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The Euro, Official currency of the eurozone

Information and facts about the official currency of the Eurozone

The Euro is the official currency of the ‘Eurozone’, which includes the European nations such as Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia and Spain. The official currency sign is ‘€’ and the banking code is EUR. The Euro is the used currency for about 317 million people. It was announced on December 2006 that more than €610 billion has circulated worldwide. The Euro was first introduced to the world’s financial markets as an accounting currency in 1999 and then developed as physical coins and banknotes. All European Union (EU) members are eligible to join under the condition that they follow certain monetary requirements. Despite this, not all European Union members have taken the currency as their own. Countries such as The United Kingdom and Denmark have not adopted the Euro.

The Euro is divided into 100 cents. They show a ‘common’ side showing the denomination or value of the coin and a national side which shows a picture which has been chosen by the specific country which has issued the coin. Euro coins come in as €2, €1, 50c, 20c, 10c, 5c, 2c and 1c. The Euro banknotes have a common design for each denomination on both sides. European notes come in the form of €500, €200, €100, €50, €20, €10, €5

The Euro is under the control and management of the Frankfurt based, European Central Bank (ECB) and also the European System of Central Banks (ESCB) which is made up of the central banks of all its member states. The European Central Bank has the authority to control monetary policy while the ESCB controls print, minting, and the distribution of the currency to its member states. The Euro has provided important benefits to its citizens and its enterprises. European citizens can travel more easily due to the combined single market of the European Union. The Euro is also a major reserve around the world and now has become a major currency in which you can borrow money through the issuing of international securities.

Forextradinghq is dedicated in bringing the latest news regarding the European Currency. We provide this through the ‘major currencies’ link.

Forextradinghq is dedicated to bringing the most important, up to date news regarding The Euro’s economic and financial condition.

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