The euro area (also known as the eurozone) consists of those European Union countries which have adopted the euro as their currency.
Sharing a single currency means that euro area countries must coordinate their economic and fiscal policies closely – much more so than other EU countries.
Eurogroup President, Jeroen Dijsselbloem, speaking at the Eurogroup press conference in Brussels (21 January 2013)
Euro area members share a single currency. Consequently, they must coordinate their economic policies in order to ensure coherence and stability in the euro area.
European leaders at the European Council meeting on 13-14 December 2012 in Brussels.
Euro Summit meetings bring together the heads of state or government of the EU countries that have adopted the euro as their currency, plus the President of the Euro Summit and the President of the European Commission. The President of the European Central Bank is also invited.
Euro Summit members are also members of the European Council, the regular meetings of leaders from all EU member states.
European leaders at the European Council meeting on 13-14 December 2012 in Brussels.
The Euro Summit was first held in October 2008, providing a forum where euro area leaders could discuss matters of interest to the common currency area.
It complements the European Council, which brings together all EU leaders at least four times a year.
The Stability and Growth Pact governs fiscal discipline in the EU. Its rules aim to contain budget deficits and public debt levels. Although it applies to all EU members, it has stricter enforcement mechanisms for euro area countries.
The Macroeconomic Imbalances Procedure (MIP) aims at preventing and correcting macroeconomic imbalances and to address the causes of persistent economic divergences within the EU. It is part of the European Semester.
A new package of legislation, the Two Pack, entered into force in May 2013. Its objective is to improve the transparency and coordination of euro area member states' budgetary planning and decision making processes.
The euro area (also known as the eurozone) consists of those European Union countries which have adopted the euro as their currency. It currently has 17 member states.