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THE AREA ECONOMY

SHARE OF INDIVIDUAL COUNTRIES IN TOTAL EU GDP

Germany France Italy Spain Netherlands THE EURO AREA Belgium Austria Ireland Finland Portugal Greece Luxembourg Lithuania Latvia Cyprus Malta Poland Czechia Romania Bulgaria Directorate- General for Economic and United Kingdom Financial Affairs 0 % 5 % 10 % 15 % 20 % 25 % EURO AREA MEMBERSHIP Source: , 2017. The euro is the of 19 of the ’s (EU) 28 Member ERM II allows the exchange rates of participating EU to fluctuate States. against the euro within fixed margins above and below a central rate. SHARE OF GLOBAL GDP (*) All the others are expected to adopt the euro once they meet the The Stability and Growth Pact (SGP) states that government deficits and conditions for doing so — except for Denmark and the United Kingdom, debt should be less than 3 % and less than 60 % of GDP respectively. which negotiated an opt-out from monetary union in the 1992 Treaty on On this basis, the Commission monitors fiscal policy and public finances Euro area European Union (the ). in Member States both inside and outside the euro area. This rule-based The Maastricht Treaty enshrined the goal of a single currency and set out Rest of the world framework thus helps promote fiscal responsibility in the EU. the conditions for joining. These are the ‘Maastricht criteria’ or ‘convergence 15.79 % criteria’, designed to ensure the smooth functioning of monetary union. Euro area Member States closely coordinate their fiscal and economic policies with each other. This is done in the context of the European 29.64 % European Union In addition to some legal requirements, most notably an independent semester, an annual cycle of economic policy coordination. 21.67 % , the Maastricht criteria are: • price stability (inflation no more than 1.5 percentage points above the A DEEPER AND FAIRER ECONOMIC AND MONETARY UNION (EMU) three best performing Member States) • sound and sustainable public finances Ensuring that the EMU benefits all the euro area’s members and citizens - government deficit in principle no more than 3 % of Gross Domestic India 3.27 % is one of the top priorities of the . While the EU has 24.28 % Product (GDP) United States taken important steps in recent years to create a deeper and fairer EMU, - government debt no more than 60 % of GDP or approaching that level 15.04 % • durability of convergence (long-term interest rates no more than 2 more still needs to be done. A vision for the future was set out in the ‘Five percentage points above the three best performers in terms of price stability) Presidents’ report’ and developed further in a number of other papers in China 6.10 % • exchange rate stability (2 years within the Exchange Rate Mechanism II 2017 and 2018. The overall aim is to enhance the unity, efficiency and Japan (ERM II) without severe tensions). democratic accountability of Europe’s EMU by 2025.

(*) Nominal GDP in , 2017. EURO AREA COUNTRIES Sources: European Commission AMECO, IMF WEO and IMF DOTS, World Bank. BELGIUM SPAIN LITHUANIA PORTUGAL THE EURO — A GLOBAL CURRENCY Area: 30 668 km2 Area: 498 504 km2 Area: 65 412 km2 Area: 88 847 km2 Population: 11 413 058 Population: 46 659 302 Population: 2 808 901 Population: 10 291 027 The euro is the second largest in the world, after the US . Around 20 % EU member since 1957 EU member since 1986 EU member since 2004 EU member since 1986 of worldwide reserves (**) are now held in euro. (founding member) FRANCE LUXEMBOURG SLOVENIA It is the second most actively traded currency in the world, used in around 39 % of global Area: 549 060 km2 Area: 2 595 km2 Area: 20 277 km2 financial transactions, excluding intra-euro area payments. Area: 358 327 km2 Population: 67 221 943 Population: 602 005 Population: 2 066 880 Population: 82 850 000 EU member since 1957 EU member since 1957 EU member since 2004 (**) Percentage of reserves with disclosed currency composition at the end of 2017. EU member since 1957 (founding member) (founding member) Source: ECB. (founding member) SLOVAKIA ITALY MALTA Area: 49 026 km2 ESTONIA Area: 301 291 km2 Area: 315 km2 Population: 5 443 120 Key indicators (2017) Euro area EU (28) US Japan China India Area: 45 347 km2 Population: 60 483 973 Population: 475 701 EU member since 2004 (19) Population: 1 319 133 EU member since 1957 EU member since 2004 Population (millions) 341.5 512.5 325.7 126.8 1 386.4 1 339.2 EU member since 2004 (founding member) FINLAND 2 GDP 13.1 18.6 17.2 4.8 20.6 8.4 NETHERLANDS Area: 337 547 km 1 2 (in EUR trillions calculated IRELAND CYPRUS ( ) Area: 37 824 km Population: 5 513 130 2 2 at purchasing power parity) Area: 70 601 km Area: 9 249 km Population: 17 118 084 EU member since 1995 Share of world GDP 11.6 16.5 15.2 4.2 18.2 7.4 Population: 4 838 259 Population: 864 236 EU member since 1957 (% at PPP) EU member since 1973 EU member since 2004 (founding member) Exports 17.0(***) 12.3(***) 8.0 14.3 19.0 11.3 HAUTS-DE-FRANCE GREECE LATVIA AUSTRIA (goods as % of GDP) Area: 131 912 km2 Area: 65 519 km2 Area: 83 944 km2 Imports 18.1(***) 12.1(***) 12.1 13.8 15.2 17.0 Population: 10 738 868 Population: 1 934 379 Population: 8 822 267 (goods as % of GDP) EU member since 1981 EU member since 2004 EU member since 1995 (***) Excluding intra-EA trade in case of EA and excluding intra-EU trade in case of EU. Sources: European Commission AMECO; IMF WEO and IMF DOTS; World Bank. NORMANDIE (1) The (EU legislation) is suspended in the areas of the Republic of Cyprus in which the Government of the Republic of Cyprus does not exercise effective control. Moreover, the ČESKO euro is not used as the official currency in this area. GRAND EST EU MEMBER STATES THAT HAVE YET TO ADOPT THE EURO

CENTRE-VAL DE LOIRE BULGARIA CROATIA POLAND SWEDEN Area: 110 995 km2 Area: 56 539 km2 Area: 313 851 km2 Area: 449 896 km2 BOURGOGNE - FRANCHE-COMTÉ Euro area countries Population: 7 050 034 Population: 4 105 493 Population: 37 976 687 Population: 10 120 242 EU member since 2007 EU member since 2013 EU member since 2004 EU member since 1995 EU Member States that have yet to adopt the euro Currency: lev (BGN) Currency: (HRK) Currency: zloty (PLN) Currency: krona (SEK) EU Member States with an opt-out from the euro Chișinău CZECHIA HUNGARY ROMANIA NOUVELLE-AQUITAINE Area: 78 874 km2 Area: 93 013 km2 Area: 239 068 km2 Population: 10 610 055 Population: 9 778 371 Population: 19 523 621 AUVERGNE - RHÔNE-ALPES EU member since 2004 EU member since 2004 EU member since 2007 Currency: (CZK) Currency: forint (HUF) Currency: leu (RON)

EU MEMBER STATES WITH AN OPT-OUT FROM THE EURO

OCCITANIE DENMARK UNITED KINGDOM Area: 43 162 km2 (excluding Area: 247 763 km2 București the ) Population: 66 238 007 Population: 5 781 190 EU member since 1973 EU member since 1973 Currency: (GBP) NON-CONTINENTAL AND OVERSEAS TERRITORIES BOSNA OF MEMBER STATES I HERCEGOVINA Currency: Danish (DKK) Дунав in ERM II since 1 January 1999

All population figures Eurostat, 2018. AÇORES (PT) All area figures Eurostat, 2015. (FR) MADEIRA (PT) CANARIAS (ES) (FR) GUYANE (FR) MAYOTTE (FR) RÉUNION (FR) UNSCR 1244 (2) OTHER COUNTRIES THAT USE THE EURO

SAINT-MARTIN AÇORES (PT) São Miguel Only EU members can be part of the euro area. SAINT-BARTHELEMY Ponta Delgada 2 ATLANTIC OCEAN However, while they are not formally part of the euro area or the EU, ( ) and use the euro as their de facto domestic GUADELOUPE (FR) Andorra, Monaco, San Marino and the Vatican City all use the euro as their currency, meaning it has no legal status but is commonly used. 100 km MADEIRA (PT) currency and are entitled to issue limited quantities of their own euro Madeira Basse- ATLANTIC OCEAN Terre coins through monetary agreements with the EU. Funchal ATLANTIC OCEAN 100 km CANARIAS (ES) MARTINIQUE (FR) (2) This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the ICJ Opinion on the Kosovo declaration of independence. Santa Cruz Fort-de-France de Tenerife

Las Palmas de Gran Canaria ATLANTIC OCEAN THE EVOLUTION OF THE EURO AREA 100 km Belgium MAYOTTE (FR) 100 km Germany Mamoudzou A T Paramaribo L A Ireland N T INDIAN OCEAN Cayenne I C 100 km Αθήνα Spain GUYANE (FR) O SURINAME C E RÉUNION (FR) A Saint-Denis France N Italy BRASIL INDIAN OCEAN Luxembourg 100 km 100 km ISBN: 978-92-79-93218-2 doi:10.2765/704391 KC-01-18-922-EN-C Netherlands Malta Austria This map is provided for general information only. In spite of the European Commission’s best efforts, this map may contain inconsistencies due to the scale Portugal and resolution of the image. The Commission is not responsible for any use that Greece Slovenia Cyprus Slovakia Estonia Latvia Lithuania may be made by any third party of any information in this map. Finland Banknotes and coins https://ec.europa.eu/info/departments/economic-and-financial- affairs_en 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 © European Union, 2018