European Euro

The euro (sign: €; currency code: EUR) is the official currency of the eurozone, which consists of 17 of the 27 member states of the European Union. The currency is also used in a further five European countries and consequently used daily by some 332 million Europeans. Additionally, over 175 million people worldwide—including 150 million people in Africa—use currencies which are pegged to the euro.

History

The euro was established by the provisions in the 1992 Maastricht Treaty. To participate in the currency, member states are meant to meet strict criteria, such as a budget deficit of less than three per cent of their GDP, a debt ratio of less than sixty per cent of GDP, low inflation, and interest rates close to the EU average.

The name "euro" was officially adopted on 16 December 1995. 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. Euro coins and banknotes entered circulation on 1 January 2002.

Coins

They have a common reverse, portraying a map of Europe, but each country in the eurozone has its own design on the obverse, which means that each coin has a variety of different designs in circulation at once.

Frequently used : €0.05, €0.1, €0.2, €0.5, €1, €2

Rarely used : €0.01, €0.02

 

Banknotes

There are seven different denominations of the euro banknotes, each having a distinctive color and size. The design for each of them has a common theme of European architecture in various artistic eras. The obverse of the banknote features windows or gateways while the reverse bears different types of bridges. The architectural examples are stylized illustrations, not representations of existing monuments.
 
Frequently used : €5, €10, €20, €50, €100

Rarely used : €200, €500