The Euro-The European Money

The Euro is still a new money, as it entered in circulation on January 1, 2002. Even though still very young the Euro is today the second most traded currency in the world after the U.S. dollar and the highest value of cash in circulation in the world.

It was on January 1, 1999, when eleven European countries replaced their national currencies and introduced a single European currency, the Euro. However, each nation's currency remained in circulation as subdenominations of the euro until January 1, 2002, while inter-bank commerce and stock exchange trade were already denominated in the official currency.

16 countries of Europe are using the Euro as their currency:

Belgium, Germany, Ireland, Greece, France, Spain, Italy, Cyprus, Luxembourg, Malta,
The Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The Euro is the currency of the 329 million people who live in the 16 euro-area countries. It is also used, either formally as legal tender or for practical purposes, by a whole array of other countries such as close neighbors and former colonies.

These countries form what is called the "Eurozone". Outside of the Eurozone other countries are using the Euro as their currency such as: Montenegro, Kosovo. Micro states of Europe such as: Andorra, Monaco, San Marino and Vatican, as well as in overseas territories such as Mayotte, Saint-Pierre and Miquelon, Akrotiri , Dhekelia, Saint Barthelemy and Saint- Martin.

If you travel to any of these countries today you will get around 75 cents for your dollar.