They, too, no longer have to deal with different EMU currencies but only with a single one. Thus, non-participating states have increasingly perceived the EMU countries as a single area. Let me start by saying that the euro area represents a relatively large economy.
In economic terms, the euro area comes close to the size of the United States; both economic areas are far larger than Japan. Measured in terms of world GDP, the US share is about 20.8%. The share of the euro area amounts to 15.5%. It is significantly larger than that of Japan (7.4%).