Eruo (EUR) Profile
1. Eurozone members (17 of the 27 member states of the European Union) - Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
2.Outside the European Union, official users: Monaco,San Marino, Vatican City, Akrotiri and Dhekelia (UK Sovereign Base Areas), Clipperton Island (France territory), French Southern and Antarctic Lands (France territory), Saint Pierre and Miquelon (self-governing territorial overseas collectivity of France), Saint Barthélemy (Overseas collectivity of France), Saint Martin (Overseas collectivity of France)
3.Unofficial Users: Andorra, Kosovo, Montenegro, Zimbabwe
1.Nicknames: Ege (Finnish), Leru (Spanish), Yoyo (Irish English), Teuro (German)
2.Plural of euro and cent: various from grammatical rules of the respective languages
What countries are using the euro currency?
The euro is the second largest reserve currency and the second most traded currency in the world.
The euro is the official currency of euro-zone, which consists of 17 of the 27 member states of the European Union. These 17 members which adopted euro are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
The ten countries, which are EU countries but not using the euro as their official currencies, are Bulgaria, the Czech Republic, Denmark, Hungary, Latvia, Lithuania, Poland, Romania, Sweden, and the United Kingdom.
Outside the EU, Monaco, San Marino and Vatican started to use the euro as their currency since 2002. They signed formal agreement with the EU and acquired the right to mint euro coins with their own designs on the national side. Others, like Andorra, Kosovo and Montenegro have adopted the euro unilaterally. Some overseas territories of EU members like Mayotte, Clipperton Island, French Southern and Antarctic Lands, Saint Pierre and Miquelon use the euro while they themselves are not part of the EU. On the other hand, UK Sovereign Base areas (Akrotiri and Dhekelia) are the only areas under EU member of British sovereignty but use the euro.
When did the euro currency started to be used?
The euro was established in 1999. ERM was a monetary system established in 1979, which firstly participated by eight countries of Germany, France, Italy, Netherlands, Belgium, Luxembourg, Denmark and Ireland. The purpose of ERM is to reduce exchange rate variability and achieve monetary stability among Europe, meanwhile to prepare for the introduction of euro.
|17 Euro-zone members||Preceding currencies||currency code||fixed rate with Euro||Year of Euro became as official currency||Year of Euro fully adopted|
|Austria||Austrian schilling||ATS||1 EUR = 13.7603 ATS||Jan,1999||Feb,2002|
|Belgium||Belgian franc||BEF||1 EUR = 40.3399 BEF||Jan,1999||Feb,2002|
|Cyprus||Cypriot pound||CYP||1 EUR = 0.585274 CYP||Jan,2008||Jan,2008|
|Estonia||Estonian kroon||EEK||1 EUR = 15.6466 EEK||Jan,2011||Jan,2011|
|Finland||Finnish markka||FIM||1 EUR = 5.94573 FIM||Jan,1999||Feb,2002|
|France||French franc||FRF||1 EUR = 6.55957 FRF||Jan,1999||Feb,2002|
|Germany||Deutsche Mark||DEM||1 EUR = 1.95583 DEM||Jan,1999||Feb,2002|
|Greece||Greek drachma||GRD||1 EUR = 340.750 GRD||Jan,2001||Feb,2002|
|Ireland||Irish pound||IEP||1 EUR = 0.787564 IEP||Jan,1999||Feb,2002|
|Italy||Italian lira||ITL||1 EUR = 1936.27 ITL||Jan,1999||Feb,2002|
|Luxembourg||Luxembourgish franc||LUF||1 EUR = 40.3399 LUF||Jan,1999||Feb,2002|
|Malta||Maltese lira||MTL||1 EUR = 0.429300 MTL||Jan,2008||Jan,2008|
|Netherlands||Dutch guilder||NLG||1 EUR = 2.20371 NLG||Jan,1999||Jan,2002|
|Portugal||Portuguese escudo||PTE||1 EUR = 200.482 PTE||Jan,1999||Feb,2002|
|Slovenia||Slovenian tolar||SIT||1 EUR = 239.640 SIT||Jan,2006||Jan,2007|
|Slovakia||Slovak koruna||SKK||1 EUR = 30.1260 SKK||Jan,2007||Feb,2009|
|Spain||Spanish peseta||ESP||1 EUR = 166.386 ESP||Jan,1999||Feb,2002|
Euro coins and banknotes
All Euro Coins have a common side (face side) showing Latin alphabet version of euro, the value written by Arabic numerals and a map of EU. The national side (backside) shows with the image specifically chose by the issuing country’s bank. Euro Coins from any member state may be freely used in euro-zone countries.
Euro banknote has common designs on both sides. The front features windows or gateways while the back features bridges. 7 banknotes are issued in €500, €200, €100, €50, €20, €10, €5 whose sizes are different according to Euro Banknotes denomination. The €5 euro banknote is the smallest size and the €500 banknote is the biggest size. Each banknote has its own color which dedicates to an artistic period of European architecture.
Euro and the European Union (EU)
The euro is the currency of eurozone and used by the seven Institutions of the European Union (EU). The eurozone, officially called the euro area, is an economic and monetary union (EMU) of 17 European Union (EU) member states that have adopted the euro as their official currency. It was established in 1999. The European Union (EU) is an economic and political union. It traces back to 1951, the creation of the European Coal and Steel Community (ECSC) and the following treatments of the European Economic Community (EEC) established in 1958. The European Union (EU) has been expended from the six founding members of Belgium, France, West Germany, Italy, Luxembourg, Netherlands to 27 member states by 2007.
|27 EU members||Joined EU since||currency name||currency code||Acceded to Eurozone since when
or the on-going status
|old currency name||old currency code|
|Belgium||1958||Euro||EUR||January 1, 1999||Belgian franc||BEF|
|France||1958||Euro||EUR||January 1, 1999||French franc||FRF|
|Germany||1958||Euro||EUR||January 1, 1999||Deutsche Mark||DEM|
|Italy||1958||Euro||EUR||January 1, 1999||Italian lira||ITL|
|Luxembourg||1958||Euro||EUR||January 1, 1999||Luxembourgish franc||LUF|
|Netherlands||1958||Euro||EUR||January 1, 1999||Dutch guilder||NLG|
|Denmark||1973||Danish krone||DKK||EU state with an opt-out on Eurozone participation. The Danish krone is part of the ERM-II mechanism.||/||/|
|United Kingdom||1973||British pound||GBP||EU state with an opt-out on Eurozone participation. British pound was forced to exit ERM in 1992.||/||/|
|Ireland||1973||Euro||EUR||January 1, 1999||Irish pound||IEP|
|Greece||1981||Euro||EUR||January 1, 2001||Greek drachma||GRD|
|Portugal||1986||Euro||EUR||January 1, 1999||Portuguese escudo||PTE|
|Spain||1986||Euro||EUR||January 1, 1999||Spanish peseta||ESP|
|Austria||1995||Euro||EUR||January 1, 1999||Austrian schilling||ATS|
|Finland||1995||Euro||EUR||January 1, 1999||Finnish markka||FIM|
|Sweden||1995||Swedish krona||SEK||EU state with a "de-facto" opt-out on Eurozone participation. Sweden has chosen to stay out of the ERM II mechanism.||/||/|
|Cyprus||2004||Euro||EUR||January 1, 2008||Cypriot pound||CYP|
|Estonia||2004||Euro||EUR||January 1, 2011||Estonian kroon||EEK|
|Malta||2004||Euro||EUR||January 1, 2008||Maltese lira||MTL|
|Slovakia||2004||Euro||EUR||January 1, 2006||Slovak koruna||SKK|
|Slovenia||2004||Euro||EUR||January 1, 2007||Slovenian tolar||SIT|
|Czech Republic||2004||Czech koruna||CZK||EU state obliged to join the Eurozone.||/||/|
|Hungary||2004||Hungarian forint||HUF||EU state obliged to join the Eurozone.||/||/|
|Latvia||2004||Latvian lats||LVL||EU state obliged to join the Eurozone. Latvian lats is part of the ERM-II mechanism.||/||/|
|Lithuania||2004||Lithuanian litas||LTL||ERM-II, EU state obliged to join the Eurozone. Lithuanian litas is part of the ERM II mechanism.||/||/|
|Poland||2004||Polish złoty||PLN||EU state obliged to join the Eurozone.||/||/|
|Bulgaria||2007||Bulgarian lev||BGN||EU state obliged to join the Eurozone.||/||/|
|Romania||2007||Romanian leu||RON||EU state obliged to join the Eurozone.||/||/|
Euro and the currencies pegged to the euro
The euro is seen as a stable currency. Currently there are several currencies pegged to the euro, some are at par while some with fluctuation bands around a central rate. The three countries, Denmark, Latvia, Lithuania are the member states of EU. So their currencies of Danish krone (code: DKK), Latvian lats (code: LVL), Lithuanian litas (code: LTL) are part of the European Exchange Rate Mechanism (ERM)-II and could have a fluctuation band of ±15%, however with de facto tighter fluctuation band, such as 0.5% or 1%.
|currency name||currency code||currency users||Pegged at||
|Fluctuation band||Formerly pegged to||Notes|
|Bosnia and Herzegovina convertible mark||BAM||Bosnia and Herzegovina||1 EUR = 1.95583 BAM||1-Jan-1999||0.00%||Germany Mark (DEM) from 1995|
|Bulgarian lev||BGN||Bulgaria||1 EUR = 1.95583 BGN||1-Jan-1999||0.00%||Germany Mark (DEM) from 1997|
|Comorian franc||KMF||Comoros||1 EUR =491.96755 KMF||1-Jan-1999||0.00%||French franc (FRF) from 1979|
|Danish krone||DKK||Denmark||1 EUR = 7.46038 DKK||1-Jan-1999||2.25% (de facto 0.5%)||European Currency Unit (XEU, 1 XEU=1 EUR)||The Danish krone is part of the ERM-II mechanism.|
|Cape Verdean escudo||CVE||Cape Verde||1 EUR =110.265 CVE||1-Jan-1999||0.00%||Portuguese escudo (PTE) from 1998|
|Latvian lats||LVL||Latvia||1 EUR = 0.70280 LVL||1-Jan-2005||15.0% (de facto 1%)||The Latvian lats is part of the ERM-II mechanism.|
|Lithuanian litas||LTL||Lithuania||1 EUR = 3.45280 LTL||2-Feb-2002||15.0% (de facto 1%)||United States dollar (USD) from 1994||The Lithuanian litas is part of the ERM-II mechanism.|
|São Tomé and Príncipe dobra||STD||São Tomé and Príncipe||1 EUR = 24500 STD||1-Jan-2010||0.00%|
|West African CFA franc||XOF||XOF currency union: Benin, Burkina Faso, Cote d'lvoire (Ivory Coast), Guinea-Bissau, Mali, Niger, Senegal, Togo||1 EUR = 655.9570 XOF||1-Jan-1999||0.00%||French franc (FRF) from 1948|
|Central African CFA franc||XAF||XAF currency union: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, Gabon||1 EUR = 655.9570 XAF||1-Jan-1999||0.00%||French franc (FRF) from 1948|
|CFP franc||XPF||XPF currency union: French overseas collectivities of French Polynesia, New Caledonia, Wallis and Futuna||1 EUR = 0.00838 XPF||1-Jan-1999||0.00%||French franc (FRF) from 1949|