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European Monetary Union (The Euro)

By webmaster last modified Jan 16, 2015 10:16 AM

Published: 2007-01-15 22:25:00
Topics: European Union

The euro (€) is legal tender for the following European Union countries:-

Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

The euro is used also in Andorra, Monaco, San Marino and the Vatican City, as well as in the Canaries, Madeira, the Azores, Guyana, Martinique, Guadeloupe, Réunion, Mayotte and St Pierre and Miquelon, which are all part of EU countries using the euro.

The euro is also used in Kosovo and Montenegro.

The euro is divided into 100 cents. The euro notes are identical in all countries but each country produces its own coins with one common side and one national side. All the notes and coins can be used anywhere in the euro zone.

The legal tender of national banknotes ceased on 1 July 2002. Any remaining notes or coins in the old national currencies can be exchanged at national central banks for several years or can be given to charity.

Denmark, Sweden, and the United Kingdom, are not currently participating in the single currency. The exchange rates for the Danish krone, the Swedish krona and the British pound are not fixed and vary with the market.

Not all the countries which join the European Union adopt the euro, but many do so when they are ready.

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