer areas of the Netherlands ( former Netherlands Antilles ) uses the Euro, but the U.S. dollar in or bound to local currencies. Some French foreign territories in the Pacific use the CFP Franc, which is, however, bound tightly to the euro. Is a special case of Northern Cyprus, which considers itself as an independent state and officially uses the Turkish lira, while it is the view of the EU part of the Republic of Cyprus and thus the euro zone. In fact, circulating both currencies, the euro is seen as a means of promoting innerzyprischen trade and to reduce dependence on Turkey.

Members

As a designation for statistical dimensions are officially:

• EA -11: Erstländer 1999/2000 (AT, BE, DE, ES, FI, FR, IE, IT, LU, NL, PT)
• EA -12: Erstländer at the cash changeover in 2001 (EA- 11 GR)
• EA -13: from 2007 (EA- 12 SI)
• EA -15 from 2008 (EA- 13 CY, MT)
• EA -16: from 2009 (EA -15 SK)
• EA -17: since 2011 (EA- 16 EE)
• EA -18: since 2014 ( EA -17 LV )

It is also Euro -11 and similar customary since 2011 Euro -17, since 2014 EUR -18

• Aruba Aruba
• Curacao Curacao
• Sint Maarten Sint Maarten
• BES - islands: Bonaire Bonaire
• Sint Eustatius Sint Eustatius
• Saba Saba

Economy of the euro zone

Comparison of the euro zone with other economies, Booth 2007.

The following table shows the course of the harmonized index of consumer prices in the euro zone:

Euro zone in the broader sense

States and territories outside the EU that use the euro as their currency

Also use outside the European Union, some countries adopted the euro as their currency. This usually very small states had partially at the time of euro adoption agreement with an EU Member State on a currency union; partly they renounced unilaterally on the introduction of its own currency and instead let the euro as a foreign currency in circulation bring (so-called euro-isation ). The countries that use the euro outside the EU, do not take part in the Euro system or the Euro Group. The economic situation in these countries of the European Central Bank in setting monetary policy is not formally considered.

With formal agreement

Several countries outside the EU to use the euro as their official currency. For an introduction, which includes the right to mint its own coins, an agreement with the EU and a country of the euro zone must be closed. Such agreements are available with Monaco, San Marino and Vatican City. These countries used to the euro introduction of their own currencies, which were bound in a 1:1 ratio to the currency of the neighboring country and there also equal in circulation. San Marino and the Vatican had tied their currencies to the Italian lira and Monaco used the Monegasque franc, which was linked to the French franc.

These countries have agreements with the EU and the Member States: San Marino and the Vatican with Italy and Monaco with France, the use and minting a limited number of euro coins ( with their own national motifs on the back) allows them. Your coins are valid in the entire euro zone. However, you do not have permission to print banknotes.

Andorra had until January 1, 2002, the date of the introduction of euro cash in the euro zone, de facto the French franc and the peseta as currency, but never an agreement with Spain or France. Negotiations with the European Union 's official status of the euro in Andorra were recorded in 2004, it was but for years no agreement is reached. The biggest obstacle was there the Andorran banking secrecy. Finally, the monetary agreement was signed on 30 June 2011, which entered into force on 1 April 2012. It was only on 20 November 2013, the currency required under the agreement decrees were adopted to implement European standards of the Andorran government. The EU announced, beginning in December 2013 the green light for the minting of Andorran euro coins, the issue thus, as originally intended, can not take place by 1 January 2014, but during the first quarter of 2014., The right to mint has a circumference of 2.4 million euros annually.

Monetary agreements have been concluded for two French overseas departments: Saint- Pierre and Miquelon off the coast of Canada and Mayotte in the Indian Ocean, which did not belong at the time of euro adoption to the EU, but were allowed to use from the beginning to the euro as its currency. However, they may not characterize own coins. Since Mayotte is an overseas territory of the European Union on 31 March 2011, the 101st department of France, and on 1 January 2014, it has since been officially part of the euro zone.

The French island of Saint Barthelemy is from 1 January 2012 as an associated overseas territories (OCTs ) are no longer part of the European Union, however, reserves the basis of an agreement between France and the EU and the euro as legal tender.

Without formal agreement

Montenegro and Kosovo use the euro since its introduction; before its currency was the German Mark, which had replaced the Yugoslav dinar each. When the D- Mark was replaced by the euro, they adopted the euro by unilateral Euroisierung. An agreement with the ECB on the use of the euro does not exist. In Kosovo, the Serbian dinar is also still in circulation, which is used by the Serbian minority.

The introduction of the euro in Montenegro and Kosovo brought economic benefits to the country. For this reason, the European Commissioner for Economic and Monetary Affairs Joaquín Almunia promoted the introduction of the euro in small states. The then president of the European Central Bank Jean -Claude Trichet made ​​it clear that the ECB - which does not support the unilateral introduction of the euro - sees no reasons for the introduction of the euro in other countries.

With the introduction of the euro in Cyprus and the British military bases of Akrotiri and Dhekelia, which used the pound as currency before the euro introduction, adopted the euro. The military bases are indeed overseas territories of the United Kingdom but not part of the EU, and are under military jurisdiction. Regardless of its case law, the euro was introduced in accordance with the case of Cyprus was completed.

Since the suspension of the Zimbabwe dollar in April 2009, the euro is in Zimbabwe alongside the U.S. dollar and the South African Rand as legal tender.

States and territories which have pegged their currency to the euro

Some states have tied their currency at a fixed exchange rate to the euro. Economically, the similar effects as a unilateral adoption of the euro by the continued existence of a nominally own currency, this binding could, however, pick up some lighter at a monetary policy reorientation.

The currency of Cape Verde is pegged to the euro, because the Cape Verde Escudo was tied to the Portuguese escudo against the Euro introduction. São Tomé and Príncipe has pegged its currency, the Dobra, from early 2010 to the euro through an agreement with Portugal. The CFA franc and the Comorian franc, which are used in former colonies of France, and the CFP Franc, which is used in the French overseas territories in the Pacific, are pegged to the euro, since they were previously tied to the French franc. The currency of Bosnia and Herzegovina Convertible Mark was committed before the euro introduction to the D- Mark, which was replaced by the euro.

Bulgaria and Lithuania also two EU Member States have pegged their currency at a fixed exchange rate to the euro. The Lew, the Bulgarian currency, in 1999 coupled in a 1:1 ratio to the German mark, so that the currency is now a fixed exchange rate of 1.95583 BGN = has 1 EUR. However, the introduction of the euro itself failed so far on the Bulgarian inflation, which is too high for the fulfillment of the EU convergence criteria. In addition, a candidate would be the exchange rate mechanism II prerequisite for introduction of the euro, which has not happened. The Lithuanian Litas was bound only to the U.S. dollar since 1994, prior to the country's EU accession in February 2002, he was converted at a rate of 1 EUR = 3.4528 LTL to EUR. Lithuania is a member of ERM II

States of the EU that have bound their currency with certain foreign exchange spreads on the euro

Some EU Member States have their currency not fixed, but only within a certain band exchange rate pegged to the euro. They take part in a procedure by which their central banks have to intervene when the exchange rate by more than a certain percentage deviates from a predetermined central rate. It is the so-called exchange rate mechanism II (ERM II), which was introduced as the successor of the company founded in 1979 the European Monetary System in the euro's introduction in 1999. The at least two years of a country's participation in ERM II is a prerequisite for the introduction of the euro.

Currently (January 2014), Denmark and Lithuania pegged their national currencies to the ERM II to the euro. It provides a range of fluctuation in the exchange rates between the euro and the respective national currency of ± 15 %. Denmark also has an agreement with the EU to let the exchange rate fluctuate by more than ± 2.25%. Lithuania in 2002 unilaterally set a fixed exchange rate to the euro.

Together with Denmark and its two autonomous areas Greenland and the Faroe Islands who are not members of the EU joined the ERM II with the euro. In Greenland, the Danish krone is used in the Faroe Islands Faroese crown, which is 1:1 tied to the Danish crown.

(* ) On both sides guaranteed Moreover, currency fluctuation band of ± 15 %

Non -EU countries that peg their currencies to exchange rate limits to the Euro ( Switzerland / Liechtenstein )

Switzerland has developed together with the well -using the Liechtenstein CHF own independent way, not to let the currency too much gain strength. Given the depreciation of the euro with the debt crisis of up to 1 Euro = CHF 1.0451 (10 August 2011) was fallen course perceived as intolerable, because it paralyzes the export from Switzerland. The Swiss National Bank ( SNB) put in sequence on 6 September 2011 set a minimum exchange rate, which stands at CHF 1.20. To achieve this, the franc is driven in a willful devaluation by as long as money is scooped and Euro to buy to get up to the desired course. " The SNB will enforce this minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited to ", said the SNB. The aim was "a substantial and lasting weakening of the Swiss franc ." This measure is purely national and done without any consultation with the ECB (and is therefore no actual pairing ). Switzerland had already supported the euro, but abandoned in 2010. It is believed that these amounted to 160 billion euro support purchases.

States that have pegged their currency on a basket of currencies to the euro

Various countries outside the European Union have bound the exchange rates of their currencies to currency baskets, where among other currencies also the euro is involved. This is the case for the Moroccan Dirham, whose exchange rate is subject to 80 % of the euro and 20% on the U.S. dollar. The Russian ruble is tied to a basket of currencies is subject to 45 % of the euro and 55% on the dollar. Similarly, the Chinese renminbi depends on a basket of currencies from where the euro is involved, albeit at a significantly lower proportion than the U.S. dollar.

Even the Special Drawing Right (SDR ) of the International Monetary Fund is linked to a basket of currencies, is represented in the between 2011 and 2015, the Euro with a weight of 37.4 % (in addition to the U.S. dollar, the Japanese yen and the British pound as a further currencies).

Survey

• Members of the European Monetary Union with EUR
• Other countries with euro
• Currencies with fixed exchange rate peg to the euro or the majority is dependent on the euro currency baskets
• Currencies with a narrow -band exchange rate for euros
• United States of America
• Other countries with U.S. dollar
• Currencies with fixed exchange rate peg to the U.S. dollar
• Currencies with a narrow -band exchange rate to the U.S. dollar

Planned enhancements to the euro zone

• Euro Zone (18 )
• EU Member States which have to introduce the euro due to contractual obligation ( 8)
• EU Member State with exit clause for euro introduction ( 2)
• Non-EU members who use the euro officially (Andorra, Monaco, San Marino and Vatican)
• Non-EU members who use the euro unofficially ( 2)

Planned enhancements to the ERM II

Ten members of the European Union do not use the euro. There are: Bulgaria, Denmark, Croatia, Lithuania, Poland, Romania, Sweden, Czech Republic, Hungary and the United Kingdom. Denmark and the United Kingdom put in the Maastricht Treaty itself through exemptions (so-called opt- outs ) and are not obliged to adopt the euro. All other Member States have committed themselves to introduce the euro. Eight of these countries do not take but so far in ERM II and miss so automatically at least one of the convergence criteria. In addition, the financial crisis in many countries has led from 2007 from major economic problems were missed by the other convergence criteria.

Since at least two years membership of ERM II is a prerequisite for the introduction of the euro, can countries that currently do not participate in ERM II, not to join the euro zone in the next two years.

• Bulgaria has unilaterally pegged its currency to the euro, but is not a member of ERM II since it has presented the candidate is denied due to inflation problems. 2009 was still scheduled to join in 2013. But this had to be postponed because of a high deficit in 2010. As a result of the global financial crisis in 2009 was a deficit of 3.7% instead of 1.9% of GDP, the maximum prescribed value of 3.0 % was not achieved for this convergence criterion.
• Denmark has a contractually agreed right to " opt-out ", ie, for non-accession to the euro area. However, the country has participated in ERM II. In a first referendum on 28 September 2000, 53.1 % of voters voted against the euro. The Danish government under Anders Fogh Rasmussen announced in 2007, after the adoption of the Lisbon Treaty hold a referendum on joining the euro, which was confirmed by his successor, Lars Løkke Rasmussen, 2009. In the spring of 2010, the government, however, due to the global economic crisis took withdraws to bring the first public finances in order. A new vote will do it when Denmark again met the EU convergence criteria and the majority of Parliament supported a euro. In March 2011, Rasmussen pointed again to the possibility of a referendum before the parliamentary elections in the fall. The announcement of a referendum the government Thorning -Schmidt was withdrawn in June 2012. A renewed referendum was scheduled for May 2014 relating to the European elections. Denmark has assured that in case of euro adoption could remain the Faroese crown; this would then be bound by a fixed rate to the euro.
• Croatia plans to introduce the Euro quickly, with target date of 2017 or 2018. This would require an entry into the ERM II no later than 2015 or 2016.
• Lithuania seeks officially an introduction on 1 January 2015. This gave the chairman of euro zone finance ministers, Jeroen Dijsselbloem, on January 27, 2014 known .. A previous attempt to introduce failed in 2007 because the convergence criteria were not met. The Lithuanian Finance Minister Zigmantas Balčytis filed on March 16, 2006, the documents for the introduction of the euro despite warning the European Commission official. The Commission recommended, however, to postpone the recording of Lithuania because of its by 0.06 percentage points to high inflation. The Summit of Heads of State and Government on 15 and 16 June 2006 in Brussels this first application was rejected.
• In Poland, the new Prime Minister Donald Tusk announced in 2007 in his first policy speech that he wanted to introduce " as quickly as possible," the euro, and called the year at the 18th Economic Forum in Krynica 2011 as the target for the euro introduction. In August 2009, however, the Deputy Minister of Finance announced that Poland will not adopt the euro before 2014. Reason is the global financial crisis. In an interview with " Spiegel Online " Tusk said in April 2011 " Poland will join the euro - zone." A date he would not name, but he said: ". 2015, we will meet all the criteria, if nothing unforeseen happens," On 2 December 2011, the Polish Foreign Minister Radek Sikorski said in a radio interview that Poland within four years, ie by 2015 / 16 can adopt the euro as its official currency and wants, if by that certain reforms would be implemented and the introduction of the common currency serve Polish interests. On February 26, 2013 President Bronisław Komorowski said after a meeting with the Prime Minister that a "political decision " could fall on accession to the euro zone after the parliamentary elections in 2015, where Poland meets the criteria to adopt the euro. The problem is that according to the Polish Constitution, only the National Bank of Poland is authorized to issue money. According to Poland's Prime Minister Donald Tusk in July 2013, however, the necessary majority was not expected added to a revision of the Constitution in the next legislative period ( 2015-2019 ). With a euro introduction we would expect only in the 2020 's. In the course of Krimkrise beginning of 2014 votes were in Poland, however, increasingly loud, even closer than before to cooperate with Western Europe. Thus spoke about the head of the National Bank of Poland Marek Belka, far more of a Euro - skeptic, on 10 March for an accelerated course of his country to Euro - introduction of.
• Romania is an EU member since 2007 and only intention to adopt the euro. Like Bulgaria, Romania has problems meeting the inflation rate. The planned euro adoption date was therefore postponed several times. 2007 put the National Bank of Romania 2015 target. In November 2011, the Romanian president reiterated the goal of wanting to adopt the euro in 2015. President Basescu expressed in March 2013, the assessment that 2015 was no longer to keep the accession date. Beginning in May 2013 declared Romania's head of state, that in 2017 the " ideal date " for a euro - accession was.
• Sweden has undertaken through the EU accession in 1995 to introduce the euro as soon as it meets all the convergence criteria. Nevertheless, the Swedish Government submitted the euro adoption by referendum in which on 14 September 2003 a majority voted against it. To escape this dilemma, the government decided, the ERM II does not join and thus permanently the fulfillment of the convergence criteria - to bypass - which would be relatively unproblematic otherwise due to the good economic situation in Sweden. This state has so far been tolerated by the European Commission, with Sweden is however considered as a special case, since it was a party after the decision to monetary union, but before the introduction of the euro the EU. Another referendum should not be performed before 2013 [ deprecated]. The since 2006 by Fredrik Reinfeldt led government is for the most part generally for the introduction of the euro, but does not intend to hold a referendum on the euro accession. After 2009 polls had shown briefly a small majority in favor of the introduction of the euro, a clear majority has yet then formed against the introduction.
• Czech Republic wanted to introduce the euro in 2010 originally. This goal was abandoned by a higher budget deficit was taken as allowed in purchase to build the infrastructure so that the country can. During the year 2009 should be drawn up a roadmap for the introduction of the euro on 1 November 2009 and a final date will be called. This event has been postponed indefinitely due to the worsening economy. In March 2010, it was called from the Czech Ministry of Finance, that the year 2015 was hardly yet to create. In March 2013 President Zeman expressed the view that the Czech Republic could adopt the euro in 2018 at the earliest.
• In Hungary, the government first in 2008, later announced 2010 as the date for the introduction of the euro, both data were due to the continued high public deficit but in each case not be met. Since 2006 there is no official target date more. In February 2011, expressed Prime Minister Viktor Orbán in an interview, the Euro in Hungary not before 2020Vorlage: Future / plan to introduce in 5 years.
• The United Kingdom has just as Denmark have an opt -out option. According to statements made by the then British Prime Minister Tony Blair, the population should vote in 2006 on whether to join the euro, at the same time also a referendum on the EU Constitutional Treaty should be done. However, the Euro - vote was postponed indefinitely by the rejection of the Constitutional Treaty in France and the Netherlands in the previous year and the subsequent cancellation of the constitutional referendum in the UK. The reigning since May 2010 conservative-liberal coalition under David Cameron has ruled in its government program to join the euro or Preparations for the term.

Possible unilateral euro introductions

• Iceland's then Foreign Minister Valgerdur Sverrisdóttir said in an interview on 15 January 2007 that she would like to check whether Iceland can adopt the euro without being a member of the EU. She said that it was difficult to compete with an independent currency in a small economy on the open European market. A comprehensive survey of September 11, 2007 by Capacent Gallup showed that 53% of respondents for the adoption of the euro, 37 % against the euro and 10% were undecided. The victorious emerged from the parliamentary elections on April 28, 2013 Conservative Party announced to cancel the EU accession negotiations began in 2009.

• In the Turkish Republic of Northern Cyprus partly also expressed the desire to adopt the euro, being there from the EU point of view already official currency.