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What is the euro currency?

Updated: 4/28/2022
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10y ago

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The euro is a currency formed in 1999 from the ECU (a former banking currency). The euro became the currency of 11 member states of the European Union and was under the independent management of the European Central Bank.

The initial members of the euro where Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain. In 1999 the separate currencies of these countries ceased to exist and simply became sub-denominations of the euro. The banknotes and coins of these former currencies however continued to circulate until physical euro currency was released on January 1st 2002.

Greece joined the Euro on 1st January 2002, just in time for the introductuon of the physical euro currency. Slovenia joined on 1st January 2007. Cyprus and Malta joined the euro on 1st January 2008.

All member states that joined the European Union since 1999 must adopt the euro as soon as it is possible.
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