What currency does the EU use?

The euro ( symbol: €; code: EUR) is the official currency of 20 of the 27 member states of the European Union (EU). This group of states is officially known as the euro area or, commonly, the eurozone, and includes about 344 million citizens as of 2023. The euro is divided into 100 cents.

Is the euro a reserve currency?

The euro is the second-most widely held reserve currency after the U.S. dollar. After its introduction on 4 January 1999 its exchange rate against the other major currencies fell reaching its lowest exchange rates in 2000 (3 May vs sterling, 25 October vs the U.S. dollar, 26 October vs Japanese yen ).

What is the European Currency Unit (ECU)?

The European Currency Unit was an accounting unit used by the EU, based on the currencies of the member states; it was not a currency in its own right. They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally sterling) that day.

What is a euro coin?

The coins also have a national side showing an image specifically chosen by the country that issued the coin. Euro coins from any member state may be freely used in any nation that has adopted the euro. The coins are issued in denominations of €2, €1, 50c, 20c, 10c, 5c, 2c, and 1c.