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Several European microstates outside the EU have adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements were reached with Monaco, San Marino, and Vatican City by EU member states (Italy in the case of San Marino and Vatican City, and France in the case of Monaco) allowing them to use the euro ...
All de facto present currencies in Europe, and an incomplete list of the preceding currency, are listed here. In Europe, the most commonly used currency is the euro (used by 26 countries); any country entering the European Union (EU) is expected to join the eurozone [1] when they meet the five convergence criteria. [2]
Use standard euro coins issued by the UK and other eurozone countries. This may be perceived by some as losing an important symbol of independence. Maintain their existing currency, but peg at a fixed rate with the euro. Maintaining a fixed rate against currency speculators can be extremely expensive, as the UK found on Black Wednesday.
The euro remains underweight as a reserve currency in advanced economies while overweight in emerging and developing economies: according to the International Monetary Fund [77] the total of euro held as a reserve in the world at the end of 2008 was equal to $1.1 trillion or €850 billion, with a share of 22% of all currency reserves in ...
The euro is the result of the European Union's project for economic and monetary union that came fully into being on 1 January 2002 and it is now the currency used by the majority of the European Union's member states, with all but Denmark (which has an opt-out in the EU treaties) bound to adopt it.
The euro area, [8] commonly called the eurozone (EZ), is a currency union of 20 member states of the European Union (EU) that have adopted the euro as their primary currency and sole legal tender, and have thus fully implemented EMU policies.
As the United Kingdom does not use the euro, advertised prices for service stations and shops will change currency on crossing, although many places along the border will accept cross-border currency informally (albeit usually at a rate favourable to the trader). Other typical signs of crossing a European border are also noticeable.
Ireland adopted the euro currency in 2002 along with eleven other EU member states. [69] As of January 2023 there are 20 EU member states using the euro currency with Croatia the most recent member to join on 1 January 2023.
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