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The euro was established in 1999, but "for the first three years it was an invisible currency, used for accounting purposes only, e.g. in electronic payments". [2] In 2002, notes and coins began to circulate. The euro rapidly took over from the former national currencies and slowly expanded around the European Union.
The euro was implemented on 1 January 1999, when it became the currency of over 300 million people in Europe. [12] For the first three years of its existence it was an invisible currency, only used in accountancy. euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the French franc and the Spanish peseta.
Denmark is the only EU member state which has been granted an exemption from using the euro. [1] Czechia, Hungary, Poland, Romania and Sweden have not adopted the Euro either, although unlike Denmark, they have not formally opted out; instead, they fail to meet the ERM II (Exchange Rate Mechanism) which results in the non-use of the Euro.
The euro (symbol: €; currency code: EUR) is the official currency of 20 of the 27 member states of the European Union. This group of states is officially known as the euro area or, more commonly, the eurozone. The euro is divided into 100 euro cents. [6] [7]
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-prefix does not refer exclusively to the "euro" currency or the "eurozone", as the term predates the creation of the euro. Instead, it can be applied to any combination of deposits in a foreign bank outside of its home market e.g. a deposit denominated in Japanese yen held in a Swiss bank is a Euroyen deposit.
On 28 June 2004, as Estonia joined the ERM II-system, the central parity of the Estonian kroon was revalued (by less than 0.001%) to 15.6466 KR per euro. [7] On 1 January 2011 the euro replaced the kroon as the official currency of Estonia. The kroon circulated alongside the euro until 15 January 2011 at which point it ceased to be legal tender ...
The euro is represented in Unicode as U+20AC € EURO SIGN. In modern computer systems and mobile phones, this is the only codepoint used. When first introduced, however, work to retrofit the symbol into crowded pre-existing character set standards and vendor-specific schemas presented challenges that were not fully resolved until widespread ...