What is the eurozone? How has the euro benefited the countries that have adopted it?

The eurozone or euro area is the composed of the 19 countries that have adopted the euro as their common currency. Economists believe the adoption of the euro has increased the standard of living in eurozone countries. By ending the inconvenience and expense of exchanging currencies, the euro has enhanced the free flow of goods, services, and resources. The euro has allowed consumers and businesses to more easily comparison shop for outputs and inputs, which has increased competition, reduced prices, and lowered costs.