EMU combines 19 EU member states into cohesive economic system. Maastricht Treaty established EMU in 1992, euro launched in 2002. UK left EMU in 2020 following Brexit referendum
Eurozone is a region of 19 EU countries using euro as currency. Approximately 340 million people live in the eurozone area. Created in 1992 through Maastricht Treaty
Six EU countries (Bulgaria, Czechia, Denmark, Hungary, Poland, Romania, Sweden) don't use euro. Denmark has negotiated opt-out with EU. EU has 27 member countries as of 2024
ERM II was introduced in 1999 alongside the euro to reduce exchange rate variability. System links currencies of non-eurozone EU countries to the euro. Aims to improve stability and evaluate potential eurozone members
Sixpack reformed Stability and Growth Pact after 2009 debt crisis. Member states must maintain 3% deficit and 60% debt limits. Annual compliance reports required for all EU states. Medium-Term Budgetary Objectives (MTOs) set for each member state
Eurozone consists of 20 EU member states adopting euro as primary currency. Seven non-euro EU members (Bulgaria, Czechia, Denmark, Hungary, Poland, Romania, Sweden) remain non-euro. Four non-euro EU members have formal agreements to use euro. Kosovo and Montenegro have adopted euro unilaterally without formal agreement