What Is The Eurozone?
The eurozone is a monetary union of nineteen out of 28 countries which make up the European Union (EU) and have agreed to use the Euro as their common currency and also the sole legal tender in their countries. The other nine countries still use their domestic currencies in addition to the euro. The nine countries except for the United Kingdom and Denmark are obliged to adopt the euro currency in the future after they meet the convergence criteria. The group president is Jeroen Dijs. In this article, I will discuss some of the member states of the eurozone.
Member States Of The Eurozone
There is no provision for leaving or expulsion from the union. The member states are; Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Malta, Portugal, Slovakia, Slovenia, and Spain. The other EU members are Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden . For one to be a full member of the eurozone, he must be a member of EU. However, Andorra, Monaco, San Marino, and Vatican City have signed a deal with the euro zone to use the Euro and print their coins due to their small sizes. The criterion of membership is indicated on the treaty of functioning of the European Union.
Biggest Eurozone Countries
Berlin is the capital and the largest city in the country while German is the official language. Germany is a developed country with very high living standards with universal health care system and tuition-free university education. It is the third largest exporter and importer of goods globally. The economy has highly skilled labor force, a large capital stock, high level of innovation and very low corruption levels and has one of the lowest unemployment rates (4.7%) in the world. The automobile industry in the country is one of the most competitive and together with the IT sector; they make the bulk of the country’s GDP. The country has high life expectancy with an average of 80 years and a low fertility rate of 1.41 children per woman. The death rate exceeds the birth rate and currently, Germany has a population of 80.1 that is in decline.
The country has a unitary semi-presidential government and French is the national and the official language of the country. It has a mixed economy with the government having a substantive intervention and enterprises. One of the biggest industries in France is the aerospace industry which is led by the European consortium Airbus. Champagne and Bordeaux's wines are major exports of the nation. The population of the country is at 66.6 people with an average growth rate of +0.6% annually.
The country is a unitary parliamentary state led by the president and the prime minister. Italy is divided into twenty regions with five of the regions having a special autonomous status that enables them to enact legislation for their local matters. The economy of the country is a mixed capitalist economy which is the third largest in the eurozone. The living standards are high being ranked eighth in the world and are known for its creative and innovative businesses. It is one of the most industrialized countries with Ferrari luxury cars being one of Italy’s exports. The agricultural sector is also highly developed and competitive with the country being the leading global wine producer. The great recession in the early 1980s negatively affected the Italian economy coupled with European sovereign-debt crisis. The population of Italy is at 60,782,668 with the fertility rate in Italy is 1.42 children per woman with 20% of the population being over 65 years.
The Kingdom Of Spain has a unitary parliamentary system of governance. Madrid is the largest and the capital city of the country. Spain is divided into 17 administrative regions and two autonomous municipalities. The education system in Spain is one 0fthe worst among the developed countries. Increased interest in learning the Spanish language especially in Africa and Asia has made it easier for the Spanish companies to invest in the continents. The biggest let down to the nation’s economy is high inflation coupled with a booming black market. The country’s total population stands at 46 million with over 88% being native Spaniards
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