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Euro

Currency Name:Euro
ISO Code:EUR
Symbol:
Fraction:Cent
Central Bank:Bank of Finland
Number of Country & Territory Using Euro:34 Countries.
Country & Territory Officially Using Euro:Aland Islands. Andorra. Austria. Belgium. Cyprus. Estonia. Finland. France. French Guiana. French Southern Territories. Germany. Greece. Guadeloupe. Ireland. Italy. Latvia. Lithuania. Luxembourg. Malta. Martinique. Mayotte. Monaco. Montenegro. Netherlands. Portugal. Reunion. Saint Barthelemy. Saint Martin. Saint Pierre and Miquelon. San Marino. Slovakia. Slovenia. Spain. Vatican City (Holy See).
Banknotes:Banknotes: €5, €10, €20, €50, €100, (Rarely used: €200, €500)
Coins: 1c, 2c, 5c, 10c, 20c, 50c, €1, €2, (Rarely used: 1c, 2c =>Belgium, Finland, Ireland, Italy and the Netherlands.)
Summary:

The euro (symbol: €; code: EUR) is the official currency of the European Union. This group of states is known as the eurozone or euro area. The euro, which is divided into 100 cents, is the second-largest and second-most traded currency in the foreign exchange market after the United States dollar. The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. Additionally, a few hundred million people worldwide use currencies pegged to the euro.

The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar. As of December 2019, with more than €1.3 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world.

The name euro was officially adopted on 16 December 1995 in Madrid. 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). 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 March 2002 it had completely replaced the former currencies. While the euro dropped subsequently to US$0.83 within two years (26 October 2000), it has traded above the U.S. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008 and since then returning near to its original issue rate. In late 2009, the euro became immersed in the European sovereign-debt crisis, which led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising and strengthening the currency.

A special euro currency sign (€) was designed after a public survey had narrowed the original ten proposals down to two. The European Commission then chose the design created by the Belgian Alain Billiet.