The eurozone is an economic and monetary union (EMU) of 19 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, Latvia, Lithuania, 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.

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.

Tuesday, 13 December, 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