Currencies of the European Union
Encyclopedia
There are fourteen currencies
of the European Union
as of 2011, the principal currency being the euro
. The euro is used by the institutions of the European Union
and by the eurozone
states, which account for 17 of the 27 member states of the European Union. All but two states are obliged to adopt the currency; the remaining three have, through legal exemption or de facto permission, retained the right to operate independent currencies within the European Union.
which came fully into being on 1 January 2002
. and it is now the currency used by the majority of European Union's member states
, with all but three bound to adopt it. It is the currency used by the institutions of the European Union
and in the failed European Constitution it was to be included with the symbols of Europe as the formal currency of the European Union. The euro is also widely used by other states outside the EU
.
application to Northern Cyprus is currently suspended. Its territory is claimed by the Republic of Cyprus, one of the EU member states, but currently Northern Cyprus is under Turkish Republic of Northern Cyprus
(TRNC) control. TRNC isn't recognised by the Republic of Cyprus (which claims jurisdiction over the whole island) and the European Union.
EU law would start to apply in Northern Cyprus if it comes under control of the Republic of Cyprus (if the Cyprus dispute
is resolved trough unification), whose official legal tender
is the Euro
.
Presently, the TRNC government has declared the Turkish lira
(TL,
. Nevertheless usage of the Euro in Northern Cyprus is already high in practice.
was given an opt-out from the euro in the Maastricht Treaty
when it became the only state not to reach a compromise regarding currency issues. Denmark
gained its opt-out after the Danish electorate rejected the treaty in a 1992 referendum
and Denmark was given four opt-outs in order to pass the treaty.
Sweden
then held a referendum
in 2003 even though it was obliged to adopt the currency and it was rejected by the Swedish electorate. The European Commission stated it would respect this decision for now but not tolerate similar moves from countries that join the EU after the euro is introduced. Hence, the British, Danish and Swedish currencies are not obliged to be retired, however Denmark is considering dropping its opt-out (see future below).
and share the European Central Bank
(ECB). The ECB and the national central banks of all EU countries, including those who operate an independent currency, are part of the European System of Central Banks
. Before a state adopts the euro, its currency has to spend at least two years in the European Exchange Rate Mechanism
which pegs it to the euro within a fixed band. Currently four currencies are in ERM, including the Danish Krone which has an opt-out. The Bulgaria lev is also pegged via a currency board.
due to increasing pressure to adopt the Euro, the Danish Kroner already pegged to the Euro, and Denmark having fulfilled all the existing requirements.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
as of 2011, the principal currency being the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
. The euro is used by the institutions of the European Union
Institutions of the European Union
The European Union is governed by seven institutions. Article 13 of Treaty on European Union lists them in the following order: the European Parliament, the European Council, the Council of the European Union, the European Commission, the Court of Justice of the European Union, the European...
and by the eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
states, which account for 17 of the 27 member states of the European Union. All but two states are obliged to adopt the currency; the remaining three have, through legal exemption or de facto permission, retained the right to operate independent currencies within the European Union.
Euro
The euro is the result of the European Union's project for economic and monetary unionEconomic and Monetary Union of the European Union
The Economic and Monetary Union is an umbrella term for the group of policies aimed at converging the economies of members of the European Union in three stages so as to allow them to adopt a single currency, the euro. As such, it is largely synonymous with the eurozone.All member states of the...
which came fully into being on 1 January 2002
Introduction of the euro
The euro came into existence on 1 January 1999, although it has been a goal of the European Union and its predecessors since the 1960s. After tough negotiations, particularly due to opposition from the United Kingdom, the Maastricht Treaty entered into force in 1993 with the goal of creating...
. and it is now the currency used by the majority of European Union's member states
Member State of the European Union
A member state of the European Union is a state that is party to treaties of the European Union and has thereby undertaken the privileges and obligations that EU membership entails. Unlike membership of an international organisation, being an EU member state places a country under binding laws in...
, with all but three bound to adopt it. It is the currency used by the institutions of the European Union
Institutions of the European Union
The European Union is governed by seven institutions. Article 13 of Treaty on European Union lists them in the following order: the European Parliament, the European Council, the Council of the European Union, the European Commission, the Court of Justice of the European Union, the European...
and in the failed European Constitution it was to be included with the symbols of Europe as the formal currency of the European Union. The euro is also widely used by other states outside the EU
International status and usage of the euro
The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced 12 currencies on 1 January 2002, it inherited their use in territories such as Montenegro and they replaced minor currencies tied to the pre-euro currencies such as in Monaco...
.
Current currencies
| Currency | State Member State of the European Union A member state of the European Union is a state that is party to treaties of the European Union and has thereby undertaken the privileges and obligations that EU membership entails. Unlike membership of an international organisation, being an EU member state places a country under binding laws in... |
¤ Currency sign A currency sign is a graphic symbol used as a shorthand for a currency's name, especially in reference to amounts of money. They typically employ the first letter or character of the currency, sometimes with minor changes such as ligatures or overlaid vertical or horizontal bars... |
ISO ISO 4217 ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list... |
Euro peg International status and usage of the euro The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced 12 currencies on 1 January 2002, it inherited their use in territories such as Montenegro and they replaced minor currencies tied to the pre-euro currencies such as in Monaco... |
Notes |
|---|---|---|---|---|---|
| Euro Euro The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,... |
{Collapsible list|titlestyle=font-weight:normal; background:transparent; text-align:left;|title= EurozoneEurozone The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender... |  Austria Belgium Cyprus Estonia Finland Early Modern France Germany Greece Republic of Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain}} |
€ Euro sign The euro sign is the currency sign used for the euro, the official currency of the Eurozone in the European Union . The design was presented to the public by the European Commission on 12 December 1996. The international three-letter code for the euro is EUR... |
EUR |
n/a | Used by the institutions |
| Bulgarian lev Bulgarian lev The lev is the currency of Bulgaria. It is divided in 100 stotinki . In archaic Bulgarian the word "lev" meant "lion".It is speculated that Bulgaria, as a member of the European Union will adopt the Euro in 2015 .- First lev, 1881–1952 :... |
 Kingdom of Bulgaria |
лв | BGN |
Currency board Currency board A currency board is a monetary authority which is required to maintain a fixed exchange rate with a foreign currency. This policy objective requires the conventional objectives of a central bank to be subordinated to the exchange rate target.... |
2014 target for euro |
| Czech koruna Czech koruna The Czech koruna or Czech crown has been the currency of the Czech Republic since 8 February 1993 when, together with its Slovak counterpart, it replaced the Czechoslovak koruna at par.... |
 Czech Republic |
Kč | CZK |
Floating | 2015 earliest |
| Danish krone Danish krone The krone is the official currency of the Kingdom of Denmark consisting of Denmark, the Faroe Islands and Greenland. It is subdivided into 100 øre... |
 Denmark |
kr | DKK |
ERM European Exchange Rate Mechanism The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System , to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of... |
Formal opt-out Opt-outs in the European Union In general, the law of the European Union is valid in all of the twenty-seven European Union member states. However, occasionally member states negotiate certain opt-outs from legislation or treaties of the European Union, meaning they do not have to participate in certain policy areas... |
| Hungarian forint Hungarian forint The forint is the currency of Hungary. It is divided into 100 fillér, although fillér coins are no longer in circulation. The introduction of the forint on 1 August 1946 was a crucial step of the post-WWII stabilization of the Hungarian economy, and the currency remained relatively stable until... |
 Hungary |
Ft | HUF |
Floating | No current target for euro |
| Latvian lats Latvian lats The lats is the currency of Latvia. It is abbreviated as Ls. The lats is sub-divided into 100 santīmi .... |
 Latvia |
Ls | LVL |
ERM European Exchange Rate Mechanism The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System , to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of... |
2014 target for euro earliest |
| Lithuanian litas Lithuanian litas The Lithuanian litas is the currency of Lithuania. It is divided into 100 centų... |
 Lithuania |
Lt | LTL |
ERM European Exchange Rate Mechanism The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System , to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of... |
2014 target for euro earliest |
| Polish złoty |  Poland |
zł | PLN |
Floating | No current target for euro |
| Pound sterling Pound sterling The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence... Gibraltar pound Gibraltar pound The Gibraltar pound is the currency of Gibraltar. It is exchangeable with the UK pound sterling at par value.-History:... |
 United Kingdom Gibraltar |
£ | GBP |
Floating | Formal opt-out Opt-outs in the European Union In general, the law of the European Union is valid in all of the twenty-seven European Union member states. However, occasionally member states negotiate certain opt-outs from legislation or treaties of the European Union, meaning they do not have to participate in certain policy areas... |
| Romanian leu Romanian leu The leu is the currency of Romania. It is subdivided into 100 bani . The name of the currency means "lion". On 1 July 2005, Romania underwent a currency reform, switching from the previous leu to a new leu . 1 RON is equal to 10,000 ROL... |
 Kingdom of Romania |
Leu | RON |
Floating | 2015 target for euro earliest |
| Swedish krona Swedish krona The krona has been the currency of Sweden since 1873. Both the ISO code "SEK" and currency sign "kr" are in common use; the former precedes or follows the value, the latter usually follows it, but especially in the past, it sometimes preceded the value... |
 Sweden |
kr | SEK |
Floating | De facto opt-out Opt-outs in the European Union In general, the law of the European Union is valid in all of the twenty-seven European Union member states. However, occasionally member states negotiate certain opt-outs from legislation or treaties of the European Union, meaning they do not have to participate in certain policy areas... |
| Swiss franc Swiss franc The franc is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia. Although not formally legal tender in the German exclave Büsingen , it is in wide daily use there... |
 Campione d'ItaliaCampione d'Italia Campione d'Italia is an Italian comune of the Province of Como in the Lombardy region, occupying an enclave within the Swiss canton of Ticino, separated from the rest of Italy by Lake Lugano and mountains... (Italy Italy Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and... ) |
Fr. | CHF |
Floating | Also unofficially used in Büsingen am Hochrhein, Germany Germany Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate... . Swiss Franc is issued by Switzerland. |
- Note that there are other currencies used in overseas territories of member states. Those territories however are not part of the European Union proper (legally subject to all its law) so are not listed here.
Northern Cyprus
EU law and treatiesEuropean Union law
European Union law is a body of treaties and legislation, such as Regulations and Directives, which have direct effect or indirect effect on the laws of European Union member states. The three sources of European Union law are primary law, secondary law and supplementary law...
application to Northern Cyprus is currently suspended. Its territory is claimed by the Republic of Cyprus, one of the EU member states, but currently Northern Cyprus is under Turkish Republic of Northern Cyprus
Turkish Republic of Northern Cyprus
Northern Cyprus or North Cyprus , officially the Turkish Republic of Northern Cyprus , is a self-declared state that comprises the northeastern part of the island of Cyprus...
(TRNC) control. TRNC isn't recognised by the Republic of Cyprus (which claims jurisdiction over the whole island) and the European Union.
EU law would start to apply in Northern Cyprus if it comes under control of the Republic of Cyprus (if the Cyprus dispute
Cyprus dispute
The Cyprus dispute is the result of the ongoing conflict between the Republic of Cyprus and Turkey, over the Turkish occupied northern part of Cyprus....
is resolved trough unification), whose official legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
is the Euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
.
Presently, the TRNC government has declared the Turkish lira
Turkish lira
The Turkish lira is the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus. The lira is subdivided into 100 kuruş...
(TL,
TRY) to be its legal tender. TL is not issued by any EU member state, but by Turkey and it has a free floating regimeFloating exchange rate
A floating exchange rate or fluctuating exchange rate is a type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign exchange market. A currency that uses a floating exchange rate is known as a floating currency....
. Nevertheless usage of the Euro in Northern Cyprus is already high in practice.
Opt-outs
The United KingdomUnited Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
was given an opt-out from the euro in the Maastricht Treaty
Maastricht Treaty
The Maastricht Treaty was signed on 7 February 1992 by the members of the European Community in Maastricht, Netherlands. On 9–10 December 1991, the same city hosted the European Council which drafted the treaty...
when it became the only state not to reach a compromise regarding currency issues. Denmark
Denmark
Denmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark...
gained its opt-out after the Danish electorate rejected the treaty in a 1992 referendum
Danish Maastricht Treaty referendum, 1992
A referendum on the Maastricht Treaty was held in Denmark on 2 June 1992. It was rejected by 50.7% of voters with a turnout of 83.1%. The rejection was considered somewhat of a blow to the process of European integration, although the process continued...
and Denmark was given four opt-outs in order to pass the treaty.
Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
then held a referendum
Referendums in Sweden
Since the introduction of parliamentarism in Sweden, six referendums have been held. The constitution of 1974 provides for binding referendums. However, none of the referendums held have been binding but rather have been of an advisory and consultative nature and not formally binding on the...
in 2003 even though it was obliged to adopt the currency and it was rejected by the Swedish electorate. The European Commission stated it would respect this decision for now but not tolerate similar moves from countries that join the EU after the euro is introduced. Hence, the British, Danish and Swedish currencies are not obliged to be retired, however Denmark is considering dropping its opt-out (see future below).
Institutions
Those European Union states that have adopted it are known as the eurozoneEurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
and share the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
(ECB). The ECB and the national central banks of all EU countries, including those who operate an independent currency, are part of the European System of Central Banks
European System of Central Banks
The European System of Central Banks is composed of the European Central Bank and the national central banks of all 27 European Union Member States.-Functions:...
. Before a state adopts the euro, its currency has to spend at least two years in the European Exchange Rate Mechanism
European Exchange Rate Mechanism
The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System , to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of...
which pegs it to the euro within a fixed band. Currently four currencies are in ERM, including the Danish Krone which has an opt-out. The Bulgaria lev is also pegged via a currency board.
Historic currencies
| Currency | State Member State of the European Union A member state of the European Union is a state that is party to treaties of the European Union and has thereby undertaken the privileges and obligations that EU membership entails. Unlike membership of an international organisation, being an EU member state places a country under binding laws in... |
Symbol Currency sign A currency sign is a graphic symbol used as a shorthand for a currency's name, especially in reference to amounts of money. They typically employ the first letter or character of the currency, sometimes with minor changes such as ligatures or overlaid vertical or horizontal bars... |
ISO ISO 4217 ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list... |
Completely Yielded on |
Rate to euro |
Notes |
|---|---|---|---|---|---|---|
| Austrian schilling Austrian schilling The schilling was the currency of Austria from 1924 to 1938 and from 1945 to 1999, and the circulating currency until 2002. The euro was introduced at a fixed parity of €1 = 13.7603 schilling to replace it... |
Austria |
S or öS | (ATS) |
1999/2002 | 13.7603 | |
| Belgian franc Belgian franc The franc was the currency of Belgium until 2002 when the euro was introduced into circulation. It was subdivided into centimes , 100 centiem or Centime .-History:... |
Belgium |
fr. | (BEF) |
1999/2002 | 40.3399 | Interchangeable with Luxembourgian franc (BELU) |
| Cypriot pound Cypriot pound The pound, also known as the lira , was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, until 31 December 2007, when the Republic of Cyprus adopted the euro... |
Cyprus |
£ | (CYP) |
2008 | 0.585274 | |
| Dutch guilder | Netherlands |
ƒ or fl. | (NLG) |
1999/2002 | 2.20371 | |
| Estonian kroon Estonian kroon In 1992, coins were introduced in denominations of 5, 10, 20 & 50 senti, as well as 1 kroon. The 1 kroon was struck in cupronickel, the others in aluminum-bronze. However, in 1997, nickel-plated steel 20 senti were introduced, followed by aluminum-bronze 1 kroon in 1998. 5 senti coins were not... |
Estonia |
Kr | (EEK) |
2011 | 15.6466 | |
| Finnish markka | Finland |
mk | (FIM) |
1999/2002 | 5.94573 | |
| French franc French franc The franc was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra . Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money... |
Early Modern France |
₣, F or FF | (FRF) |
1999/2002 | 6.55957 | Linked to Monegasque franc Monegasque franc The franc was the official currency of the Principality of Monaco until 2002 , when it changed to the euro. The franc was subdivided into 100 centimes or 10 decimes. The Monégasque franc circulated alongside the French franc with the same value... , both valid in France, Andorra Andorra Andorra , officially the Principality of Andorra , also called the Principality of the Valleys of Andorra, , is a small landlocked country in southwestern Europe, located in the eastern Pyrenees mountains and bordered by Spain and France. It is the sixth smallest nation in Europe having an area of... and Monaco Monaco Monaco , officially the Principality of Monaco , is a sovereign city state on the French Riviera. It is bordered on three sides by its neighbour, France, and its centre is about from Italy. Its area is with a population of 35,986 as of 2011 and is the most densely populated country in the... . |
| German mark German mark The Deutsche Mark |mark]], abbreviated "DM") was the official currency of West Germany and Germany until the adoption of the euro in 2002. It is commonly called the "Deutschmark" in English but not in German. Germans often say "Mark" or "D-Mark"... |
Germany |
DM | (DEM) |
1999/2002 | 1.95583 | |
| Greek drachma Greek drachma Drachma, pl. drachmas or drachmae was the currency used in Greece during several periods in its history:... |
Greece |
(GRD) |
2001/2002 | 340.75 | ||
| Irish pound Irish pound The Irish pound was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the usual notation was the prefix £... |
Republic of Ireland |
£ | (IEP) |
1999/2002 | 0.787564 | |
| Italian lira Italian lira The lira was the currency of Italy between 1861 and 2002. Between 1999 and 2002, the Italian lira was officially a “national subunit” of the euro... |
Italy |
₤, L. or LIT | (ITL) |
1999/2002 | 1,936.27 | Linked to Sammarinese & Vatican lira Vatican lira The lira was the currency of the Vatican City between 1929 and 2002.-History:The Papal States, by then reduced to a smaller area close to Rome, used its own lira between 1866 and 1870, after which it ceased to exist... , all valid in Italy, San Marino San Marino San Marino, officially the Republic of San Marino , is a state situated on the Italian Peninsula on the eastern side of the Apennine Mountains. It is an enclave surrounded by Italy. Its size is just over with an estimated population of over 30,000. Its capital is the City of San Marino... and the Vatican City Vatican City Vatican City , or Vatican City State, in Italian officially Stato della Città del Vaticano , which translates literally as State of the City of the Vatican, is a landlocked sovereign city-state whose territory consists of a walled enclave within the city of Rome, Italy. It has an area of... . |
| Luxembourgian franc | fr. or F | (LUF) |
1999/2002 | 40.3399 | Interchangeable with Belgian franc (BLEU). | |
| Maltese lira Maltese lira The lira was the currency of Malta from 1972 until 31 December 2007. The lira was abbreviated as Lm, although the traditional ₤ sign was often used locally... |
Malta |
₤ or Lm | (MTL) |
2008 | 0.4293 | |
| Portuguese escudo Portuguese escudo The escudo was the currency of Portugal prior to the introduction of the Euro on 1 January 1999 and its removal from circulation on 28 February 2002. The escudo was subdivided into 100 centavos.... |
Portugal |
 or $ |
(PTE) |
1999/2002 | 200.482 | |
| Slovak koruna Slovak koruna In 1993, coins were introduced in denominations of 10, 20 and 50 haliers, 1, 2, 5 and 10 korunas. The 10 and 20 halier coins were taken out of circulation on 31 December 2003.... |
Slovakia |
Sk | (SKK) |
2009 | 30.126 | |
| Slovenian tolar Slovenian tolar The tolar was the currency of Slovenia from 1991 until the introduction of the euro on 1 January 2007. It was subdivided into 100 stotins... |
Slovenia |
SIT | (SIT) |
2007 | 239.64 | |
| Spanish peseta Spanish peseta The peseta was the currency of Spain between 1869 and 2002. Along with the French franc, it was also a de facto currency used in Andorra .- Etymology :... |
Spain |
₧ | (ESP) |
1999/2002 | 166.386 | |
| ₠, ECU or XEU | (XEU) |
1999/2002 | 1 | Accounting currency Unit of account A unit of account is a standard monetary unit of measurement of value/cost of goods, services, or assets. It is one of three well-known functions of money. It lends meaning to profits, losses, liability, or assets.... along side national currencies until the euro introduction. |
||
Future
Except for the three states with opt outs, all current and future members of the EU are obliged to adopt the Euro as their currency, thus replacing their current ones. Denmark, which has an opt out, is expected to hold a referendum on its opt-outsDanish European Union opt-outs referendum
Denmark holds a number of "opt-outs" from European Union policies. These opt-outs relate to the Common Security and Defence Policy, citizenship, police and justice, and the adoption of the euro. The present government plans to hold a referendum on abolishing the opt-outs on defence and justice, but...
due to increasing pressure to adopt the Euro, the Danish Kroner already pegged to the Euro, and Denmark having fulfilled all the existing requirements.