The Eurozone or the euro area can be defined as the union of countries in Europe who have decided to adopt the euro as their as a common and only currency. This economic and monetary union (EMU) currently has seventeen member countries who are Austria, Cyprus, Spain, Slovenia, Belgium, Italy, Ireland, Estonia, Greece, Germany, Portugal, Netherlands, Finland, Luxembourg, Malta, France and Slovakia. There are 10 other countries in the European Union that have not yet become members of the Eurozone. Seven of these ten countries would join once they are able to meet the strict guidelines of Eurozone. Rest of the three countries, including the United Kingdom, have an opt-out exception and will not join the Eurozone until the government takes a decision through a political referendum.