Euro facts

The euro was adopted as the official currency of the European Union in December 1995, and is currently used by sixteen of twenty-seven member states officially, with other member states using it informally. It is gaining on the dollar as the world's second largest reserve currency, and the second most traded currency, overall. It is the world's most voluminous combined currency (in terms of total banknotes and coins--amounting to over €790 billion) as of October 2009, having surpassed the dollar. It replaced the former Currency Unit as an accounting currency, having entered world financial markets January 1, 1999. It wasn't until three years later, in January 2002, that coins and banknotes went into actual circulation. The Treaty of Lisbon (Ratified Dec. 1, 2009) has now updated the language behind the unit being the official currency of the Union, along with making certain legalistic and political amendments as to the administration and accounting of the currency by member states.

The currency(currently equaling about $1.50) is divided into 100 cents (commonly referred to as euro-cents to distinguish it from other currencies), in designations of 1c, 2c, 5c, 10c, 20c, 50c and €1 coins. There is also a €2 coin. Some countries have discouraged the over-usage of 1c and 2c coins by routinely rounding up transactions to the 5c marker. In Finland it is by law that this is done. The look of the coins is striking, and they are represented by a common side showing the denomination or value , and a nation side (the nation of minting origin). The banknotes are divided into €5, €10, €20, €50, €100, €200 and €500 denominations, and feature common designs on both sides in multiple colors.

The ascendancy-gaining currency is administered by the Central Bank (ECB) in Frankfurt, Germany, and the union system, which is made up of the central banks of countries in the "currencies zone". As an independent banking entity, the ECB sets rules on monetary policy. It oversees the printing, minting and distribution of notes and coins in all original member states. All countries who have joined the EU since 1993 have pledged to adopt the currency in due course, with some countries making special agreements regarding its usage. A few nations have outright refused the currency, such as the United Kingdom and Denmark, though they are still EU members, even outside of the currencies zone.

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