Euro

Euro is the official currency of 19 of the 27 member states of the European Union. This group of states is known as the Eurozone or euro area and includes about 343 million citizens as of 2021. 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.

History

The euro was established by the provisions in the 1992 Maastricht Treaty. To participate in the currency, member states are meant to meet strict criteria, such as a budget deficit of less than 3% of their GDP, a debt ratio of less than 60% of GDP (both of which were ultimately widely flouted with effect), low inflation, and interest rates close to the EU average.

Design

The design for the euro banknotes has common designs on both sides. However, they are issued by the European Central Bank (ECB) and the Eurosystem (comprising the central banks of the eurozone countries).

Economic Impact

The euro has been the subject of considerable controversy and criticism, largely because some feel that it was introduced too quickly and that the differences between the economies of the participating countries were too large. The euro has also been blamed for high unemployment in some countries, such as France and Italy.

See Also

• European Central Bank
• Maastricht Treaty
• Eurozone
• Foreign exchange market

References

Euro Resources
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