A common currency for Europe – with the introduction of the euro more than 20 years ago, that vision became reality. More recently the monetary union was put to the test during the European sovereign debt crisis. And while the perspectives for the euro zone as a whole are better than they have been in a long time, major reforms are on the horizon. In addition, an expansion of the common currency to all EU member countries is being debated. As a result the new chairman of the Eurogroup, Mario Centeno, already has his work cut out for him.
Eurozone
Many states, one currency
New European Community
EU members have established a new political community with almost all other European countries as a response to Russia’s war on Ukraine. The aim of the association is to enable closer exchanges between EU countries and partners outside the EU.
The interactive map shows the composition of the community, consisting of the 27 EU countries and 17 other non-EU countries.
‘Going big’: ECB’s new crisis tool to ease bond stress
The ECB has unveiled a new crisis-fighting tool to counter an "unwarranted" jump in borrowing costs for more indebted eurozone governments as it hikes its interest rates for the first time in over a decade.
Winners and losers of the ECB’s rate hike
The European Central Bank is set to turn the page on years of easy money when it begins to hike its interest rates to tame runaway inflation. Who wins and loses when borrowing costs go up?
ECB goes on offensive as inflation pressure mounts
The European Central Bank will raise its interest rates on Thursday for the first time in over a decade, but the bank is already under pressure to do more amid record inflation.
EU cuts growth forecasts as war-stoked inflation surges
The European Commission has slashed growth forecasts for the eurozone, saying the consequences from the war in Ukraine were continuing to destabilise the economy because of record high inflation
The consequences of the euro’s fall against the dollar
The euro fell below $1.01 this week to its lowest level in 20 years. Here are the concrete consequences of the decline in the value of the single European currency.