Euro

The euro (€) is the official currency of 20 EU countries and, after the US dollar, the second most important currency in the world.

History:

• 1999: introduced as book money (stock exchanges, banks)
• 1 January 2002: introduced as cash – replacing the Deutsche Mark in Germany
• Conversion rate: 1 euro = 1.95583 Deutsche Mark (irrevocably fixed)

Euro banknotes:

• 7 denominations: 5, 10, 20, 50, 100, 200, 500 euros
• Designs: fictitious buildings (not real ones, so as not to favour any country)
• The 500-euro note has not been printed since 2019 (but remains valid)

Euro coins:

• 8 denominations: 1, 2, 5, 10, 20, 50 cents + 1 and 2 euros
• National reverse side – but every coin is valid in ALL euro countries

The eurozone:

• 20 countries, over 350 million people
• Newest member: Croatia (2023)
• Not included (EU, but own currency): Sweden, Denmark, Poland, Czechia, Hungary

The euro as a reserve currency:

• Approx. 20% of global foreign exchange reserves (after the USD with 60%)
• EUR/USD is the most traded currency pair in the world