The Euro is the official currency used to trade in 19 of the 28 member states of the European Union, also known as the Eurozone.
These countries are listed as follows:
- the Netherlands
Now the Eurozone is financially amalgamated, the Euro eliminated exchange rate instability and the costs associated with it, and introduced easy access to a large and financially integrated European market. However, drawbacks were identified in the Euro during the financial crisis of 2007-2008. During this time, some Eurozone members suffered more than others, however due to the lack of economic independence, the countries were unable to set monetary policies to best aid in their own financial recoveries. It is now up to the evolution of EU policies to address the financial issues of individual nations under the Euro that will best decide the future of the Euro.