The Euro area or “Eurozone” is a monetary union of 19 states, which adopted the euro as their common currency. Eurozone is the 3rd largest economy in the world (by nominal GDP) and is one of the world’s largest exporters of manufactured goods and services, and is itself the biggest export market for around 70 countries. Around 30% of Eurozone’s merchandise exports are directed to three markets (United States, China and Switzerland). The central bank, the European Central Bank (ECB), has no explicitly stated nominal anchor, but rather monitors various indicators (including, inflation) in conducting its monetary policy. ECB also maintains a free-floating exchange rate regime. Economic weaknesses include: individual fiscal policies despite a common monetary policy, high external debt of some of the member states, low productivity growth, rigid labour markets, excessive red tape and regulations.