Eurozone
The eurozone, also known as the euro area, is an economic union using the euro as it's currency. The euro was officially introduced in 1999, and since 2002 the first countries started using the euro as their official currency. As of writing, 21 members of the European Union are using the euro. While all countries in the eurozone share the euro, they each have their own national coin designs, making it very interesting for collectors to collect different all coins. Behind every euro coin design lies a countryā€™s culture, history, and identity.
Criteria
All countries in the European Union need to adopt the euro. To adopt the euro, a EU country needs to meet specific conditions designed to ensure economic convergence. The criteria focusses on price stability, sound public finances, exchange-rate stability and long-term interest rates.
| What is measured | How it is measured | Convergence criteria |
|---|---|---|
| Price stability | Harmonised consumer price inflation | A price performance that is sustainable and average inflation not more than 1.5 percentage points above the rate of the three best performing Member States. |
| Sound and sustainable public finances | Government deficit and debt | Not under excessive deficit procedure at the time of examination. |
| Durability of convergence | Long-term interest rate | Not more than 2 percentage points above the rate of the three best performing Member States in terms of price stability. |
| Exchange rate stability | Exchange rate developments in ERM II | Participation in ERM II for at least 2 years without severe tensions, in particular without devaluing against the euro. |
Euro Countries
In 2002 the eurozone consisted of 12 members: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, The Netherlands, Portugal and Spain. 2002 was the year that the euro was used as currency for coins and banknotes. For many collectors, 2002 is the year they started collecting with starter kits marking the start of the use of the euro.
The eurozone as 2026.
Enlargement
Since the year of 2002, the eurozone has been enlarged by new members of the European Union. The table below shows which countries joined the Eurozone since 2002:
| Country | Year |
|---|---|
| Slovenia | 2007 |
| Cyprus | 2008 |
| Malta | 2008 |
| Slovakia | 2009 |
| Estonia | 2011 |
| Latvia | 2014 |
| Lithuania | 2015 |
| Croatia | 2023 |
| Bulgaria | 2026 |
Microstates
Besides the 21 countries mentioned earlier, there are more states that use the euro as their currency. They are also known as the microstates, and they can be categorized in those that have a signed agreement with the EU, and those that don't.
Andorra, Monado, San Marino and Vatican City are microstates that have signed a monetary agreement. This means they are allowed to use the euro as their official currency, whilst also issuing their own coins. Monaco and Vatican City started using the euro at the same time as the first 12 members. San Marino began using the euro in 2002, and Andorra joined in 2014.
Kosovo and Montenegro are microstates that have adopted the euro without signing any agreement with the EU. This means they can use the euros that are already in circulation (from other countries) and use those as their currency, but not issue any euro coins themselves.
Future Enlargement
After Lithuania joined the eurozone in 2015, it took a long time for a new member to join. Since then, Croatia joined in 2023 and Bulgaria shortly after in 2026. This means that there are only 6 EU countries left to possibly join the eurozone. They are the Czech Republic, Denmark, Hungary, Poland, Romania and Sweden.
There are always rumors of countries joining the eurozone. Back in 2024, there was an ECB report of multiple countries progressing towards adopting the euro. However, since then only Bulgaria actually joined. As of writing, there are again rumors about Sweden considering to adopt the euro.
Should any country join the eurozone in the future, their coins will be available on Coinection so you can add them to your collection immediately!