ISO 4217 Code EUR
User(s) European Union
Inflation 3.0%
Source The World Factbook, 2008 est.
Symbol €
Central bank European Central Bank
Website www.ecb.eu
The euro is the official currency of 16 out of 27 member states of the European Union (EU).
The states, known collectively as the Eurozone are:
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.
As of November 2008, with more than €751 billion in circulation, the euro is the currency with the highest combined value of cash in circulation in the world, having surpassed the U.S. dollar. 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.
The name euro was officially adopted on 16 December 1995. 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. Euro (€) coins and banknotes entered circulation on 1 January 2002.
