Euro

The euro is the result of the most significant monetary reform in Europe since the Roman Empire. Although the euro was only formally put into circulation on January 1, 2002, the idea of creating a single currency has been around for decades.  In 1992, the Economic and Monetary Union (EMU) was formed which set the basics for the creation of the single currency. Seven years later on January 1, 1999 the euro was born when the participating countries established exchange rates between their own currencies and the euro creating a monetary union. Now, the euro area member states have a single currency, a common interest rate, and a common central bank (European System of Central Banks.) The banks headquarters’ is in Frankfurt, Germany. The members of the EU that use the Euro are Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, The Netherlands, Austria, Portugal, Finland. Some EU countries that do not use the Euro are Denmark, Sweden, and the U.K..  All the decisions and procedures in the EU are based on treaties agreed upon by these countries. Since its establishment, people, goods, services, and money are free to move throughout the union as if it were one country. It is the second largest currency in the world, second to the US dollar.

Works Sited:

http://www.gocurrency.com/countries/euro