The euro is a form of currency that is used throughout the European Union. A total of 19 member states and a handful of EU territories use this form of currency. Other nations throughout Europe also use the euro.
The euro is the second largest and second most traded currency in the world, falling only behind the United States dollar. Each euro is made up of 100 cents. The euro is issued by the European Central Bank. Euros and cents are available as banknotes and coins. Denominations of 5, 10, 20, 50, and 100 euro are frequently used. Less frequently used are 200 and 500 euro banknotes. Coins that are commonly used in nations that use this currency are 1 cents, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, 1 euro, and 2 euro.
The euro is the official currency of 19 member states of the European Union. This group of states is known as the eurozone. Approximately 343 million people live within this region. The European member states that use the euro include:
- Finland, France
- Germany, Greece
- Ireland, Italy
- Latvia, Lithuania, Luxembourg
- Slovakia, Slovenia, Spain
In 2018, it is estimated that about 343 million Europeans use this form of currency. The euro has the highest value of notes and coins in circulation out of all of the currencies in the world.
The euro was officially named in 1995, and it was introduced as an accounting currency in 1999. It wasn’t until 2002 when physical banknotes and coins entered circulation and a few months later, it replaced former currencies.
There is also a monetary agreement in these places:
- Akrotiri and Dhekelia, Andorra
- Clipperton Island
- French Southern and Antarctic Lands
- Saint Bathelemy, Saint Martin, Saint Pierre and Miquelon, San Marino
- Vatican City
Additional nations unofficially or partially use the euro. This includes:
Some countries are part of the Single Euro Payments Area. In this area, bank transfers of the euro are simplified. These nations are: