Euro (EUR)

Basic Concepts of the Euro

The euro is the official currency of the 20 member states of the European Union and is jointly managed by the European Central Bank and the central banks of the member states with the aim of promoting European economic integration and trade facilitation.

Countries and regions of use

The euro circulates in the eurozone countries, including Germany, France, Italy, Spain, the Netherlands and other 20 member states of the European Union, and is used as legal tender in non-EU areas such as Monaco and San Marino.

Units and Denominations

The euro is divided into the main unit of euros (€) and the secondary unit of cents (cent), 1 euro is equal to 100 cents. The denominations of banknotes include 5, 10, 20, 50, 100, 200 and 500 euros, and the denominations of coins are 1, 2, 5, 10, 20, 50 cents and 1 or 2 euros.

Historical Background

The euro was launched as a currency of account in 1999, and was formally issued as a physical currency in 2002, replacing the European Currency Unit (ECU), becoming the core achievement of the European Union's Economic and Monetary Union, and marking an important milestone in the process of European integration.