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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]
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 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 at the time). 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 ...
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 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.
Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica Grenada
EUR Cent: 100 France: Euro € EUR Cent: 100 French Polynesia: CFP franc ₣ XPF Centime: 100 Gabon: Central African CFA franc: F.CFA XAF Centime: 100 Gambia, The: Gambian dalasi: D GMD Butut: 100 Georgia: Georgian lari ₾ GEL Tetri: 100 Germany: Euro € EUR Cent: 100 Ghana: Ghanaian cedi ₵ GHS Pesewa: 100 Gibraltar: Gibraltar pound £ GIP ...
The euro is the second-largest reserve currency in the world. Since 1999, 20 EU states use the euro as official currency in a currency union. The remaining 7 states continue to use their own currency with the possibility to join the euro later. The euro is the most widely used currency in the EU.