SHARE OF INDIVIDUAL COUNTRIES

IN TOTAL EU GDP European

Commission

THE EURO AREA

Germany
France
Italy
Spain
Netherlands
Belgium
Austria
Finland
Greece
Ireland
Portugal
Slovakia
Luxembourg
Slovenia
Lithuania
Latvia
Estonia
Cyprus
Malta
Sweden
Poland
Czech Republic
Romania
Hungary
Croatia
Economic and
Bulgaria Financial Affairs
United Kingdom
Denmark
0% 5% 10% 15% 20% 25% EURO-AREA MEMBERSHIP
Source: Eurostat, 2014.
The euro is the currency of 19 of the EU’s 28 Member States. - government debt no more than 60% of GDP or approaching that level
• durability of convergence (long-term interest rates no more than
All the others are expected to adopt the euro once they meet the conditions 2 percentage points above the three best performers in terms of price
for doing so – except for Denmark and the United Kingdom, which negotiated stability)
SHARE OF GLOBAL GDP an opt-out from monetary union in the 1992 Treaty on European Union (the • exchange rate stability (two years within the Exchange Rate Mechanism II
Maastricht Treaty). They may still join at a time of their choosing. (ERM II) without severe tensions).
Euro area
The Maastricht Treaty enshrined the goal of a single currency and set out ERM II allows the exchange rates of participating EU currencies to fluctuate
European Union the conditions for joining. These are the ‘Maastricht criteria’ or ‘convergence against the euro within fixed margins above and below a central rate.
Rest of the world 13.1% criteria’, designed to ensure the smooth functioning of monetary union.
The Stability and Growth Pact (SGP)
18.7% In addition to some legal requirements, most notably an independent central
bank, the Maastricht criteria are: The SGP states that government deficits and debt should be less than 3%
41.2% • price stability (inflation no more than 1.5 percentage points above the and less than 60% of GDP respectively. On this basis, the Commission
three best performing Member States) monitors fiscal policy and public finances in Member States both inside
• sound and sustainable public finances and outside the euro area. This rule-based framework thus helps promote
19.3% United States - government deficit in principle no more than 3% of GDP fiscal discipline in the EU.

15.4% 5.4% EURO-AREA COUNTRIES

China Japan BELGIUM SPAIN LITHUANIA PORTUGAL

Area: 30 528 km2 Area: 505 991 km2 Area: 65 300 km2 Area: 92 212 km2
Population: 11 203 992 Population: 46 507 760 Population: 2 943 472 Population: 10 427 301
EU member since 1957 EU member since 1986 EU member since 2004 EU member since 1986
(founding member)
THE EURO – A GLOBAL CURRENCY FRANCE LUXEMBOURG 2 SLOVENIA
GERMANY Area: 632 834 km2 Area: 2 586 km Area: 20 273 km2
Area: 357 168 km2 Population: 65 856 609 Population: 549 680 Population: 2 061 085
The euro is the second largest reserve currency in the world, after the US dollar. Around 25% of Population: 80 780 000 EU member since 1957 EU member since 1957 EU member since 2004
worldwide reserves are now held in euro. EU member since 1957 (founding member) (founding member)
(founding member) SLOVAKIA
It is the second most actively traded currency in the world, used in around 20% of daily transac- ITALY MALTA Area: 49 036 km2
tions on foreign exchange markets. ESTONIA Area: 302 073 km2 Area: 316 km2 Population: 5 415 949
Area: 45 227 km2 Population: 60 782 668 Population: 425 384 EU member since 2004
Population: 1 315 819 EU member since 1957 EU member since 2004
KEY INDICATORS Euro area EU (28) United Japan China
(2013) (19) States
EU member since 2004 (founding member) FINLAND
NETHERLANDS Area: 338 435 km2
IRELAND CYPRUS Area: 41 540 km2 Population: 5 451 270
1
Population (millions) 338.6 508.4 316.5 127.3 1 360.7
Area: 69 797 km2 Area: 9 251 km2 Population: 16 829 289 EU member since 1995
GDP (in € trillions 8.1 11.4 11.8 3.3 9.4 Population: 4 604 029 Population: 858 000 EU member since 1957
calculated at purchasing EU member since 1973 EU member since 2004 (founding member)
power parity)
GREECE LATVIA AUSTRIA
Share of world GDP 13.1 18.7 19.3 5.4 15.4 Area: 131 957 km2 Area: 64 573 km2 Area: 83 879 km2
(% at PPP) Population: 10 992 589 Population: 2 001 468 Population: 8 507 786
EU member since 1981 EU member since 2004 EU member since 1995
Exports 13.6 (*) 13.3 (*) 9.4 14.8 23.4
(goods as % of GDP) 1. The non-government-controlled area in the north of Cyprus does not currently apply EU legislation and does not use the euro.

Imports 13.1 (*) 12.9 (*) 13.9 17 20.6

(goods as % of GDP)
(*) Excluding intra-EU trade. EU MEMBER STATES THAT HAVE YET TO ADOPT THE EURO
Sources: European Commission AMECO, IMF WEO and IMF DOTS.
BULGARIA CROATIA POLAND SWEDEN
Area: 110 900 km2 Area: 87 661 km2 Area: 312 679 km2 Area: 438 576 km2
Population: 7 245 677 Population: 4 246 700 Population: 38 495 659 Population: 9 644 864
EU member since 2007 EU member since 2013 EU member since 2004 EU member since 1995
Currency: lev (BGN) Currency: Croatian kuna (HRK) Currency: zloty (PLN) Currency: krona (SEK)

Euro-area countries CZECH REPUBLIC HUNGARY ROMANIA

EU Member States that have yetto adopt the euro Area: 78 866 km2 Area: 93 024 km2 Area: 238 391 km2
Population: 10 512 419 Population: 9 879 000 Population: 19 942 642
EU Member States with an opt-out from the euro EU member since 2004 EU member since 2004 EU member since 2007
Currency: Czech koruna (CZK) Currency: forint (HUF) Currency: leu (RON)

EU MEMBER STATES WITH AN OPT-OUT FROM THE EURO

DENMARK UNITED KINGDOM

Area: 42 916 km2 Area: 248 528 km2
(excluding the Faroe Islands) Population: 64 308 261
Population: 5 627 235 EU member since 1973
EU member since 1973 Currency: pound sterling (GBP)
Currency: Danish krone (DKK)
NON-CONTINENTAL AND OVERSEAS TERRITORIES in ERM II since 1 January 1999
OF MEMBER STATES
All population figures Eurostat 2014.

AÇORES (PT)
GUADELOUPE (FR) MADEIRA (PT)
CANARIAS (ES)
MARTINIQUE (FR)
GUYANE (FR)
MAYOTTE (FR)
OTHER COUNTRIES THAT USE THE EURO
RÉUNION (FR)

Only EU members can be part of the euro area.

SAINT-MARTIN
AÇORES (PT) São Miguel

SAINT-BARTHELEMY However, while they are not formally part of the euro area or the EU, Andorra, Kosovo and Montenegro use the euro as their de facto domestic currency,
KC-06-14-057-EN-C doi: 10.2765/94337 ISBN: 978-92-79-42939-2

Ponta Delgada
AT L A N T I C O C E A N
Monaco, San Marino and the Vatican City all use the euro as their currency meaning it has no legal status but is commonly used.
GUADELOUPE (FR)
100 km
and are entitled to issue limited quantities of their own euro coins through
Madeira
MADEIRA (PT) monetary agreements with the EU.
Basse-
AT L A N T I C O C E A N Terre
Funchal AT L A N T I C O C E A N
100 km
CANARIAS (ES)
MARTINIQUE (FR)
Santa Cruz
Fort-de-France
THE EVOLUTION OF THE EURO AREA
de Tenerife

Las Palmas
de Gran Canaria
AT L A N T I C O C E A N
100 km

MAYOTTE (FR) Belgium

100 km
Mamoudzou Germany
A
Ireland
Paramaribo T
L
A
Cayenne
N

INDIAN OCEAN

Spain
T

100 km
IC

GUYANE (FR)
SURINAME
O

RÉUNION (FR)
France
CE

Saint-Denis
AN

Italy
BRASIL
INDIAN OCEAN
Luxembourg
lta
100 km 100 km

Netherlands Ma
This map is provided for general information only. In spite of the European Commission’s Austria ia ia ia
best efforts, this map may contain inconsistencies due to the scale and resolution of
ce s ven us vak on
ia via an
the image. The Commission is not responsible for any use that may be made by any
Portugal Gre
e
k n ote s Slo Cy
pr Slo Est Lat Lit
hu
n n
Ba d coi
third party of any information in this map.

ec.europa.eu/economy_finance/general/index_en.htm Finland a n

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
© European Union, 2015