Euro

Overview

The Euro is the official currency of 20 European Union member states, collectively known as the Eurozone. Introduced in 1999 as an electronic currency and 2002 as physical currency, it is the second-most traded currency in the world and serves as a major global reserve currency. The euro represents one of the world's largest economic areas with over 340 million people.

Economy

Eurozone (20 countries) is a member of European Union, G7 (represented), G20 (represented), OECD, WTO.

Main industries include: Manufacturing, Services, Agriculture, Technology, Tourism, Finance, Automotive, Chemicals, Machinery, Aerospace.

Eurozone (20 countries) is part of the World Trade Organization.

Imports are energy/petroleum, machinery, computer/electronics, chemicals, motor vehicles, food products, raw materials.

Major exports include machinery, motor vehicles, chemicals, pharmaceuticals, computer/electronics, food products, textiles, aircraft.

GDP: $15.73 trillion (2023, nominal, Eurozone).

GDP per capita: $45,740 (2023, Eurozone average).

Unemployment rate: 6.5% (2024, Eurozone average).

Inflation rate: 2.9% (2024), Target: Below but close to 2%.

Main trading partners: United States, China, United Kingdom, Switzerland, Russia, Turkey, Japan, India.

Trade agreements: EU Single Market, EU-Canada CETA, EU-Japan EPA, EU-Mercosur (pending), Various bilateral agreements.

History

Previous currencies used: Deutsche Mark, French Franc, Italian Lira, Spanish Peseta, Dutch Guilder, Belgian Franc, Austrian Schilling, Portuguese Escudo, Finnish Markka, Irish Punt, Luxembourg Franc, Greek Drachma, Slovenian Tolar, Cypriot Pound, Maltese Lira, Slovak Koruna, Estonian Kroon, Latvian Lats, Lithuanian Litas, Croatian Kuna.

The euro originated from the 1991 Maastricht Treaty, which established the framework for Economic and Monetary Union (EMU). It was launched on January 1, 1999, as an electronic currency, replacing the European Currency Unit (ECU) at par. Physical euro banknotes and coins were introduced on January 1, 2002.

1991: Maastricht Treaty signed, establishing EMU framework

1994: European Monetary Institute established

1998: European Central Bank established

1999: Euro launched electronically, 11 countries joined

2001: Greece joined as 12th member

2002: Euro banknotes and coins introduced

2007-2015: Gradual expansion to 19 countries

2010-2012: European sovereign debt crisis

2023: Croatia joined as 20th member

Exchange rate peg: Free floating against other major currencies.

General Information

ISO 4217 Code: EUR

Symbols: EUR/€

Currency Subunits: 100 euro cents

Central Bank: European Central Bank (ECB)

Monetary Policy: Primary objective: price stability with inflation target below but close to 2%. Tools include main refinancing operations, asset purchase programmes, and deposit facility rate.

Bills: €5, €10, €20, €50, €100, €200, €500 (being phased out)

Coins: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, €2

USD Exchange Rate: Variable (approximately 1.08-1.12 range in 2024-2025)

Pegged To: None (Floating)

Capital: Frankfurt am Main (ECB headquarters), Brussels (EU institutions)

Population: 344,730,000 (2024 est., Eurozone)

Area: 2,849,680 km² (Eurozone countries)

Languages: German, French, Italian, Spanish, Dutch, Greek, Portuguese, Finnish, Slovak, Slovene, Estonian, Latvian, Lithuanian, Maltese, Croatian

Time Zones: UTC+1 to UTC+2 (most Eurozone countries)

Government Type: Supranational monetary union of sovereign republics

Head of Government: European Central Bank President (Christine Lagarde)

Independence: 1999 (monetary union establishment)

Ethnic Groups: Various European ethnicities including Germanic, Romance, Celtic, Slavic, and others

Religions: Christianity 70% (Catholic 46%, Protestant 18%, Orthodox 6%), Islam 2%, Other 3%, Unaffiliated 25%

Literacy Rate: 99%+ (most Eurozone countries)

Transport: Extensive high-speed rail networks (TGV, ICE, AVE), comprehensive highway systems, major ports (Rotterdam, Antwerp, Hamburg), international airports

Communications: Advanced telecommunications, high broadband penetration (85%+), widespread 5G deployment

Energy: Renewables 42%, Natural gas 20%, Nuclear 13%, Oil 11%, Coal 8%, Other 6%

Countries Using This Currency: Eurozone (20 countries)

Data Sources: Central Bank: European Central Bank (ecb.europa.eu), Economic Data: Eurostat, ECB, World Bank, IMF, Trade Data: Eurostat, WTO, Demographic Data: Eurostat, national statistical offices, Geographic Data: European Commission, CIA World Factbook, Historical Data: ECB archives, European Commission

Last Updated: 2025

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Banknotes

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