The Euro is one of the world’s most valued and traded currencies. The Euro is the official currency of the European Union. The circulation of Euro banknotes and coins is the largest in the world, surpassing the circulation of the US dollar in 2018, with over €1.2 trillion in circulation. After the US dollar, the euro is the second most foreign reserve currency, with €850 billion. The euro is the official currency of 19 countries of the European Union, in addition to four additional European territories.
The euro is a crucial part of the global financial system. Increasing cross-border transactions due to globalization have necessitated that many banks have access to local currency deposits in different parts of the world.
European Union (EU) Countries use ‘Euro’:
|NO#||COUNTRY||PRESENT CURRENCY||PREVIOUS CURRENCY|
|2||Belgium||Euro (€)||Belgian franc|
|3||Cyprus||Euro (€)||Cypriot pound|
|4||Estonia||Euro (€)||Estonian kroon|
|5||Finland||Euro (€)||Finnish markka|
|6||France||Euro (€)||French franc|
|7||Germany||Euro (€)||Deutsche Mark|
|8||Greece||Euro (€)||Greek drachma|
|10||Italy||Euro (€)||Italian lira|
|11||Latvia||Euro (€)||Latvian lats|
|12||Lithuania||Euro (€)||Lithuanian litas|
|13||Luxembourg||Euro (€)||Luxembourgish franc|
|14||Malta||Euro (€)||Maltese lira|
|15||Netherlands||Euro (€)||Dutch guilder|
|16||Portugal||Euro (€)||Portuguese escudo|
|17||Slovakia||Euro (€)||Slovak koruna|
|18||Slovenia||Euro (€)||Slovenian tolar|
|19||Spain||Euro (€)||Spanish peseta|
|Other European Countries use 'Euro':|
|20||Andorra||Euro (€)||None official|
|21||Monaco||Euro (€)||Monegasque franc|
|22||San Marino||Euro (€)||Sammarinese lira|
|23||Vatican City||Euro (€)||Vatican lira|
- “€” is the symbol of Euro Currency and EUR is the ISO 4217 Code.
- The 23 European Countries using ‘Euro’, it is popularly known as “Eurozone”.
- Some nations outside of the Eurozone primarily trade using the ‘Euro’ currency.
- Kosovo and Montenegro also use the euro as their only currency.
- The ‘Euro’ is under the jurisdiction of the European Central Bank and the Eurosystem.
- The Eurosystem is responsible for the printing and distribution of Euro currency notes and coins.
- After the US Dollar ($), the Euro is the world’s second biggest reserve and most traded currency.
- The Euro is the most frequently used currency in the world, with about €1.2 trillion in circulation (banknotes and coins).
- The ‘Euro’ is used by over 343 million Europeans, and it is the second most widely used currency in the world.