euro summary

Written and fact-checked by The Editors of Encyclopaedia Britannica

Below is the article summary. For the full article, see euro.

euro, Single currency of 18 countries of the European Union (EU). It is also the official currency in several areas outside the EU. The euro was adopted as a unit of exchange in January 1999. Those who advocated the currency believed it would strengthen Europe as an economic power, increase international trade, simplify monetary transactions, and lead to pricing equality throughout Europe. Euro currency notes and coins were introduced in January 2002 and became the sole national currency in all participating countries by March 1. Britain and Sweden decided not to adopt the euro immediately, and voters in Denmark rejected it.

European Union Summary

European Union (EU), international organization comprising 27 European countries and governing common economic, social, and security policies. Originally confined to western Europe, the EU undertook a robust expansion into central and eastern Europe in the early 21st century. The EU’s members are