EUROZONE
Parliament and member states represented inthe European Council and the Council of the EU. The Eurozone is a monetary union between19 members of the European Union. Euro is the official currency of the area and is the
most tangible proof of European integration the common currency in 19 out of 28 EU countries and used by some 338.6 million people every day. The benefits of the common currency are immediately obvious to anyone travelling abroad or shopping online on the websites based in another EU country.
EURO Banknotes: There are two series of Euro banknotes. The first series consists of the denominations of 5, 10, 20, 50, 100, 200 and 500. The new Europa series currently comprises the denominations of 5, 10, 20 and 50 and will include the 100 and 200 banknotes in due course. The banknotes from both series are legal tender in the 19 countries of the Euro area. In May 2016, the ECB decided not to produce a Europa series 500 banknote, but the first series 500 notes still in circulation will remain legal tender and can therefore continue to be used as means of payment and store of value for an unlimited period of time. The 500 banknote, like the other denominations, can be exchanged at the national central banks of the Eurosystem indefinitely.
EURO Countries include:
1. Austria
2. Belgium
3. Cyprus
4. Estonia
5. Finland
6. France
7. Germany
8. Greece
9. Ireland
10. Italy
11. Latvia
12. Lithuania
13. Luxembourg
14. Malta
15. the Netherlands
16. Portugal
17. Slovakia
18. Slovenia
19. Spain
Purpose of the EURO: A single currency offers many advantages, such as eliminating fluctuating exchange rates and exchange costs. Because it is easier for companies to conduct cross-border trade and the economy is more stable, the economy grows and consumers have more choice. A common currency also encourages people to travel and shop in other countries. At global level, the euro gives the EU more clout, as it is the second most important international currency after the US dollar.
Managing the EURO: The independent European Central Bank is in charge of monetary
issues in the EU. Its main goal is to maintain price stability. The ECB also sets a number of key interest rates for the Euro area. Although taxes are still levied by EU countries and each country decides upon its own budget, national
governments have devised common rules onpublic finances to be able to coordinate their activities for stability, growth and employment. Currently, the Schengen area consists of 26 European countries. Twenty Two (22) out of
Twenty Six (26) are European Union States which are Belgium, Czech Republic, Denmark, Germany, Estonia, Greece, Spain, France, Italy, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Slovenia, Slovakia, Finland and Sweden. While other four (04) non European Union States are Iceland, Liechtenstein, Norway and Switzerland. Being part of the area without internal border controls means that these countries:
Do not carry out border checks at their internal borders (i.e. borders between two Schengen states)
Carry out harmonized controls, based on clearly defined criteria, at their external borders (i.e. borders between a Schengen state and a non-Schengen state).
As a result, both EU citizens and non-EU nationals may freely travel within the Schengen area and are checked only when crossing the external border. Bulgaria, Croatia, Cyprus, Ireland, Romania and the United Kingdom are EU states that are not, or not yet, part of the Schengen area. This means that a flight fromone of these states to a Schengen state is regarded as an external flight and is subject to border checks. However, EU citizens have the right to free movement when travelling within the EU, regardless of whether the country is part of Schengen or Not. In principle, when entering a non-Schengen EU state, EU citizens only undergo minimum checks to verify their identities on the basis of travel documents (passport or identity card).
