query: what countries use the euro as official currency?

title: International status and usage of the euro

text: considering making the euro a third official currency of the country to go along with the US dollar and the Balboa. In various countries the euro is accepted by some merchants albeit not being official currency there. Additionally sometimes it is used for pricing purposes even if the actual payments are made in the official currency (e.g., for real estate). The Swedish town of Höganäs has, since 1 January 2009, generally allowed shop payments in euros alongside the Swedish krona. Widespread usage, though unofficial, is also present in towns such as Haparanda, on the border with Finland. The euro is

title: Euro Currency Index

text: summer of 2007, the index began to decline. On 6 February 2009 a value of 187.84 points was determined. In the following eight months, the European single currency rebounded from the lows. On 13 October 2009, the index rose by 208.45 points, near its historical high point. A financial crisis in several member states of the Euro zone in 2010 led to the outbreak of the Euro crisis. Particularly affected is Greece (see Greek government-debt crisis from 2010), but also other countries such as Ireland, Spain, Italy and Portugal. The weakness of the Euro against almost all global currencies caused

title: Euro sign

text: but the cent sign "¢" also appears. Other abbreviations include "ct" (particularly in Germany and Lithuania), "cent." in Spain and Italy, "snt" (Finland) and Λ (the capital letter "lambda" for λεπτό, "lepto", in Greece). Euro sign The euro sign (€) is the currency sign used for the euro, the official currency of the European Union (EU) and other non-EU countries (Kosovo and Montenegro). The design was presented to the public by the European Commission on 12 December 1996. The international three-letter code (according to ISO standard ISO 4217) for the euro is EUR. In Unicode it is encoded at .

title: Language and the euro

text: plural). This pronunciation is rejected by official authorities, such as the Swedish Language Council, and not used in television news. In Sweden there are no widespread slang terms since the euro is a foreign currency. In Finland, the euro is the official currency, and Swedish is an official language alongside Finnish. The same spelling as in Sweden is used (officially Swedish in Finland is spelt as in Sweden). The pronunciation, however, is , which has some similarities to Finnish pronunciation. The abbreviation is like 3,14 €, same as for Finnish. Among Swedish-speaking as well as Finnish-speaking people in Helsinki, a

title: Andorra and the euro

text: Andorra and the euro Andorra has a monetary agreement with the EU allowing it to make the euro its official currency, and permitting it to issue euro coins from 1 July 2013. They planned to issue their first coins by March or April 2014. On 23 December coins were delivered for pre-booked customers at the Government Administration Building, and actual circulation began on 15 January 2015. Andorra did not have an official currency before adopting the euro, and unlike its two larger neighbours, France and Spain, which surround it, it is not a member of the EU. However it "de

title: 500 euro note

text: 26 April 2019. “Authorities increasingly suspect that they (€500 notes) are being used for illegal purposes, an argument that we can no longer ignore,” according to a high-ranking bank official, Benoît Cœuré. The euro was founded on 1 January 1999, when it became the currency of over 300 million people in Europe. For the first three years of its existence it was an invisible currency, only used in accountancy. Euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the Luxembourgish franc. Slovenia joined the

title: Euro calculator

text: Euro calculator A euro calculator is a very popular type of calculator in European countries (see eurozone) that adopted the euro as their official monetary unit. It functions like any other normal calculator, but it also includes a special function which allows one to convert a value expressed in the previously official unit (the peseta in Spain, for example) to the new value in euros, or vice versa. Its use became very popular within the population and commerce of these countries especially during the first few months after adopting the euro. As so many were produced, they are also found

title: History of the euro

text: 50,000 pay phones to take Deutsche Mark coins in 2005, at least on a temporary basis. Callers were allowed to use DM coins, at least initially, with the Mark pegged to equal one euro, almost twice the usual rate. In France, receipts still indicate the value of products in the legacy currency along with the euro value, as do receipts in Slovenia. In other eurozone countries this has long been considered unnecessary. In June 2008, "The New York Times" reported that many merchants in the French town of Collobrières, in Provence, choose to accept exchangeable franc notes. After dropping to

title: History of the euro

text: the Central Bank had opened for an hour at midnight to allow citizens to exchange currency, while a huge euro pyramid had decorated Syntagma Square in Athens. Other countries noted the coming of the euro as well—Paris's Pont Neuf was decorated in EU colours, while in the northern German town of Gifhorn a sombre, symbolic funeral for the Deutsche Mark took place. Except for Germany, the plan for introduction of the new currency was basically the same. Banks would accept the exchange of legacy currencies, begin to dispense euros from ATMs, and only euros would be available as withdrawals were

title: Euro

text: belong to the EU have currencies that are directly pegged to the euro including 14 countries in mainland Africa (CFA franc), two African island countries (Comorian franc and Cape Verdean escudo), three French Pacific territories (CFP franc) and three Balkan countries, Bosnia and Herzegovina (Bosnia and Herzegovina convertible mark), Bulgaria (Bulgarian lev) and Macedonia (Macedonian denar). On 28 July 2009, São Tomé and Príncipe signed an agreement with Portugal which will eventually tie its currency to the euro. Additionally, the Moroccan dirham is tied to a basket of currencies, including the euro and the US dollar, with the euro given

title: Euro calculator

text: outside the eurozone to help staff with conversions at airports or railway stations where the euro has a strong presence. Euro calculator A euro calculator is a very popular type of calculator in European countries (see eurozone) that adopted the euro as their official monetary unit. It functions like any other normal calculator, but it also includes a special function which allows one to convert a value expressed in the previously official unit (the peseta in Spain, for example) to the new value in euros, or vice versa. Its use became very popular within the population and commerce of these

title: History of the euro

text: 2 January, all ATMs in 7 countries and at least 90 percent in 4 others were issuing euros rather than legacy currency, with Italy, the worst offender, having only 85% of ATMs dispensing euros. The unexpected tendency of consumers to spend their legacy currency, rather than exchange it at banks, led to temporary shortages of euro small change, with some consumers being given change in legacy currency. Some businesses did take advantage of the currency exchange to raise prices. According to a study by the Deutsche Bundesbank, there was a price rise, but consumers refused to buy as much. A

title: Sweden and the euro

text: other stores. 200,000 Finns live within 150 km distance. Some municipalities, especially Haparanda, wanted to have the euro as a legally official currency, and, for example, contract salaries in euros to employees from Finland. However, this is illegal due to tax laws and salary rules. (The actual payment can be in euro, handled by the bank, but the salary contract and the tax documentation must be in kronor). Haparanda's budget is presented in both currencies. Haparanda has a close cooperation with the neighbour city of Tornio, Finland. The town of Höganäs claimed to have adopted the euro for shops on

title: 50 euro note

text: became the currency of over 300 million people in Europe. For the first three years of its existence it was an invisible currency, only used in accounting. Euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the 12 countries in the eurozone, such as the Dutch guilder and the Portuguese escudo. Today, the €50 note is used by some 332 million Europeans and in the 22 countries which have it as their sole currency (with 20 legally adopting it). Slovenia joined the Eurozone in 2007, Cyprus and Malta in 2008, Slovakia

title: History of the euro

text: the banks in June. Indeed, the euro came to be seen as a safe haven, as countries outside it such as Iceland fared worse than those with the euro. Iceland subsequently applied to the EU to get the benefit of using a larger currency with the support of the ECB. However, with the risk of a default in Greece and other members in late 2009–10, eurozone leaders agreed to agree provisions for bailing out member states who could not raise funds (triggered for Greece in April 2010). This was a u-turn on the EU treaties which rule out any bail

title: Mark (currency)

text: Germany was reunified in 1990. The German mark was replaced by the euro, first as an accounting currency on 1 January 1999, at a conversion rate of 1.95583 marks per euro. Thereafter, the mark-denominated notes and coins represented the euro at that conversion rate, and remained legal tender until 1 January 2002, when they were replaced by euro notes and coins. Germany mints its own German euro coins, but all euro coins are legal tender throughout the Eurozone. The remaining Convertible mark of Bosnia-Herzegovina is a currency that officially replaced the German mark as de facto currency of the ruptured

title: Euro Currency Index

text: Euro Currency Index, since the competitiveness of European goods in comparison to other countries and trading partners is included in it. On September 13, 2005 Dow Jones & Company published two versions of the index, the Dow Jones Euro Currency Index (DJEURO) and the Dow Jones Euro Currency 5 Index (DJEURO5). Under-lyings of each were 100 points on 31 December 1998. The calculation of the Dow Jones Euro Currency 5 Index was set on 29 August 2008 (last value 121.97 points) and the calculation of the Dow Jones Euro Currency Index on 9 January 2009 (last value 119.41 points). The

title: Euro Currency Index

text: Euro Currency Index The Euro Currency Index (EUR_I) represents the arithmetic ratio of four major currencies against the Euro: US-Dollar, British Pound, Japanese Yen and Swiss Franc. All currencies are expressed in units of currency per Euro. The index was launched in 2004 by the exchange portal Stooq.com. Underlying are 100 points on 4 January 1971. Before the introduction of the European single currency on 1 January 1999 an exchange rate of 1 Euro = 1.95583 Deutsche mark was calculated. Based on the progression, Euro Currency Index can show the strength or weakness of the Euro. A rising index indicates

title: Euro Currency Index

text: table shows the annual high, low and closing levels of the back-calculated Euro Currency Index from 1971 until 2012. ¹ 31. December 2012 Euro Currency Index The Euro Currency Index (EUR_I) represents the arithmetic ratio of four major currencies against the Euro: US-Dollar, British Pound, Japanese Yen and Swiss Franc. All currencies are expressed in units of currency per Euro. The index was launched in 2004 by the exchange portal Stooq.com. Underlying are 100 points on 4 January 1971. Before the introduction of the European single currency on 1 January 1999 an exchange rate of 1 Euro = 1.95583 Deutsche

title: Euro

text: Euro The euro (sign: €; code: EUR) is the official currency of 19 of member states of the European Union, as well as some of the territories of the EU. This group of states is known as the eurozone or euro area. It is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is subdivided into 100 cents. The currency is also officially used by the institutions of the European Union and its territories, four other European countries, as well as unilaterally by two others, and is consequently used

title: De facto currency

text: De facto currency A de facto currency is a unit of money that is not legal tender in a country but is treated as such by most of the populace. The United States dollar and the European Union euro are the most common de facto currencies. Andorra used the euro unofficially prior to June 2013, at which point the euro became its official currency. The euro remains the de facto currency in Kosovo and Montenegro. Countries using the United States dollar as their de facto currency include Aruba and Cambodia, where most hotels, restaurants, and transportation are priced in dollars;

title: Euro Currency Index

text: points). The Euro Currency Index started on 4 January 1971 with 100 points. Before the introduction of the European single currency on 1 January 1999, an exchange rate of 1 Euro = 1.95583 Deutsche Mark was calculated. On April 19, 1971, the Euro Currency Index gained 99.67 points calculated with an all-time low. Until 3 December 1979, the index rose by 68.0 percent to 167.43 points. With the depreciation of the Deutsche Mark against the major currencies, the index fell to mid-1980s. On 3 May 1985, the Euro Currency Index was at level 122.26 points, up by 27.0 percent. The

title: Euro Currency Index

text: an appreciation of the Euro against the currencies in the currency basket, a falling index in contrast, a devaluation. Relationships to commodity indices are recognizable. A rising Euro Currency Index means a tendency of falling commodity prices. This is especially true for agricultural commodities and the price of oil. Even the prices of precious metals (gold and silver) are correlated with the index. Arithmetically weighted Euro Currency Index is comparable to the trade-weighted Euro Effective exchange rate index of the European Central Bank (ECB). The index of ECB measures much more accurately the value of the Euro, compared to the

title: History of the euro

text: official currency. The euro is only used in the government-controlled areas of the Republic, the Sovereign Base Areas of Akrotiri and Dhekelia (under UK jurisdiction, outside the EU) and in the United Nations Buffer Zone in Cyprus. The de facto Turkish Republic of Northern Cyprus continues to use the new Turkish lira as its primary currency and the euro as its secondary currency. Malta replaced the Maltese lira with the euro on 1 January 2008. The aims were officially confirmed on 26 February 2007. On 16 May 2007, the Commissioner for Economic & Financial Affairs of the EU, Joaquín Almunia,

title: Montenegro and the euro

text: government of Montenegro will adopt some certain elements which should fulfil the conditions for further use of the euro, such as adopting fiscal rules." Unlike official members of the eurozone, Montenegro does not mint coins and therefore has no distinctive national design. Montenegro and the euro Montenegro has no currency of its own. From 1996 the Deutsche Mark was the "de facto" currency in all private and banking transactions and it was formally adopted as Montenegro's currency in November 1999. The mark was replaced by the euro in 2002 without any objections from the European Central Bank (ECB). The European

title: Currency

text: Several countries can use the same name for their own separate currencies (for example, "dollar" in Australia, Canada and the United States). By contrast, several countries can also use the same currency (for example, the euro or the CFA franc), or one country can declare the currency of another country to be legal tender. For example, Panama and El Salvador have declared US currency to be legal tender, and from 1791 to 1857, Spanish silver coins were legal tender in the United States. At various times countries have either re-stamped foreign coins, or used currency board issuing one note of

title: Euro sign

text: Euro sign The euro sign (€) is the currency sign used for the euro, the official currency of the European Union (EU) and other non-EU countries (Kosovo and Montenegro). The design was presented to the public by the European Commission on 12 December 1996. The international three-letter code (according to ISO standard ISO 4217) for the euro is EUR. In Unicode it is encoded at . In English, the sign precedes the value (for instance, €10, not 10 €, unlike most other European languages). In some style guides, but not others, the euro sign is unspaced. The first letter of

title: Euro

text: not eуро ("euro") in all official documents. In the Greek script the term ευρώ (evró) is used; the Greek "cent" coins are denominated in λεπτό/ά (leptó/á). Official practice for English-language EU legislation is to use the words euro and cent as both singular and plural, although the European Commission's Directorate-General for Translation states that the plural forms "euros" and "cents" should be used in English. Euro The euro (sign: €; code: EUR) is the official currency of 19 of member states of the European Union, as well as some of the territories of the EU. This group of states is

title: Kosovo and the euro

text: of unilateral euro adoption "would be spelled out at the latest in the event of possible negotiations on EU accession." Diplomats have suggested that it's unlikely countries will be forced to withdraw the euro from circulation. Kosovo and the euro Before Kosovo declared its independence in 2008, Kosovo unilaterally adopted the euro as its currency in 2002 when it was a United Nations mandate; although, it is not an official eurozone member. During the disintegration of Yugoslavia in the 1990s Kosovo unsuccessfully attempted to gain independence, and in 1998-1999 the situation escalated with the Kosovo War. Kosovo declared independence on

title: World currency

text: status as a major reserve currency from the German mark (DM) and its contribution to official reserves has increased as banks seek to diversify their reserves and trade in the eurozone expands. As with the dollar, some of the world's currencies are pegged against the euro. They are usually Eastern European currencies like the Bulgarian lev, plus several west African currencies like the Cape Verdean escudo and the CFA franc. Other European countries, while not being EU members, have adopted the euro due to currency unions with member states, or by unilaterally superseding their own currencies: Andorra, Monaco, Kosovo, Montenegro,

text: concerns with banking secrecy, the EU and Andorra signed a monetary agreement on 30 June 2011 which made the euro the official currency in Andorra and allowed them to mint their own euro coins as early as 1 July 2013, provided they comply with the agreement's terms. However, the first Andorran euro coins did not enter into circulation until January 2015. Outside the EU, there are currently three French territories and a British territory that have agreements to use the euro as their currency. All other dependent territories of eurozone member states that have opted not to be a part

title: Language and the euro

text: European currency. Of other national Slavic languages using the Cyrillic alphabet, Macedonian, Russian and Serbian also use the spelling евро. Ukrainian uses євро and Belarusian uses еўра/эўра. In Catalan the official plural is the same as its regular plural "euros". The standard pronunciation of "euro" is . For the cent, the word "cèntim" (, plural "cèntims") is used, since historically this term has been used as the hundredth part of a currency unit. The fraction of the peseta was also called "cèntim", but it was withdrawn from circulation decades ago. In the Cornish language, euro is written "ewro" (like "Ewrop"

title: Euro

text: mostly as a precondition to joining the eurozone. The Bulgarian lev was formerly pegged to the Deutsche Mark; one other EU currency with a direct peg due to ERM II is the Danish krone. In total, , 182 million people in Africa use a currency pegged to the euro, 27 million people outside the eurozone in Europe, and another 545,000 people on Pacific islands. Since 2005, stamps issued by the Sovereign Military Order of Malta have been denominated in euros, although the Order's official currency remains the Maltese scudo. The Maltese scudo itself is pegged to the euro and is

title: Language and the euro

text: to as "euro". This is the same for Albanian in Kosovo, Macedonia and rest of the Balkans. Some Kosovo Albanian speakers however, pronounce euro like Germans; 'oiro'/'oi', due to heavily migration. It is derived from the Albanian word for Europe, "Europa", "Europë" and also "Evropa"/"Evropë". All variants are official in Albanian, however Albania uses Euro, Europa or Europe whilst other Albanian dialects such as in Kosovo, Macedonia, Montenegro and Serbia often use Evrope or Evropa. However the currency euro is not ever pronounced as evro like their Slavic neighbours. Note: depending on dialect, location, diaspora and ethnicity some Albanians vary

title: Euro

text: daily by some 343 million Europeans . Outside Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally, 240 million people worldwide use currencies pegged to the euro. The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. , with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.S. dollar. The name "euro" was officially adopted on 16 December 1995

title: Euro Currency Index

text: Euro Currency Index (ECX, also EURX or EXY) was launched on 13 January 2006 by the New York Board of Trade (NYBOT) and calculated back to 2001. In 2007, the IntercontinentalExchange (ICE) based in Atlanta (USA) changed the name of the stock exchange in IntercontinentalExchange The index was a ratio that compared the value of the Euro by a currency basket of five currencies: US-Dollar (31.55 percent), British Pound (30.56 percent), Japanese Yen (18.91 percent), Swiss Franc (11.13 percent) and Swedish Krona (7.85 percent). The ECX was the geometrically weighted average compared to these currencies. The formula for the calculation

title: Euro

text: the highest weighting. With the exception of Bosnia, Bulgaria, Macedonia (which had pegged their currencies against the Deutsche Mark) and Cape Verde (formerly pegged to the Portuguese escudo), all of these non-EU countries had a currency peg to the French Franc before pegging their currencies to the euro. Pegging a country's currency to a major currency is regarded as a safety measure, especially for currencies of areas with weak economies, as the euro is seen as a stable currency, prevents runaway inflation and encourages foreign investment due to its stability. Within the EU several currencies are pegged to the euro,

title: Currency

text: currency for each note of a foreign government held, as Ecuador currently does. Each currency typically has a main currency unit (the dollar, for example, or the euro) and a fractional unit, often defined as of the main unit: 100 cents = 1 dollar, 100 centimes = 1 franc, 100 pence = 1 pound, although units of or occasionally also occur. Some currencies do not have any smaller units at all, such as the Icelandic króna. Mauritania and Madagascar are the only remaining countries that do not use the decimal system; instead, the Mauritanian ouguiya is in theory divided into

title: International use of the U.S. dollar

text: Two British dependencies also use the U.S. dollar: the British Virgin Islands (1959) and Turks and Caicos Islands (1973). The islands Bonaire, Sint Eustatius and Saba, now collectively known as the Caribbean Netherlands, adopted the dollar on January 1, 2011, as a result of the dissolution of the Netherlands Antilles. The U.S. dollar is an official currency in Zimbabwe, along with the Euro, the Pound Sterling, the Pula, the Rand, and several other currencies. Some countries that have adopted the U.S. dollar issue their own coins: See Ecuadorian centavo coins, Panamanian Balboa and East Timor centavo coins. A series of

title: Latvian euro coins

text: this special naming convention, but declined on 13 November 2012 and asked Latvia to repeal either the entire regulation or at least the paragraph that granted the euro currency a special Latvian name. On 4 March 2013, the Latvian Ministry of Justice clarified that while the official name of the currency for all financial and legal documents shall be "euro", the public will continue to be able to use the Latvian name "eiro", furthermore it is required to write "euro" in italics indicating the word is in a foreign language. Latvian euro coins feature three separate designs on the national

title: Currency pair

text: a dot or a dash. A widely traded currency pair is the relation of the euro against the US dollar, designated as EUR/USD. The quotation "EUR/USD 1.2500" means that one euro is exchanged for 1.2500 US dollars. Here, EUR is the base currency and USD is the quote currency(counter currency). This means that 1 Euro can be exchangeable to 1.25 US Dollars. The most traded currency pairs in the world are called the "Majors". They involve the currencies euro, US dollar, Japanese yen, pound sterling, Australian dollar, Canadian dollar, and the Swiss franc. Currency quotations use the abbreviations for currencies

title: Montenegro and the euro

text: Montenegro and the euro Montenegro has no currency of its own. From 1996 the Deutsche Mark was the "de facto" currency in all private and banking transactions and it was formally adopted as Montenegro's currency in November 1999. The mark was replaced by the euro in 2002 without any objections from the European Central Bank (ECB). The European Commission and the ECB have since voiced their discontent over Montenegro's unilateral use of the euro on several occasions, with Amelia Torres, a spokesperson for the European Commission, saying "The conditions for the adoption of the euro are clear. That means, first

title: Currency pair

text: euro has strengthened, or both. On the other hand, if the EUR/USD (or EURUSD) quote changes from 1.2500 to 1.2490 the euro has become relatively weaker than the dollar. The rules for formulating standard currency pair notations result from accepted priorities attributed to each currency. From its inception in 1999 and as stipulated by the European Central Bank, the euro has first precedence as a base currency. Therefore, all currency pairs involving it should use it as their base, listed first. For example, the US dollar and euro exchange rate is identified as EUR/USD. Although there is no standards-setting body

title: Sweden and the euro

text: (48.5%), although the invalid and blank votes resulted in no majority for either option. In all other polls in Sweden, the majority voted no. Some stores, hotels and restaurants may accept euros, often limited to notes and giving change in Swedish Kronor. This is especially common in some border cities. Shops especially oriented towards foreign tourists are more likely to accept foreign currencies (such as the euro) than other shops. Matters such as official currency status and legal tender issues are decided by the Swedish parliament, and the euro is not an official currency of any part of Sweden. Nevertheless,

title: Euro

text: two percent higher on the year, approximately at the same level as it was before the crisis kicked off in 2007. The formal titles of the currency are "euro" for the major unit and "cent" for the minor (one hundredth) unit and for official use in most eurozone languages; according to the ECB, all languages should use the same spelling for the nominative singular. This may contradict normal rules for word formation in some languages, e.g., those where there is no "eu" diphthong. Bulgaria has negotiated an exception; "euro" in the Bulgarian Cyrillic alphabet is spelled as eвро ("evro") and

title: Currency substitution

text: financial assets denominated in a foreign currency. It can also occur as a gradual conversion to full currency substitution, for example, Argentina and Peru were both in the process of converting to the U.S. dollar during the 1990s. "Dollarization", when referring to currency substitution, does not necessarily involve use of the United States dollar. The currencies that have been used as substitutes have been the US dollar, the euro, and the Australian dollar. After the gold standard was abandoned at the outbreak of World War I and the Bretton Woods Conference following World War II, some countries sought exchange rate

title: Poland and the euro

text: Poland and the euro Poland does not use the euro as its currency. However, under the terms of their Treaty of Accession with the European Union, all new Member States "shall participate in the Economic and Monetary Union from the date of accession as a Member State with a derogation", which means that Poland is obliged to eventually replace its currency, the złoty, with the euro. There is no target date for Polish euro adoption, and no fixed date for when the country will join ERM-II (the fifth euro convergence criterion). The country's former Deputy Prime Minister Janusz Piechociński has

title: World currency

text: Currency). Some of the world's currencies are still pegged to the dollar. Some countries, such as Ecuador, El Salvador, and Panama, have gone even further and eliminated their own currency (see dollarization) in favor of the United States dollar. Only two serious challengers to the status of the United States dollar as a world currency have arisen. During the 1980s, the Japanese yen became increasingly used as an international currency, but that usage diminished with the Japanese recession in the 1990s. More recently, the euro has increasingly competed with the United States dollar in international finance. The euro inherited its

title: United Kingdom and the euro

text: United Kingdom and the euro The United Kingdom has never sought to adopt the euro as its official currency for the duration of its membership of the European Union (EU), and secured an opt-out at the euro's creation via the Maastricht Treaty in 1992. Polls have shown that the majority of British people have been against adopting the euro, and in a June 2016 referendum the UK voted to withdraw from the EU which would virtually eliminate the chance of any future adoption. Despite never being a member of the euro, the currency is used in the UK's Cypriot territories

text: of Malta have been denominated in euros, although the Order's official currency remains the Maltese scudo. The Maltese scudo itself is pegged to the euro and is only recognised as legal tender within the Order. The euro is a major global reserve currency, sharing that status with the US dollar (USD), which continues to be the primary reserve of most commercial and central banks. Since its introduction, the euro has been the second most widely held international reserve currency after the US dollar. The euro inherited this status from the German mark, and since its introduction, it has increased its

title: Hard currency

text: the foreign-exchange reserves of countries: The US dollar (USD) has been considered a strong currency for much of its history. Despite the Nixon Shock of 1971, and the United States' growing fiscal and trade deficits, most of the world's monetary systems have been tied to the US dollar due to the Bretton Woods System and dollarization. Countries have thus been compelled to purchase dollars for their foreign exchange reserves, denominate their commodities in dollars for foreign trade, or even use dollars domestically, thus buoying the currency's value. The euro (EUR) has also been considered a hard currency for much of

title: Third-country economic relationships with the European Union

text: Persons (full text of the agreement). The second series, Bilateral Agreements II, relates to nine areas and was signed in 2004 (entered into full force on 30 March 2005) and includes the Schengen treaty and the Dublin Convention (full text of the agreement) (official press release). There are countries which, though not official members of the Eurozone, still use the euro as legal or de facto currency, through official agreements with the EU. These are European microstates which are largely economically dependent on their larger Eurozone-member neighbours. Some other countries unilaterally decided to use the Euro without having currently a

title: Currency symbol

text: Currency symbol A currency symbol is a graphic symbol used as a shorthand for a currency's name, especially in reference to amounts of money. Although several former currency symbols were rendered obsolete by the adoption of the euro, having a new and unique currency symbol implementation of which requires the adoption of new Unicode and type formats has now become a status symbol for international currencies. The European Commission considers the global recognition of the euro sign part of its success. In 2009, India launched a public competition to replace the ₨ ligature it shared with neighbouring countries. It finalised

title: Single Euro Payments Area

text: charged uniformly to all EEA participants, banks or payment institutions, domestic or foreign. This is relevant for countries which do not use the euro; domestic transfers in euro by consumers are uncommon, and inflated fees might be charged. Sweden and Denmark have legislated that euro transfers shall be charged the same as transfers in their own currency; which has the effect of giving free euro ATM withdrawals, but charges for ATM withdrawals in other currencies used in the EU. In regulation (EC) 924/2009 (the Cross-border Payments Regulation), the European Parliament mandated that charges in respect of cross-border payments in euro

title: European Currency Unit

text: opportunity for foreign diversification without reliance on the currency of a single country. The ECU was conceived on 13 March 1979 as an internal accounting unit. It had the ISO 4217 currency code XEU. On 1 January 1999, the euro (with the code EUR and symbol €) replaced the ECU, at the value €1 = 1 ECU. Unlike the ECU, the euro is a real currency, although not all member states participate (for details on euro membership see Eurozone). Two of the countries in the ECU basket of currencies, UK and Denmark, did not join the eurozone, and a third,

title: Language and the euro

text: Union legislation, the spelling of the words for the currency is prescribed for each language; in the English-language version of European Union legislation the forms "euro" and "cent" are used invariantly in the singular and plural, even though this departs from usual English practice for currencies. In Asturian, there has been a controversy about the spelling of the word. The official academic dictionary uses the spelling "euru", respecting the Asturian tendency to write nouns with a final "-u". However, considering that the international use is "euro" and that there is a tendency in Asturian to write some short forms with

title: Euro Currency Index

text: the index to fall from 29 June 2010 to 175.31 points. In the following months, the European Stability Mechanism was developed, which provides for mutual assistance in case of emergency to avoid the bankruptcy of the Member States. By May 4, 2011, the index rose to a level of 200.20 points. With the intensification of the sovereign debt crisis in the Euro zone, the Euro Currency Index fell 24 July 2012 with 168.38 points, its lowest level since March 29, 2006. Compared to the all-time high of 29 December 2008, this represents a decrease of 19.7 percent . The below

title: Language and the euro

text: currency's name in Hebrew arose. The official name of the currency established by the Academy of the Hebrew Language and the Bank of Israel is derived from An unofficial spelling and pronunciation , derived from the English pronunciation of the currency's name, is also used. Although in Hebrew currency names are usually declined for singular and plural, both forms of the Euro name are used for the singular and plural alike. In Hindi, the euro is spelt as यूरो (Yūro), while cent is written as सेंट (seṇṭ). Both the words are not pluralised. Europe is known as यूरोप (Yūrop) in

title: Euro

text: corporate banking sectors remain significant, even if the wholesale end of banking has been largely integrated." Specifically, the euro has significantly decreased the cost of trade in bonds, equity, and banking assets within the eurozone. On a global level, there is evidence that the introduction of the euro has led to an integration in terms of investment in bond portfolios, with eurozone countries lending and borrowing more between each other than with other countries. As of January 2014, and since the introduction of the euro, interest rates of most member countries (particularly those with a weak currency) have decreased. Some

title: Reserve currency

text: economy, the German Deutsche Mark gained the status of the second most important reserve currency after the US dollar. When the euro was introduced on 1 January 1999, replacing the Mark, French franc and ten other European currencies, it inherited the status of a major reserve currency from the Mark. Since then, its contribution to official reserves has risen continually as banks seek to diversify their reserves, and trade in the eurozone continues to expand. Former U.S. Federal Reserve Chairman Alan Greenspan said in September 2007 that the euro could replace the U.S. dollar as the world's primary reserve currency.

title: Language and the euro

text: euro-cent is sometimes used in countries (such as Australia, Canada, and the United States) which also have "cent" as a currency subdivision, to distinguish them from their local coin. This usage, though unofficial, is mirrored on the coins themselves, which have the words "EURO" and "CENT" displayed on the common side. In Faroese (and Icelandic) the euro is called evra, a feminine noun derived from the Faroese name of Europe, "Evropa"; this makes Faroese (with Icelandic) one of only two European languages in which the word for the euro is feminine. The plural is formed regularly: evrur. The cents are

title: International use of the U.S. dollar

text: threatened to sell its substantial reserves in American dollars in response to American legislative discussion of trade sanctions designed to revalue the Chinese yuan. The Chinese government denied that selling dollar-denominated assets would be an official policy in the foreseeable future. Former Federal Reserve Chairman Alan Greenspan said in September 2007 that the euro could replace the U.S. dollar as the world's primary reserve currency. It is "absolutely conceivable that the euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency." The U.S. Dollar Index (Ticker: USDX) is the creation of the

text: the EU to use the euro as their currency, and have never minted marks or euros; rather they depend on bills and coins already in circulation. There were political concerns that Serbia could use the currency to destabilise these territories (Montenegro was then in a union with Serbia) so they received Western help in adopting and using the mark (though there was no restriction on the use of the dinar or any other currency). They switched to the euro when the mark was replaced. In North Kosovo, which is mainly populated by the Serbian minority, the Serbian dinar, which replaced

title: Poland and the euro

text: stated that Poland will not join the Euro until at least 2020. Euro adoption will require the approval of at least two thirds of the Sejm to make a constitutional amendment changing the official currency from the złoty to the euro. The ruling Law and Justice Party opposes euro adoption. Former PM Donald Tusk has said that he may agree to a referendum on euro participation in order to gain their support for a constitutional amendment. Public opinion is against participation according to polls, with more than 70 percent believing that adoption of the euro would be bad for the

title: Bulgaria and the euro

text: Bulgaria and the euro Bulgaria committed to switching its currency, the lev, to the euro upon its joining the European Union in 2007, as stated in its EU accession treaty. The transition will occur once the country meets all the euro convergence criteria; it currently meets three of the five criteria, the exception being its membership for at least two years of the EU's official exchange rate mechanism (ERM II), which it has not yet joined despite the Bulgarian lev having been pegged to the euro since its introduction in 1999. In 2011 Bulgaria's Minister of Finance Simeon Djankov stated

title: Optimum currency area

text: rationale behind the creation of the euro is that the individual countries of Europe do not each form an optimal currency area, but that Europe as a whole does. The creation of the euro is often cited because it provides the most modern and largest-scale case study of an attempt to identify an optimum currency area, and provides a comparative before-and-after model by which to test the principles of the theory. In theory, an optimal currency area could also be smaller than a country. Some economists have argued that the United States, for example, has some regions that do not

title: History of the euro

text: creation of the euro, and a new exchange rate mechanism (ERM II) was set up to provide stability above the euro and the national currencies of countries that hadn't yet entered the eurozone. Then, on 3 May 1998, at the European Council in Brussels, the 11 initial countries that would participate in the third stage from 1 January 1999 were selected. To participate in the new currency, member states had to meet strict criteria such as a budget deficit of less than 3% of their GDP, a debt ratio of less than 60% of GDP, low inflation, and interest rates

title: Sweden and the euro

text: politicians from some municipalities (see below) have claimed that the euro is an official currency of their municipalities. This means that the municipality has made an agreement with many shops that they should accept euros (in cash and credit cards). However this is not mandatory for the stores and the status as "official currency" is mostly a marketing device rather than a legal mandate. The only Swedish city near the eurozone is Haparanda, where almost all stores accept euros as cash and often display prices in euros. Haparanda has become an important shopping city with the establishment of IKEA and

title: Reserve currency

text: became a world reserve currency on November 30, 2015. It represents 10.92% of the IMF's Special Drawing Rights currency basket. This makes Chinese yuan the third reserve currency after the US dollar and Euro. A report released by the United Nations Conference on Trade and Development in 2010, called for abandoning the U.S. dollar as the single major reserve currency. The report states that the new reserve system should not be based on a single currency or even multiple national currencies but instead permit the emission of international liquidity to create a more stable global financial system. Countries such as

title: Sweden and the euro

text: point of view. However, there was a political proposal to officially adopt the euro in Pajala. There was a political proposal in June 2009 from a party in the Sollentuna Municipality, that the municipality should adopt the euro as its parallel currency in 2010. Stockholm is the most important tourist city in Sweden, measured as the number of nights spent by tourists. Some tourist-oriented shops accept euros, although there is no official policy from the municipality. Taxi services in Stockholm can be paid in euros. In 2009 there was a rejected political proposal to officially introduce the euro in Stockholm.

title: Euro

text: the first international reserve currency has been debated among economists. Former US Federal Reserve Chairman Alan Greenspan gave his opinion in September 2007 that it was "absolutely conceivable that the euro will replace the US dollar as reserve currency, or will be traded as an equally important reserve currency". In contrast to Greenspan's 2007 assessment, the euro's increase in the share of the worldwide currency reserve basket has slowed considerably since 2007 and since the beginning of the worldwide credit crunch related recession and European sovereign-debt crisis. Outside the eurozone, a total of 22 countries and territories that do not

title: Language and the euro

text: In Serbian the euro and cent are called "evro" (Cyrillic: евро) and "cent" (Cyrillic: цент) . "Evro" is spelt with a "v" because it is derived from the name Европа/"Evropa" (Europe). Both "evro" and "cent" are masculine nouns. They are inflected according to regular rules of the language: The genitive plural "centi" is produced in an old-fashioned way that is today mostly reserved for measurement units. The alternative "centa" follows the vastly more common pattern of other masculine nouns but is very rarely heard in practice. Turkey and Northern Cyprus continue to use the Turkish lira as their official currency,

title: Reserve currency

text: before the beginning of the worldwide credit crunch related recession and Eurozone crisis, which harmed the euro and slowed its adoption. Since 2009, the reserve currency use of the euro has continued to drop, down to 23.9 percent in 2013. The Dutch guilder was the "de facto" reserve currency in Europe in 17th and 18th centuries. The United Kingdom's pound sterling was the primary reserve currency of much of the world in the 19th century and first half of the 20th century. The emergence of the USA as an economic superpower, and the establishment of the U.S. Federal Reserve System

title: Denmark and the euro

text: Denmark and the euro Denmark uses the krone as its currency and does not use the euro, having negotiated the right to opt-out from participation under the Maastricht Treaty of 1992. In 2000, the government held a referendum on introducing the euro, which was defeated with 46.8% voting yes and 53.2% voting no. The Danish krone is part of the ERM II mechanism, so its exchange rate is tied to within 2.25% of the euro. Most of the large political parties in Denmark favour the introduction of the euro and the idea of a second referendum has been suggested several

title: Language and the euro

text: the same as the unit of measurement of time or of angle. The term , plural ("evroleptó", plural "evroleptá") is sometimes used when a speaker wants to be completely specific that they are referring to money and not time. Some colloquial names for currency are also in use for the euro. One and two euro coins are respectively called ("frago") and ("difrago") from the French "franc". A 5 euro banknote is also colloquially called ("taliro") from the Germanic root "thaler" via the Italian "talero". A 10 euro banknote is called ("dekariko"), a 20 euro banknote is called ("eikosariko") or ("eikosari"),

title: United Kingdom and the euro

text: the UK met 1 of 5 of the criteria. United Kingdom and the euro The United Kingdom has never sought to adopt the euro as its official currency for the duration of its membership of the European Union (EU), and secured an opt-out at the euro's creation via the Maastricht Treaty in 1992. Polls have shown that the majority of British people have been against adopting the euro, and in a June 2016 referendum the UK voted to withdraw from the EU which would virtually eliminate the chance of any future adoption. Despite never being a member of the euro,

title: Euro sign

text: receiver in e-mails or web sites, with confusions about business agreements as a result. Depending on keyboard layout and the operating system, the symbol can be entered as: On the macOS operating system, a variety of key combinations are used depending on the keyboard layout, for example: The Compose key sequence for the euro sign is =E. Placement of the sign also varies. Partly since there are no official standards on placement, countries have generated varying conventions or sustained those of their former currencies. For example, in Ireland and the Netherlands, where previous currency signs (£ and "ƒ", respectively) were

title: Economy of the European Union

text: 1999 with some EU member states, now 19 out of 28 EU states use the euro as official currency in a currency union. The remaining 9 states continued to use their own currency with the possibility to join the euro later. The euro is also the most widely used currency in the EU. Since 1992 the Maastricht treaty sets out rigid economic and fiscal convergence criteria for the states joining the euro. Starting 1997, the Stability and Growth Pact has been started to ensure continuing economic and fiscal stability and convergence. Denmark and the United Kingdom, not members of the

title: Poland and the euro

text: example, 58% of the surveyed in May 2012 had this belief. A later poll for the German Marshall Fund published in September 2012, even found 71% of Poles believed an immediate switch to the euro would be bad for the Polish economy. The Maastricht Treaty originally required that all members of the European Union join the euro once certain economic criteria are met. As of May 2018, Poland met 2 out of the 5 criteria. Poland and the euro Poland does not use the euro as its currency. However, under the terms of their Treaty of Accession with the European

title: Denmark and the euro

text: and 20-krone coins, with Queen Margrethe II on the front, and the 25- and 50-øre coins, switching their back motif (a crown) to the front of the euro coins. Denmark and the euro Denmark uses the krone as its currency and does not use the euro, having negotiated the right to opt-out from participation under the Maastricht Treaty of 1992. In 2000, the government held a referendum on introducing the euro, which was defeated with 46.8% voting yes and 53.2% voting no. The Danish krone is part of the ERM II mechanism, so its exchange rate is tied to within

title: Euro

text: 3.3%. The euro inherited and built on the status of the Deutsche Mark as the second most important reserve currency. The euro remains underweight as a reserve currency in advanced economies while overweight in emerging and developing economies: according to the International Monetary Fund the total of euro held as a reserve in the world at the end of 2008 was equal to $1.1 trillion or €850 billion, with a share of 22% of all currency reserves in advanced economies, but a total of 31% of all currency reserves in emerging and developing economies. The possibility of the euro becoming

title: Lithuania and the euro

text: interest in a suggestion from the IMF that countries which are not able to meet the Maastricht criteria be able to "partially adopt" the euro, using the currency but not getting a seat at the European Central Bank. Interviews with the Foreign Minister and Prime Minister in May and August 2012 respectively highlighted that Lithuania still aimed to join the euro, but would not set a target date until the state of the eurozone post-crisis was clear. During the 2012 Lithuanian parliamentary election campaign, the Social Democrats were reported to prefer delaying the euro adoption, from the previous 2014 target

title: 10 euro cent coin

text: that have not yet adopted the euro. Some of them have already agreed upon their coin designs, but it is not known exactly when they will adopt the currency, and hence these are not yet minted. See Enlargement of the eurozone for expected entry dates of these countries. The coin has the nickname "dubbeltje" in the Netherlands, a term carried over from the previous currency. 10 euro cent coin The 10 euro cent coin (€0.10) has a value of one tenth of a euro and is composed of an alloy called Nordic gold. All coins have a common reverse side

title: World currency

text: or "supercurrency", as the proposed terra or the DEY (acronym for Dollar Euro Yen), produced and supported by a central bank which is used for "all" transactions around the world, regardless of the nationality of the entities (individuals, corporations, governments, or other organizations) involved in the transaction. No such official currency currently exists. Advocates, notably Keynes, of a global currency often argue that such a currency would not suffer from inflation, which, in extreme cases, has had disastrous effects for economies. In addition, many argue that a single global currency would make conducting international business more efficient and would encourage

title: Economy of the European Union

text: Economy of the European Union The European Union is the second largest economy in the world in nominal terms and according to purchasing power parity (PPP). The European Union's GDP was estimated to be $18.8 trillion (nominal) in 2018, representing ~22% of global economy (Nominal global GDP). The euro, used by 19 of its 28 members, is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. The euro is the official currency in 25 countries, in the eurozone and in six other European countries, officially or "de facto."

title: Mill (currency)

text: not necessary. Maltese lira coinage included 2 mil, 3 mil, and 5 mil coins from 1972 to 1994, with 10 mils being equal to one cent. Prices could still be marked using mils until the country switched to the euro in 2008, however these were then rounded up for accounting purposes. The short-lived and unrecognized Republic of Rose Island (a micronation off the Italian coast) had the mill as its official currency ("milo" in the official language Esperanto). The Palestine pound, used as the currency of the British Mandate for Palestine from 1927 to 1948, was divided into 1,000 mils.

text: would replace the US dollar with the euro as its official currency for the purposes of international trading. On 1 December 2002, North Korea did the same. (Its internal currency, the wŏn, is not convertible and thus cannot be used to purchase foreign goods. The euro also enjoys popularity domestically, especially among elites and resident foreigners.) Syria followed suit in 2006. In 2000, President of Iraq Saddam Hussein began the sale of his country's oil denominated in euros rather than US dollars since the majority of Iraqi oil trade was with the EU, India and China rather than the United

title: Euro

text: cheques, electronic transfers, banking, etc.) at midnight on 1 January 1999, when the national currencies of participating countries (the eurozone) ceased to exist independently. Their exchange rates were locked at fixed rates against each other. The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new euro notes and coins were introduced on 1 January 2002. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until 28 February

title: Cypriot euro coins

text: adopt the euro as scheduled. On 20 June 2007, the European Parliament voted affirmatively on this issue and on 21 June 2007, the date was confirmed by the EU leaders. On 10 July 2007, the EU Finance Ministers set the permanent exchange rate to CYP 0.585274 to 1 euro. On 23 October 2007, the designs were officially published in the Official Journal of the European Union. On 1 January 2008, the euro replaced the Cypriot pound as the official currency. Although Cyprus joined the Eurozone in 2008, they already had one high value commemorative coin, minted in silver. This coin

title: 50 euro note

text: 50 euro note The fifty euro note (€50) is one of the middle value euro banknotes and has been used since the introduction of the euro (in its cash form) in 2002. The note is used by some 343 million Europeans and in the 23 countries which have the euro as their sole currency (with 22 legally adopting it). In August 2018, there were about 10,030,000,000 fifty euro banknotes in circulation in the eurozone. It is by far the most widely circulated denomination, accounting for over 46% of the total banknotes. Estimates suggest that the average life of a fifty

title: 20 euro note

text: 20 euro note The twenty euro note (€20) is the third-lowest value euro banknote and has been used since the introduction of the euro (in its cash form) in 2002. The note is used in the 23 countries which have it as their sole currency (with 22 legally adopting it); with a population of about 343 million. In August 2018, there were approximately 3,845,000,000 twenty euro banknotes in circulation around the eurozone. It is the second most widely circulated denomination, accounting for over 17% of the total banknotes. Estimates suggest that the average life of a twenty euro banknote is

title: 10 euro note

text: 10 euro note The ten euro note (€10) is the second-lowest value euro banknote and has been used since the introduction of the euro (in its cash form) in 2002. The note is used in the 23 countries which have it as their sole currency (with 22 legally adopting it); with a population of about 343 million. In August 2018, there were approximately 2,500,000,000 ten euro banknotes in circulation around the eurozone. It is the fourth most widely circulated denomination, accounting for over 11% of the total banknotes. Estimates suggest that the average life of a ten euro banknote is

title: 5 euro note

text: 5 euro note The five euro note (€5) is the lowest value euro banknote and has been used since the introduction of the euro (in its cash form) in 2002. The note is used in the 25 countries which have it as their sole currency (with 23 legally adopting it); with a population of about 343 million. In August 2018, there were approximately 1,871,000,000 five euro banknotes in circulation around the eurozone. It is the fifth most widely circulated denomination, accounting for over 8% of the total banknotes. Estimates suggest that the average life of a five euro banknote is

title: Hard currency

text: EUR = 1.20 CHF, to protect its trade. This action temporarily eliminated the franc's hard currency advantage over the euro but was abandoned in January 2015. Investors as well as ordinary people generally prefer hard currencies to soft currencies at times of increased inflation (or, more precisely, times of increased inflation differentials between countries), at times of heightened political or military risk, or when they feel that one or more government-imposed exchange rates are unrealistic. There may be regulatory reasons for preferring to invest outside one's home currency, e.g. the local currency may be subject to capital controls which makes

title: Euro

text: currency in Cuba since 1998, and Syria since 2006. There are also various currencies pegged to the euro (see below). In 2009, Zimbabwe abandoned its local currency and used major currencies instead, including the euro and the United States dollar. Since its introduction, the euro has been the second most widely held international reserve currency after the U.S. dollar. The share of the euro as a reserve currency increased from 18% in 1999 to 27% in 2008. Over this period, the share held in U.S. dollar fell from 71% to 64% and that held in Yen fell from 6.4% to

title: 500 euro note

text: 500 euro note The five hundred euro note (€500) is the highest-value euro banknote and was produced between the introduction of the euro (in its cash form) in 2002 until 2014. As of 2018, the banknote is still under circulation. It was one of the highest-value circulating banknotes in the world, worth around 620 USD, 3,914 CNY, 66,413 JPY, 584 CHF or 440 GBP. The note is used in the 23 countries which have the euro as their sole currency (with 22 legally adopting it), with a population of about 343 million. Initially, the high denomination notes were introduced very

title: Sweden and the euro

text: main aim for this is to protect Swedish banks against being “too big to fail”. Sweden's Financial Markets Minister Per Bolund has said that the country is conducting a study on joining, which is planned to be completed by 2019. The only disadvantage is that Sweden would be a member, not have any voting rights as it is not a member of the euro. Sweden and the euro Sweden does not currently use the euro as its currency and has no plans to replace the krona in the near future. Sweden's Treaty of Accession of 1994 made it subject to

title: Sweden and the euro

text: 1 January 2009. From that date, all residents can use either kronor or euro in restaurants and shops, as well as in payments of rent and bills. Dual pricing is used at many places and ATMs dispense either currency without additional charge (the latter is law all over Sweden). Around 60 percent of stores in the town are reported to have signed up to the scheme and local banks have developed guidelines to accept euro deposits. This decision was approved and agreed by municipality of Höganäs. Höganäs has developed a special euro logo for the city. It is not a

title: History of the euro

text: midnight on 1 January 1999, when the national currencies of participating countries (the eurozone) ceased to exist independently in that their exchange rates were locked at fixed rates against each other, effectively making them mere non-decimal subdivisions of the euro. The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new notes and coins were introduced on 1 January 2002 (having been distributed in small amounts in the previous December). Beginning on 1 January 1999, all bonds and other forms of

title: Maltese euro coins

text: Their face value range from 10 euro to 50 euro. This is mainly done as a legacy of old national practice of minting gold and silver coins. These coins are not intended to be used as means of payment, so they do not circulate. Maltese euro coins Maltese euro coins feature three separate designs for the three series of coins. Malta has been a member of the European Union since 1 May 2004, and is a member of the Economic and Monetary Union of the European Union. Malta adopted the euro as its official currency on 1 January 2008, replacing