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Until 1872, the currency situation in Gibraltar was complicated, with a system based on the real being employed which encompassed British, Spanish and Gibraltarian coins. . From 1825, the real (actually the Spanish real de plata) was tied to the pound at the rate of 1 Spanish dollar to 4 shillings 4 pence (equivalent to 21.67 pence toda
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 ...
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 base areas are already de facto members of the eurozone due to their previous use of the Cypriot pound and their adoption of the euro as legal tender from 2008. [ 76 ] Because Cypriot nationality law extends to Cypriots in the sovereign base areas, Cypriot residents, as citizens of the Republic of Cyprus, are entitled to EU citizenship.
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
The currency of Gibraltar is the Gibraltar pound, issued by the Government of Gibraltar under the terms of the 1934 Currency Notes Act. These banknotes are legal tender in Gibraltar alongside Bank of England banknotes. [105] [106] In a currency board arrangement, these notes are issued against reserves of sterling.
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.