Currencies of the European Union
There are nine currencies of the European Union used officially by member states. The euro accounts for the majority of the member states with the remainder operating independent monetary policies. Those European Union states that have adopted it are known as the eurozone and share the European Central Bank (ECB). The ECB and the national central banks of all EU countries, including those who operate an independent currency, are part of the European System of Central Banks. Euro. The euro is the result of the European Union's project for economic and monetary union that  came fully into being on 1 January 2002 and it is now the currency used by the majority of the European Union's member states, with all but Denmark bound to adopt it. It is the currency used by the institutions of the European Union and in the failed treaty on a European Constitution it was to be included with the symbols of Europe as the formal currency of the European Union. The euro is also widely used by other states outside the EU. Except for the one state with an opt out, all current and future members of the  EU are obliged to adopt the Euro as their currency, thus replacing their current ones. The relationship between euro and non-euro states has been on debate both during the UK's membership (as a large opt-out state) and in light of withdrawal from the EU and how that impacts the balance of power between the countries inside and those outside the eurozone, avoiding a eurozone caucus out-voting non-euro states. Former member UK had called for the EU treaties to recognise the EU as a "multicurrency union", which sparked concerns about undermining euro adoption in remaining countries . Current currencies. The following are official and unofficial currencies used within the borders of the 27 EU Member states: