The term 'Common Currency Region' refers to the Eurozone, an economic and monetary union of 19 of the 28 member states of the European Union. The Eurozone is a single currency area that uses the euro as its common currency. The Eurozone was established in 1999 and has since grown to become the second largest economy in the world. The Eurozone is a major player in international finance and trade, and its members are committed to fiscal and economic stability.