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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]
Native currency Issuing authority England Wales British Antarctic Territory Tristan da Cunha South Georgia and the South Sandwich Islands; Sterling. Bank of England Scotland; Local, privately-issued sterling banknotes
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2]; Exchange rate arrangement (Number of countries) Exchange rate anchor
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 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 currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members, [7] 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.
Later, in 1966, the UK Government decided to include in the Queen's Speech a plan to convert sterling into a decimal currency. [97] As a result of this, on 15 February 1971, the UK decimalised sterling, replacing the shilling and the penny with a single subdivision, the new penny, which was worth 2.4d.
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. [30] [31] Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group.