EUROZONE

In February 1998 the Maastricht Treaty (officially - The Treaty on European Union) is signed by the 12 member countries of the European Community. It includes provisions for an Economic and Monetary Union (EMU). According to the treaty at 1st January 2002 the Eurozone was formed. Thus began a new era of economic cooperation and promised financial stability all over Europe. The Eurozone is an economic and Monetary Union which works for the financial Integration of Europe. The Eurozone is an off shoot of the European Union aka, the Eurozone comprises of those countries who accepted and uses Euro as their currency. The countries in the Eurozone as of 2017 are: Austria , Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Portugal, Slovakia, Slovenia and Spain. Countries like United Kingdom and Denmark do not use the euro, and are not required to be a part of the Eurozone. Sweden does not belong to the Eurozone but must join in the future, according to the terms of the treaty. Bulgaria, Czech Republic, Hungary, Poland, Croatia and Romania belong to the EU, but do not currently meet the criteria for joining the Eurozone.

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