WORLD HISTORY

Detailed explanation-1: -The eurozone, officially known as the euro area, is a geographic and economic region that consists of all the European Union countries that have fully incorporated the euro as their national currency.

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: -the euro makes it easier, cheaper and safer for businesses to buy and sell within the euro area and to trade with the rest of the world. improved economic stability and growth. better integrated and therefore more efficient financial markets. greater influence in the global economy.

Detailed explanation-4: -Facts and figures about the euro area The latest country to join the euro area (also referred to as ‘eurozone’) was Croatia, which introduced the common currency on 1 January 2023. The euro was introduced as an accounting currency in 11 member states on 1 January 1999.