It is now more than a decade since the formation of the eurozone currency union. The European Central Bank, located in Frankfurt, is responsible for setting interest rates and controlling the issuing of euro bank notes and coins for 16 members of the European Union (EU).
The UK is the largest EU member state not to have adopted the euro. It has chosen instead to retain the pound sterling as a national currency unit, and leave responsibility for the supply of sterling and the setting of sterling interest rates with the Bank of England. British membership of the eurozone appears to have fallen off the domestic political agenda, despite the strong economic and financial ties between the UK and the rest of Europe.
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