The euro area, on the other hand, is presently comprised of the 17 EU member states that have adopted the single currency called the euro. Countries with large economies, such as Germany, France, Italy, and Spain, are among the members of the euro area. The area has a population of about 330 million and accounts for about 15 percent of global GDP.
It is an economic zone almost as large as the United States. I will follow the standard practice of distinguishing between “core countries” (such as Germany, France, the Netherlands, and Belgium) and “peripheral countries” (such as Greece, Ireland, Portugal, Spain, and Italy). 1  2  This speech is based on information available as of October 31, 2011. BIS central bankers’ speeches  A.