The euro (Greek: Euro, Evros) (symbol: €? Code: EUR) is the official currency of the eurozone, which comprises 17 of the 27 Member States of the European Union. It is also the currency used by the institutions of the European Union. The euro zone comprises Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain. [2] [3] The currency is also used in five other European countries and therefore is used daily by about 332 million Europeans [4] In addition, over 175 million people around the world -. including 150 million people in Africa – using the currencies pegged to the euro.
The euro is the second largest reserve currency and the second most traded currency in the world after the U.S. dollar. [5] [6] As of February 2012, with more than € 890 billion in circulation, the euro has the highest total value of banknotes and coins in circulation in the world, having surpassed the U.S. dollar. [Note 14] based on estimates by the International Monetary Fund’s 2008 GDP and purchasing power parity between currencies, the euro area is the second largest economy in the world [7].
The name euro was officially adopted on December 16, 1995. [8] The euro was introduced to world financial markets as an accounting currency from January 1, 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1. Euro notes and coins come into circulation on January 1, 2002. [9] June 30, 2002 was the last day to change old currency into Euro at any bank for the first twelve Member States. [10]
Since late 2009 the euro has entered the European debt crisis that led to the creation of a European Financial Stability Fund and other reforms aimed at stabilizing the currency.
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