The Euro is the single currency for Member States of the European Union, nowadays used by some 334 million people. The euro entered into circulation on 1^st January 2002, in order to replace the existing currencies such as the peseta, the franc, the drachma or the escudo.

Countries using the euro

Ever since its birth and until now, a total of nineteen countries out of the twenty-eight forming the European Union have gradually adopted the euro, thus forming the so-called Eurozone. These countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. Lithuania was the last country to enter the Eurozone on January 1^st 2015.

However, other 9 countries in the European Union have not adopted the euro, such as Bulgaria, Croatia, Denmark, Hungary, Poland, the Czech Republic, the United Kingdom, Romania and Sweden.

Current euro Coins and Banknotes

There are a total of seven denominations of legal tender euro banknotes: €5, €10, €20, €50, €100, €200 and €500. These notes are all identical for all the countries that use this currency, and their designs reflect the most representative architectural styles of seven ages of the cultural history of Europe. Discover all these notes at the website of the European Central Bank.

On 2^nd May 2013 the new €5 note of the Europa series entered into circulation, incorporating a new design and improved security measures.

As for the coins there are eight different denominations: 1, 2, 5, 10, 20 and 50 cent and 1 and 2 euro coins. One common side and one national which identifies the issuing country.

The Governing Council of the European Central Bank (ECB) decides the amount of euro notes issued each year and the total value of the coins issued by each country.

Advantages of a single euro currency

As the Bank of Spain indicates, the euro cash currency, as payment instrument, boasts some unique characteristics:

• It is the most used in business transactions
• Its cost is lower than that of electronic payment instruments for small amount transactions.
• It is readily available to all, and eases payment for people who do not have bank accounts or have restricted access to them or cannot use means of electronic payment.
• It helps people control their expenses better.
• It is a safe instrument against fraud and counterfeiting.
• It is a store of value.

For these reasons, the amount of euro banknotes in circulation has increased continually since it was first issued and this currency has become a reference for the whole Eurozone.