What does the cryptic crossword clue "Bloc on reflection regret Australia joined (8)" mean?

The definition is "Bloc". The wordplay uses a reversal. RUE (reversal="regret") + OZ (synonym="informal term for Australia") + ONE (synonym="undivided; joined") = EUROZONE The answer is EUROZONE.

Bloc on reflection regret Australia joined (8)

Independent Cryptic #11801 | 12 Across | 2024-08-06 flower

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