Eurozóna

The Eurozone, also known as the euro area, is a monetary union of 20 member states of the European Union that have adopted the euro (€) as their primary currency. This currency union was established to facilitate trade, investment, and economic integration among its members. The euro is managed by the European Central Bank (ECB), which is responsible for setting monetary policy for the entire bloc.

The creation of the Eurozone was a significant step in the process of European integration. The euro was introduced as a virtual currency in 1999 and physically entered circulation in 2002. Countries joining the Eurozone must meet strict economic criteria known as the Maastricht criteria, which relate to inflation, government debt, budget deficits, and exchange rate stability.

The benefits of the Eurozone include price transparency, elimination of exchange rate costs, and increased competition. However, it also presents challenges, such as the loss of independent monetary policy for individual member states and the need for fiscal coordination. The ECB's mandate is to maintain price stability in the euro area. The Eurozone represents a substantial portion of the global economy.