Euro

The euro (symbol: โ‚ฌ; code: EUR) is the official currency of the European Union, for 19 out of the 27 member states. The euro is a popularly traded currency on the foreign exchange (or forex) market, second only to the US dollar (USD). The group or European countries (or member states) that converted from their local currency to the euro are known as the eurozone. Like the USD, the euro is divided into 100 cents. Euro bank note denominations are โ‚ฌ5, โ‚ฌ10, โ‚ฌ20, โ‚ฌ50, โ‚ฌ100, โ‚ฌ200 and โ‚ฌ500. Euro coins are available in denominations of 1c, 2c, 5c, 10c, 20c, 50c, โ‚ฌ1 and โ‚ฌ2.

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Currency Exchange Rates

The euro is the second-most traded currency and widely held reserve currency after the U.S. dollar. The euro is traded openly in the foreign exchange market.

See EUR currency value history and live conversion rates from the US Dollar/USD to the Euro/EUR.

Euro Currency

The euro was introduced on January 1, 1999 as a non-cash monetary unit. Currency notes and coins first appeared in eurozone countries on January 1, 2002. Soon thereafter, eurozone member countries began to phase out their legacy currency and replace it with the euro.

Initially after its introduction as a non-cash monetary unit in 1999, the euro traded below the US dollar until the 2002. In the 20 years that followed the euro traded above the US dollar (USD), peaking at US$1.60 in July 2008, during a U.S. economic crisis. On July 13, 2022, during the Russian invasion of Ukraine, the euro and the dollar hit parity for the first time in nearly two decades.ย 

Eurozone countries have the European Central Bank (ECB) as their central bank. The ECB sets economic and monetary policies for all nations in the eurozone. Individual states cannot craft policies tailored to their own conditions. Because the Euro is centrally regulated, this common currency can bring advantages and stability to the member states in the eurozone. However, there is a chance that an economic policy could be put in place that benefits one country, but not another. These are some of the reasons why not all member states of the European Union have adopted the Euro and eight member states continue to maintain their local currency.

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EU countries using the euro

The 19 European member states that use the euro today officially phased out their legacy currencies at different times. Ireland and France were among the first two countries to phase out their legacy currency in early February 2002, followed by Austria, Belgium, Germany, Greece, Italy, Luxembourg, Portugal and Spain later that month. Another burst of countries phased out their legacy currencies in favor of the Euro about 5 years later, which included Cyprus, Finland, Malta, Netherlands, Slovenia and Slovakia. The last three eurozone countries to replace their legacy currency for the euro were Estonia, Latvia and Lithuania.

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When the euro is introduced to a new country, old notes and coins are gradually withdrawn from circulation. The table below lists each eurozone member along with their former currency, the year the European member state converted its currency to the euro and the conversion rate for the legacy currency to euro at the time it was phased out.

Country Former ISO Code Former Currency Full Name Former Currency Conversion Rate to Euro Year Converted to Euro
Austria ATS Shilling 1 EUR = 13.7603 ATS 2002
Belgium BEF Franc 1 EUR = 40.3399 BEF 2002
Cyprus CYP Pound 1 EUR = 0.58527 CYP 2008
Estonia EEK Kroon 1 EUR = 15.6466 EEK 2011
Finland FIM Markka 1 EUR = 5.94573 FIM 2008
France FRF Franc 1 EUR = 6.55957 FRF 2002
Germany DEM Deutsche Mark 1 EUR = 1.95583 DEM 2002
Greece GRD Drachma 1 EUR = 340.750 GRD 2002
Ireland IEP Pound 1 EUR = 0.78756 IEP 2002
Italy ITL Lira 1 EUR = 1936.27 ITL 2002
Latvia LVL Lats 1 EUR = 0.70280 LVL 2014
Lithuania LTL Litas 1 EUR = 3.45280 LTL 2015
Luxembourg LUF Franc 1 EUR = 40.3399 LUF 2002
Malta MTL Lira 1 EUR = 0.42930 MTL 2008
Netherlands NLG Guilder (Florin) 1 EUR = 2.20371 NLG 2008
Portugal PTE Escudo 1 EUR = 200.482 PTE 2002
Slovakia SKK Koruna 1 EUR = 30.1260 SKK 2009
Slovenia SIT Tolar 1 EUR = 239.640 SIT 2007
Spain ESP Perseta 1 EUR = 166.386 ESP 2002

EU countries not using the euro

The eight members of the European Union that have not adopted the euro to date are Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden. The Table below lists the ISO codes and currency names of the currencies being used by these countries.ย ย 

With Koverlyโ€™s foreign exchange platform enables you to pay these countries in their local currency. The Koverly currency converter provides current real-time currency conversion rates from USD to these local currencies.

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Member of the European Union that do not use the Euro and the local currencies in circulation are:

Country ISO Code Currency Name
Bulgaria BGN Lev
Croatia HRK Kuna
Czech Republic CZK Czech koruna
Denmark DKK Krone
Hungary HFF Forint
Poland PLN Zล‚oty
Romania RON Leu
Sweden SEK Krona

Non-EU countries using the euro

Several independent states that are not part of the European Union accept the euro as currency. Although the countries are not part of the EU, the people living in these states use the euro as their official currency as the country has signed monetary agreements with the European Union.

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Non-EU states that use the euro as their currency, include:

Country Sovereign State Population(Approx)
Azores Portugal 245,000
Balearic Islands Spain 1,200,000
Canary Islands Spain 2,200,000
Europa Island France ~
French Guiana France 298,000
Guadeloupe France 395,700
Juan de Nova France ~15
Madeira Islands Portugal 254,000
Martinique France 376,000
Mayotte France 270,000
Saint Pierre and Miquelon France 6,000
Principality of Andorra ~ (located between France and Spain) 77,000
Principality of Monaco ~ (located in France) 39,000
Republic of San Marino ~ (located in Italy) 34,000
Saint-Martin France 40,000
Vatican City ~ (located in Italy) 800

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