Portal:European Union/Selected article/9
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The Eurozone is the subset of European Union member states which have adopted the euro, creating a currency union. The European Central Bank is responsible for monetary policy within the zone. In 1998 eleven EU member-states had met the convergence criteria, and the Eurozone came into existence with the official launch of the euro on 1 January 1999; Greece qualified in 2000 and was admitted on 1 January 2001, bringing total Eurozone membership to its current level of over 307 million people and twelve member states.
Monaco, San Marino, and Vatican City also use the euro, although they are not officially euro members nor members of the EU. They now mint their own coins, with their own national symbols on the obverse. These countries use the euro by virtue of agreements concluded with EU member states (Italy in the case of San Marino and Vatican City, France in the case of Monaco), on behalf of the European Community.
