Eurozone - Essay Example

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Eurozone

The eurozone is the subset of European Union member states, which have adopted the euro (Eurozone 2005).
There are 12 member countries in the eurozone: Austria, Belgium, Finland, France (except pacific territories using CFP franc), Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain (Eurozone 2005). The rapid and smooth transition - and the successful logistical operation involving the transfer of billions of euro notes and coins to banks, retail stores, and vending machines - is a boost for the European Central Bank (ECB), which masterminded the operation (Schifferes 2002). When the 12 member states that currently comprise the eurozone gave up their currencies in favour of the euro, the European Central Bank took on the responsibility of monitoring monetary policy for the eurozone (Eurzone and the single currency 2005). Euro notes and coins is now being use by more than 300 million eurozone citizens.
Monaco, San Marino, and Vatican City also use the euro, although they are not officially euro members or members of the European Union (They previously used currencies that were replaced by the euro.) They now mint their own coins, with their own national symbols on the reverse. ...
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Summary

Europe has embraced on an amazing mission: to establish a single European currency for the whole European Union. Although the Maastricht Treaty committed the European Union to the goal of economic and monetary union (EMU) several years ago, debate over the matter continues to rage (Currie 1997)…
Author : selena25

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