Difference between European Economic Area , Eurozone & Schengen Area

The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe. The union has a total area of 4,233,255.3 km2 (1,634,469.0 sq mi) and an estimated total population of about 447 million. An internal single market has been established through a standardised system of laws that apply in all member states in those matters, and only those matters, where the states have agreed to act as one. EU policies aim to ensure the free movement of people, goods, services and capital within the internal market; enact legislation in justice and home affairs; and maintain common policies on trade, agriculture, fisheries and regional development. Passport controls have been abolished for travel within the Schengen Area. The eurozone is a monetary union established in 1999, coming into full force in 2002, that is composed of the 19 EU member states that use the euro currency.

The European Economic Area, abbreviated as EEA, consists of the Member States of the European Union (EU) and three countries of the European Free Trade Association (EFTA) (Iceland, Liechtenstein and Norway; excluding Switzerland). The Agreement on the EEA entered into force on 1 January 1994.

The eurozone, officially called the euro area, is a monetary union of 19 member states of the European Union that have adopted the euro as their primary currency and sole legal tender. The monetary authority of the eurozone is the Eurosystem.

The Schengen Area is an area comprising 26 European countries that have officially abolished all passport and all other types of border control at their mutual borders. The area mostly functions as a single jurisdiction for international travel purposes, with a common visa policy.