see also § euro in various languages
Euro Series Banknotes (2019).gif 1 Euro Common Face (Old Design) (5132150012).jpg
Euro banknotes1 euro coin
ISO 4217
CodeEUR (numeric: 978)
PluralVaries, see language and the euro
NicknameThe single currency[1]
(Name varies by language)
cent(Varies by language)
 Freq. used€5, €10, €20, €50, €100[2]
 Rarely used€200, €500[2]
 Freq. used1c, 2c, 5c, 10c, 20c, 50c, €1, €2   
 Rarely used1c, 2c (Belgium, Finland, Ireland, Italy, Netherlands[3])
User(s)primary: § members of Eurozone (19),
also: § other users
Central bankEurosystem
Printersee § Banknote printing
Mintsee § Coin minting
Inflation8.6% (June 2022)[4]
Pegged bysee § Pegged currencies
Euro Monetary policy
  Euro Zone inflation year/year
  M3 money supply increases
  Marginal Lending Facility
  Main Refinancing Operations
  Deposit Facility Rate

The euro (symbol: ; code: EUR) is the official currency of 19 out of the 27 member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens as of 2019.[5][6] The euro is divided into 100 cents.

The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members,[6] the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. Additionally, over 200 million people worldwide use currencies pegged to the euro.

As of 2013, the euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar.[7][8][9][10] As of December 2019, with more than €1.3 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world.[11][12]

The name euro was officially adopted on 16 December 1995 in Madrid.[13] The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, and by March 2002 it had completely replaced the former currencies.[14]

Between December 1999 and December 2002, the euro traded below the US dollar, but has since traded near parity with or above the US dollar, peaking at US$1.60 on 18 July 2008 and since then returning near to its original issue rate. On 13 July 2022, the two currencies hit parity for the first time in nearly two decades due in part to the 2022 Russian invasion of Ukraine.[15]

  1. ^ Official documents and legislation refer to the euro as "the single currency"."Council Regulation (EC) No 1103/97 of 17 June 1997 on certain provisions relating to the introduction of the euro". Official Journal L 162, 19 June 1997 P. 0001 – 0003. European Communities. 19 June 1997. Retrieved 1 April 2009. This term is sometimes adopted by the media (Google hits for the phrase)
  2. ^ a b "ECB Statistical Data Warehouse, Reports>ECB/Eurosystem policy>Banknotes and coins statistics>1.Euro banknotes>1.1 Quantities". European Central Bank.
  3. ^ Walsh, Alistair (29 May 2017). "Italy to stop producing 1- and 2-cent coins". Deutsche Welle. Retrieved 4 November 2019.
  4. ^ "Euro-Zone Inflation Hits Record, Boosting Case for Big Hikes".
  5. ^ "The euro". European Commission website. Retrieved 2 January 2019.
  6. ^ a b "What is the euro area?". European Commission website. Retrieved 2 January 2019.
  7. ^ "Foreign exchange turnover in April 2013: preliminary global results" (PDF). Bank for International Settlements. Retrieved 7 February 2015.
  8. ^ "Triennial Central Bank Survey 2007" (PDF). BIS. 19 December 2007. Retrieved 25 July 2009.
  9. ^ Aristovnik, Aleksander; Čeč, Tanja (30 March 2010). "Compositional Analysis of Foreign Currency Reserves in the 1999–2007 Period. The Euro vs. The Dollar As Leading Reserve Currency" (PDF). Munich Personal RePEc Archive, Paper No. 14350. Retrieved 27 December 2010.
  10. ^ Boesler, Matthew (11 November 2013). "There Are Only Two Real Threats to the US Dollar's Status As The International Reserve Currency". Business Insider. Retrieved 8 December 2013.
  11. ^ "1.2 Euro banknotes, values". European Central Bank Statistical Data Warehouse. 14 January 2020. Retrieved 23 January 2020.
  12. ^ "2.2 Euro coins, values". European Central Bank Statistical Data Warehouse. 14 January 2020. Retrieved 23 January 2020.
  13. ^ "Madrid European Council (12/95): Conclusions". European Parliament. Retrieved 14 February 2009.
  14. ^ "Initial changeover (2002)". European Central Bank. Retrieved 5 March 2011.
  15. ^ "Euro Falls Near Parity With Dollar, a Threshold Watched Closely by Investors". The New York Times. 12 July 2022. ISSN 0362-4331. Retrieved 13 July 2022.

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