Euro Area Economic Calendar

The eurozone, often known as the euro area, is a geographical and economic territory comprised of European Union member states that have adopted the Euro as their official currency.

In 1998 with the official launch of the Euro, the Eurozone came into being.

On January 1st, 2002, the physical Euro banknotes and coins were introduced, after a brief transition period, all their pre-euro national coins and banknotes were withdrawn from circulation and rendered invalid.

As of 2023, the Eurozone is formed of 19 European Union countries: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain.

The Eurozone is one of the biggest economic areas in the world, and the Euro is thought to be one of the most liquid currencies.

Not all EU countries are part of the Eurozone for different reasons. Some countries in the EU haven't yet met the requirements to join the Eurozone. Other countries choose to use their own currency so they can stay financially independent when it comes to important economic and monetary issues.

Even though some countries are not part of the EU, they have made the euro their national currency. The EU has monetary agreements with Vatican City, Andorra, Monaco, and San Marino that give them the right to issue their own euro currency, as long as they follow certain regulations.

The European Central Bank (ECB) and the Eurosystem, which consists of the ECB and the central banks of the EU states that have joined the eurozone, coordinate the monetary policy of all nations in the eurozone. The ECB has the authority to sanction the design and issuing of euro banknotes and coins.

All EU members are a part of the European System of Central Banks (ESCB), but non-member governments, including those with monetary agreements like Monaco, have no voice in any of the three organizations.

The European Central Bank's Governing Council determines the benchmark Interest Rate for the Eurozone, which is the rate of the principal refinancing operations. The primary objective of the ECB's monetary policy is to maintain price stability over the medium term, which includes keeping inflation below but near 2%.