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Eurozone
The group of European Union member states that have adopted the euro as their common currency, with monetary policy set by the European Central Bank (ECB). The Eurozone was established in 1999 (electronic) and 2002 (physical currency). By 2020 it comprised 19 of the EU's 27 member states. The structural weakness of a shared monetary policy without shared fiscal policy became apparent in the sovereign debt crisis of 2010-2015.