The euro was introduced to world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes in 2002. All EU member states are eligible to join if they comply with certain monetary requirements.

Currency symbol: € - Banking code: EUR

The euro is the single currency for more than 300 million people in Europe.

The euro is the official currency of the following European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain; known collectively as the Eurozone (shown on the map in red).

Slovenia is scheduled to join the Eurozone in 2007.

It is also the currency used in: Andorra, Monaco, San Marino, Vatican City, Montenegro, Kosovo, French Guiana, Réunion, Saint-Pierre et Miquelon, Guadeloupe, Martinique and Mayotte.

The thee other states that were members of the European Union in 1999; Denmark, Sweden and the United Kingdom chose not to join the euro at that time. Currently none of these countries has any firm plans to adopt the euro.

In countries such as Bulgaria, which is scheduled to join the European Union in 2007, the currency is already often used for the purchase of property and other high-value items.

The euro is managed and administered by the European Central Bank (ECB) based in Frankfurt and the European System of Central Banks (ESCB) (composed of the central banks of its member states). As an independent central bank, the ECB has sole authority to set monetary policy for the Eurozone.

The currency converter on the left will give the mid-market exchange rate for the euro against other major currencies.

Page last updated: 12 October 2006 14:48