The eurozone consists of all countries that use the Euro. All EU members pledge to convert to the euro, but only 19 have so far. They are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain. The eurozone was created in 2005.
The European Central Bank is the EU's central bank. It sets monetary policy and manages bank lending rates and foreign exchange reserves. Its target inflation rate is less than 2%.
Its benefits are supposed to be: lower transaction costs, greater price transparency, eliminating exchange rate uncertainty, improved trade, improvement in inflation performance, low-interest rates, inward investment, benefits to the financial sector