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20 European Union Euro
The Euro (symbol: €; code: EUR) is the official currency of 19 of the 27 member states of the European Union. This group of states is known as the eurozone or, officially, the euro area, and includes about 343 million citizens as of 2019.
The euro, which is divided into 100 cents, is the second-largest and second-most traded currency in the international markets for the related different types of transactions after the United States dollar.
The euro was established by the provisions in the 1992 Maastricht Treaty.
The name euro was officially adopted on 16 December 1995 in Madrid. 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 (US$1.1743).
The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar. As of December 2019, with more than €1.3 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world.
The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem.
The Eurosystem participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the eurozone payment systems.
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