Learn about the Eurozone with iMinds Money's insightful fast knowledge series. The Eurozone, known officially as the Euro-area and sometimes as Euroland, is a collection of countries that have adopted the Euro as their national currency. As of 2010, 16 countries replaced their national currency with the Euro. As members of the European Union and the European Monetary Union, they have ceded control of their monetary systems to Central European Bank.
The Eurozone comprises of a population of 330 million and has a 15.2% share of global gross domestic product as of 2009. This makes it the second largest economy worldwide after the United States. There are still several members of the European Union who have not adopted the euro as their national currency. This is due to these countries not having met the strict requirements for economic integration. In the case of Denmark and the United Kingdom, opt-out agreements allow the continued use of a national currency despite EU membership. There are also non-EU states that have adopted the euro as both official and unofficial national currencies, though they are not considered a part of the Eurozone.
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