Oil exporters, such as Nigeria and Angola, have been severely affected, with growth for this group of countries expected to drop from 5.9 per cent in 2014, to 3.6 and 4.2 per cent for 2015 and 2016 respectively.
It is the only major currency that is issued not by a single sovereign state but by a union of states. Fiscal policies remain largely the competence of national governments and reflect national political preferences. Monetary policy is inherently indivisible in a monetary union, and in the euro area it is thus conducted at the European level.