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  • Dec 21, 2014
  • Updated: 6:01am

Eurozone

The eurozone is an economic and monetary union (EMU) of 17 European Union (EU) member states that have adopted the euro as their common currency. Introduced in 1999, it is one of the largest economic regions in the world and currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Bulgaria, the Czech Republic, Denmark, Hungary, Latvia, Lithuania, Poland, Romania, Sweden, and the United Kingdom are EU members but do not use the euro. The global financial crisis of the late-2000s forced the eurozone to grant emergency loans to its member states on the condition they established economic reforms.

Avoiding a hard landing for euro economy isn't rocket science

Some of the former euro-zone crisis countries have fared better, especially Ireland, Spain and Greece.

Europe can achieve great success when it tries. The European Space Agency has just managed to plant a robotic lander on a tiny comet after a four-billion-mile journey through space.

Monday, 17 November, 2014, 5:08am

How to repair the global economy in five easy steps

How to repair the global economy in five easy steps

Confidence in the global recovery is at a crossroads and the uncertainty about the road ahead has clearly fed through to financial markets in recent weeks.

27 Oct 2014 - 5:19am

The euro is a broken currency and possibly beyond repair

Data shows that speculative positions are starting to build against the euro.

The euro's survival hangs in the balance as worries about weakening fundamentals that have dogged private sector investors since the onset of the global financial crisis spread to reserve managers at official sovereign institutions.

6 Oct 2014 - 4:10am

Euro-zone unemployment jumps to record 11.8pc

A woman walks past ripped political election posters in Rome. Photo: Reuters

Official data Friday painted a far from encouraging picture of the European economy, with unemployment running at record and “unacceptable” highs in the euro zone while inflation fell sharply, highlighting the weakness of consumer demand.

2 Mar 2013 - 2:08am

Peace Prize? We're in a financial war, say Europeans

Angela Merkel prepares to deliver her statement on the Peace Prize. Photo: EPA

"Is this a joke?" said Chrisoula Panagiotidi, 36, an Athens beautician, laughing derisively upon hearing that the European Union had won the Nobel Peace Prize yesterday.

Three days ago she lost her job, becoming one of the one-in-four Greeks who is unemployed in the fifth year of a recession.

13 Oct 2012 - 11:30am

Moody's rates new ESM 'AAA' but outlook negative

Prime Minister and President of the Eurogroup Council Jean-Claude Juncker (left) speaks with IMF chief Christine Lagarde (right) before an Eurogroup Council meeting. Photo: AFP

Credit rater Moody’s assigned the European Stability Mechanism, Europe’s new emergency fund, a triple-A rating, but labeled it with a negative outlook.

Moody’s cited the ESM’s expected low leverage, the credit-worthiness of the eurozone countries behind the ESM, and the fund’s preferred creditor status in giving it a top Aaa grade.

9 Oct 2012 - 6:13am

Thousands in Paris denounce EU ‘austerity’ pact

Demonstrators march during a rally to protest against the austerity measures announced by the French government, in Paris, on Sunday. Photo: AP

Tens of thousands of left-wing protesters took to the streets of Paris on Sunday to denounce EU-driven austerity measures being pushed on member states.

1 Oct 2012 - 4:49pm

Italian unions strike against PM Monti's spending cuts

Workers gather on the Piazza della Repubblica in Rome to attend a protest march during a general strike on Friday. Photo: EPA

Two of Italy’s biggest unions marched through Rome on Friday to protest against Prime Minister Mario Monti’s cuts in public spending as opposition grows to austerity policies.

28 Sep 2012 - 9:30pm

France unveils toughest ever budget as debt levels soar

A woman waits in Pole Emploi, France's national employment agency. Photo: AFP

France on Friday unveiled action to plug a 37-billion-euro hole in its public finances with the toughest package of tax rises and spending cuts since the economic downturn.

28 Sep 2012 - 8:49pm

The real European crisis still hasn't begun, but it will soon

The original meaning of the word 'crisis', dating back to the time of classical Greece, is the turning point of a disease, when the patient either begins to recover or sickens and dies.

27 Jul 2012 - 12:00am

Talking points

Our editors will be looking ahead today to these developing stories ...

Zoo holds briefing on baby orang-utans

9 Feb 2012 - 12:00am

Two's a crowd in euro rescue

Who says the Germans do not have a sense of humour? To give the lie to that often-made claim, German state broadcaster ARD has made a satirical skit of the country's - and the world's - most watched TV programme, adapted to show the leaders of France and Germany in the starring roles.

3 Jan 2012 - 12:00am

An economic suicide pact

Different geographical locations and even different political philosophies can provide radically different views of the same event. This is truer than ever of last week's all-night European summit in Brussels in which leaders tried to find a deal to save the euro.

13 Dec 2011 - 12:00am

Be prepared for euro-zone fallout

Eurogeddon has been averted, for the moment at least. Led by Germany and France, the 17 euro-zone members plus nine other members of the European Union have made a pact to deepen economic and fiscal integration with the aim of saving the euro. But it came at the cost of a fundamental split in the EU.

13 Dec 2011 - 12:00am

G20 impotent in face of Greek political turmoil

How little times change. Three years ago, as leaders of the world's 20 biggest economies assembled in Washington at the height of the 2008 financial meltdown, Monitor advised readers not to get their hopes up.

Mounting expectations of a co-ordinated global policy response to end the crisis, the column said, were wildly misplaced.

4 Nov 2011 - 12:00am