Eurozone

The Eurozone is the group of European Union member states that use the euro as their official currency. Its members share monetary policy set by the European Central Bank.

European Central Bank: The central bank responsible for monetary policy in the Eurozone. It sets interest rates and manages monetary policy for all Eurozone members.
European Economic and Monetary Union: The EU framework for coordinating economic and monetary policy and, for participating states, adopting the euro. The Eurozone is the monetary-union component of this broader framework.
European Union: A political and economic union of European countries with shared institutions and policies. The Eurozone is a subset of the EU, not a synonym for it.
Eurozone crisis: A prolonged crisis in the Eurozone involving sovereign debt, banking instability, and economic divergence. It tested the institutions created to sustain the shared currency.
Eurosystem: The European Central Bank and the national central banks of EU countries that use the euro. Together, these institutions implement the Eurozone’s monetary policy.
Werner Report: A 1970 plan proposing a staged path toward economic and monetary union in Europe. It set out an early blueprint for the integration that eventually produced the euro.
European Exchange Rate Mechanism II: An exchange-rate arrangement linking participating non-euro EU currencies to the euro. It allows countries to prepare for possible adoption without yet joining the Eurozone.
European Stability Mechanism: An intergovernmental institution that provides financial assistance to Eurozone countries facing severe financing problems. It became a permanent crisis-response tool after the sovereign-debt turmoil.
Eurogroup: An informal gathering of finance ministers from EU countries that use the euro. Its ministers coordinate economic policy while national governments retain fiscal powers.
European Monetary System: A 1979 arrangement for stabilizing exchange rates among participating European currencies. It prepared European economies for closer exchange-rate coordination before the euro.

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