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Eurozone
The euro area, commonly called the eurozone (EZ), is a Monetary union, currency union of 20 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 20 eurozone members are: : Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 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. Bulgaria is targeting to join the eurozone on 1 January 2026. Bulgaria is expected to become the 21st eurozone member from January 1, 2026. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Central Bank
The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International use, most important central banks with a balance sheet total of around 7 trillion. The Governing Council of the European Central Bank, ECB Governing Council makes monetary policy for the Eurozone and the European Union, administers the foreign exchange reserves of EU member states, engages in foreign exchange operations, and defines the intermediate monetary objectives and key interest rate of the EU. The Executive Board of the European Central Bank, ECB Executive Board enforces the policies and decisions of the Governing Council, and may direct the national central banks when doing so. The ECB has the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the volume must be approved by the EC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Euro
The euro (currency symbol, symbol: euro sign, €; ISO 4217, currency code: EUR) is the official currency of 20 of the Member state of the European Union, member states of the European Union. This group of states is officially known as the euro area or, more commonly, the eurozone. The euro is divided into 100 1 euro cent coin, euro cents. The currency is also used officially by the institutions of the European Union, by International status and usage of the euro, four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. The euro is used by 350 million people in Europe and additionally, over 200 million people worldwide use currencies pegged to the euro. It is the second-largest reserve currency as well as the second-most traded currency in the world after the United Sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurogroup
The Eurogroup is the recognised collective term for the informal meetings of the finance ministers of the eurozone—those member states of the European Union (EU) which have adopted the euro as their official currency. The group has 20 members. It exercises political control over the currency and related aspects of the EU's monetary union such as the Stability and Growth Pact. The current president of the Eurogroup is Paschal Donohoe, the Minister for Finance of Ireland. The ministers meet '' in camera'' a day before a meeting of the Economic and Financial Affairs Council (ECOFIN) of the Council of the European Union. They communicate their decisions via press and document releases. The group is related to the Council of the European Union (only Eurogroup member states vote on issues relating to the euro in the ECOFIN) and was formalised under the Treaty of Lisbon. History The Eurogroup, formerly known as the ''Euro-X'' and ''Euro-XI'' in relation to the number of states ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic And Monetary Union Of The European Union
The economic and monetary union (EMU) of the European Union is a group of policies aimed at converging the economies of member states of the European Union at three stages. There are three stages of the EMU, each of which consists of progressively closer economic integration. Only once a state participates in the third stage it is permitted to adopt the euro as its official currency. As such, the third stage is largely synonymous with the eurozone. The euro convergence criteria are the set of requirements that needs to be fulfilled in order for a country to be approved to participate in the third stage. An important element of this is participation for a minimum of two years in the European Exchange Rate Mechanism ("ERM II"), in which candidate currencies demonstrate economic convergence by maintaining limited deviation from their target rate against the euro. The EMU policies cover all European Union member states. All new EU member states must commit to participate in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Tender
Legal tender is a form of money that Standard of deferred payment, courts of law are required to recognize as satisfactory payment in court for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which, when offered ("tendered") in payment of a debt, extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. It is generally only mandatory to recognize the payment of legal tender in the discharge of a monetary debt from a debtor to a creditor. Sellers offering to enter into contractual relationship, such as a contract for the sale of goods, do not need to accept legal tender and may instead contractually require payment using electronic methods, foreign currencies or any other legally recognized object of value. Coins and banknotes are usually defined as legal tender in many countries, but personal cheque, checks, credit c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurosystem
The Eurosystem is the monetary authority of the eurozone, the collective of European Union member states that have adopted the euro as their sole official currency. The European Central Bank (ECB) has, under Article 16 of its Statute,Statute of the ECB (PDF) the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand. The Eurosystem consists of the ECB and the national central banks (NCB) of the 20 member states that are part of the eurozone. The national central banks apply the monetary policy of the ECB. The primary objective of the Eurosystem is price stability. Secondary objectives are financial stability and financial integration. The mission statement of the Eurosyste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rate of inflation). Further purposes of a monetary policy may be to contribute to economic stability or to maintain predictable exchange rates with other currencies. Today most central banks in developed countries conduct their monetary policy within an inflation targeting framework, whereas the monetary policies of most developing countries' central banks target some kind of a fixed exchange rate system. A third monetary policy strategy, targeting the money supply, was widely followed during the 1980s, but has diminished in popularity since then, though it is still the official strategy in a number of emerging economies. The tools of monetary policy vary from central bank to central bank, depending on the country's stage of development, inst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The union has a total area of and an estimated population of over 449million as of 2024. The EU is often described as a ''sui generis'' political entity combining characteristics of both a federation and a confederation. Containing 5.5% of the world population in 2023, EU member states generated a nominal gross domestic product (GDP) of around €17.935 trillion in 2024, accounting for approximately one sixth of global economic output. Its cornerstone, the European Union Customs Union, Customs Union, paved the way to establishing European Single Market, an internal single market based on standardised European Union law, legal framework and legislation that applies in all member states in those matters, and only those matters, where the states ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Union
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, which would have, in addition, a customs union and a single market). There are three types of currency unions: * ''Informal'' – unilateral adoption of a foreign currency. * ''Formal'' – adoption of foreign currency by virtue of bilateral or multilateral agreement with the monetary authority, sometimes supplemented by issue of local currency in currency peg regime. * ''Formal with common policy'' – establishment by multiple countries of a common monetary policy and monetary authority for their common currency. The theory of the optimal currency area addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency. Advantages and disadvantages Implementing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Montenegro
, image_flag = Flag of Montenegro.svg , image_coat = Coat of arms of Montenegro.svg , coa_size = 80 , national_motto = , national_anthem = () , image_map = Europe-Montenegro.svg , map_caption = , image_map2 = , capital = Podgorica , coordinates = , largest_city = capital , official_languages = Montenegrin language, Montenegrin , languages2_type = Languages in official use , languages2 = , ethnic_groups = , ethnic_groups_ref = , ethnic_groups_year = 2023 census , religion = , religion_ref = , religion_year = 2023 census , demonym = Montenegrins, Montenegrin , government_type = Unitary parliamentary republic , leader_title1 = President of Montenegro, President , leader_name1 = Jakov Milatović , leader_title2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency Union
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, which would have, in addition, a customs union and a single market). There are three types of currency unions: * ''Informal'' – unilateral adoption of a foreign currency. * ''Formal'' – adoption of foreign currency by virtue of bilateral or multilateral agreement with the monetary authority, sometimes supplemented by issue of local currency in currency peg regime. * ''Formal with common policy'' – establishment by multiple countries of a common monetary policy and monetary authority for their common currency. The theory of the optimal currency area addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency. Advantages and disadvantages Implementing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
