Lithuania to be the 19th country to adopt "euro"
Lithuania is set to be the 19th country to adopt the common currency euro beginning 1 January 2015.
Points to Know
- Presently 18 out of total 28 European Union countries have joined single currency union 'Eurozone'.
- Apart from UK and Denmark, all other countries are required to join this union sooner or later.
What is Eurozone?
- Its an economic and monetary union of 18 (so far) European countries with the euro as their common currency and sole legal tender.
Member countries of Eurozone
- Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
States still to join the union
- There are 7 such countries namely - Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Sweden.
- They will join once they meet the criteria to do so.
Non-member usage of Euro as currency
- There are 3 nations - Monaco, San Marino, and Vatican City - who have signed formal agreements with the EU to use the euro and issue their own coins.
- Other states, like Kosovo and Montenegro, have adopted the euro unilaterally.
- None of the above are considered part of the Eurozone.