ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Currently, the euro (€) is the official currency of 20 out of 27 EU member countries which together constitute the Eurozone, officially called the euro area.

Detailed explanation-2: -The euro area (also known as the eurozone) consists of 19 countries that use the Euro: Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal, Finland, Greece, Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia and Lithuania.

Detailed explanation-3: -In total, seven EU countries don’t use the euro: Bulgaria, Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden. In these countries, visitors from the eurozone still need to exchange money before they travel.

Detailed explanation-4: -The eurozone is the unofficial name for the 20 EU countries that are members of the European Economic and Monetary Union (EMU) and have adopted the euro as their common currency. The EMU started in 1999 with 11 countries, Greece followed two years later.