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In 1998, eleven member states of the European Union had met the euro convergence criteria, and the eurozone came into existence with the official launch of the euro (alongside national currencies) on 1 January 1999 in those countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain ...
These countries generally had previously implemented a currency peg to one of the major European currencies (e.g. the French franc, Deutsche Mark or Portuguese escudo), and when these currencies were replaced by the euro their currencies became pegged to the euro. Pegging a country's currency to a major currency is regarded as a safety measure ...
In Europe, the most commonly used currency is the euro (used by 26 countries); any country entering the European Union (EU) is expected to join the eurozone [1] when they meet the five convergence criteria. [2] Denmark is the only EU member state which has been granted an exemption from using the euro. [1]
Nineteen EU countries share the euro as a common currency. Five European countries rank in the top ten of the world's largest national economies in GDP (PPP). This includes (ranks according to the CIA): Germany (6), Russia (7), the United Kingdom (10), France (11) and Italy (13). [263] Some European countries are much richer than others.
The euro is the result of the European Union's project for economic and monetary union that came fully into being on 1 January 2002 and it is now the currency used by the majority of the European Union's member states, with all but Denmark (which has an opt-out in the EU treaties) bound to adopt it.
Additionally, other abbreviations have been used to refer to countries which had limited access to the EU labour market. [19] A8 is eight of the ten countries that joined the EU in 2004, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, the Slovak Republic, and Slovenia. A2 is the countries that joined the EU in 2007, Bulgaria and ...
[14] 44 countries have their capital city located within Europe, and (as of 2022) 27 of those countries are member states of the European Union, which means that they are highly integrated with one another and share their sovereignty through EU institutions. Each entry in the list below has a map of its location in Europe.
Several European microstates outside the EU have adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements were reached with Monaco, San Marino, and Vatican City by EU member states (Italy in the case of San Marino and Vatican City, and France in the case of Monaco) allowing them to use the euro ...