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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] Denmark is the only EU member state which has been granted an exemption from using the euro. [1]
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 . The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar .
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 ...
The relationship between euro and non-euro states has been on debate both during the United Kingdom's membership (as a large opt-out state) and in light of withdrawal from the EU and how that impacts the balance of power between the countries inside and those outside the eurozone, avoiding a eurozone caucus out-voting non-euro states. Former ...
The euro is also used in countries outside the EU. Four states (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins. [29] [30] Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group.
4 Andorra, Monaco, San Marino and Vatican City are using the euro as their currency through a monetary agreement with the EU. 5 Montenegro and Kosovo unilaterally adopted the euro as their currency and, therefore, have no issuing rights. 6 Currency included in the ERM II mechanism.
The enlargement of the eurozone is an ongoing process within the European Union (EU).All member states of the European Union, except Denmark which negotiated an opt-out from the provisions, are obliged to adopt the euro as their sole currency once they meet the criteria, which include: complying with the debt and deficit criteria outlined by the Stability and Growth Pact, keeping inflation and ...
The list below includes all entities falling even partially under any of the various common definitions of Europe, geographical or political.Fifty generally recognised sovereign states, Kosovo with limited, but substantial, international recognition, and four largely unrecognised de facto states with limited to no recognition have territory in Europe and/or membership in international European ...