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Denmark has negotiated exemptions, while Sweden (which joined the EU in 1995, after the Maastricht Treaty was signed) turned down the euro in a non-binding referendum in 2003, and has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all states have done so. The Eurosystem participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the eurozone payment systems. As an independent central bank, the ECB has sole authority to set monetary policy. The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the eurozone countries). Main articles: European Central Bank, Maastricht Treaty, and Eurogroup In late 2009, the euro became immersed in the European sovereign-debt crisis, which led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising and strengthening the currency. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008 and since then returning near to its original issue rate. While the euro dropped subsequently to US$0.83 within two years (26 October 2000), it has traded above the U.S. Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, and by March 2002 it had completely replaced the former currencies. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743). The name euro was officially adopted on 16 December 1995 in Madrid. Īs of December 2019, with more than €1.3 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world. The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar. Additionally, over 200 million people worldwide use currencies pegged to the euro. Outside Europe, a number of special territories of EU members also use the euro as their currency.
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The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. The euro, which is divided into 100 cents, is the second-largest and second-most traded currency in the foreign exchange market after the United States dollar. This group of states is known as the eurozone or euro area and includes about 343 million citizens as of 2019.
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The euro ( symbol: € code: EUR) is the official currency of 19 of the 27 member states of the European Union. Bosnia and Herzegovina convertible mark.