The Eurozone, comprised of the 15 countries using the Euro as currency, contracted by 1.6% in the fourth quarter, more than was originally expected. The contraction shows what investors and economists already know, many countries in Europe have been hit hard in the recession, leaving many citizens struggling to get back on their feet financially.

It's expected that some eastern European Union countries could join the Eurozone within the next decade, making the Euro a more universal currency in that region of the globe.