he euro (currency sign: €; currency code: EUR) is the official currency of 16 out of 27 member states of the European Union (EU). The states, known collectively as the Eurozone are: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The currency is also used in a further five European countries, with and without formal agreements and is consequently used daily by some 327 million Europeans.[2]
As of November 2008[update], with more than €751 billion in circulation[3] (the equivalent of about US$ 953 billion[4]), the euro is the currency with the highest combined value of cash in circulation in the world, having surpassed the U.S. dollar.[5] Based on IMF estimates of 2008 GDP and purchasing power parity among the various currencies, the Eurozone is the second largest economy in the world.[6]
The name euro was officially adopted on 16 December 1995.[7] 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. Physical coins and banknotes entered circulation on 1 January 200
As of November 2008[update], with more than €751 billion in circulation[3] (the equivalent of about US$ 953 billion[4]), the euro is the currency with the highest combined value of cash in circulation in the world, having surpassed the U.S. dollar.[5] Based on IMF estimates of 2008 GDP and purchasing power parity among the various currencies, the Eurozone is the second largest economy in the world.[6]
The name euro was officially adopted on 16 December 1995.[7] 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. Physical coins and banknotes entered circulation on 1 January 200
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