Euro overview

The euro (sign: €; code: EUR) is the official currency of the European Union and its territories. Currently, 19 of 28 member states use the euro; this group of states is known as the eurozone or euro area. It is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is subdivided into 100 cents. The currency is also officially used by the institutions of the European Union and its territories, four other European countries, as well as unilaterally by two others, and is consequently used daily by some 343 million Europeans as of 2018. Outside Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally, 290 million people worldwide as of 2018 use currencies pegged to the euro. The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. As of August 2018, with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.S. dollar.The name euro was officially adopted on 16 December 1995 in Madrid. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, and by May 2002 it had completely replaced the former currencies. While the euro dropped subsequently to US$0.83 within two years (26 October 2000), it has traded above the U.S. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008. In late 2009, the euro became immersed in the European sovereign-debt crisis, which led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising and strengthing the currency.

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Euro news

Macron’s 'Euro-army' is an idea whose time has come

Alexander G. Markovsky says NATO has exhausted its usefulness and lost its purpose.

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Pound LIVE: GBP Sterling PLUMMETS against euro as Raab, McVey, Vara, QUIT over Brexit deal

THE pound has plummeted against the euro this morning as backlash from Brexit began to erupt, with Brexit Secretary Dominic Raab, Work and Pensions Secretary Esther McVey and Northern Ireland minister Shailesh Vara announcing their resignations.

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GBP/USD: Cable Chaotic on Brexit, Euro Stable Despite Italy

Volatility continues to show in the British Pound around Brexit, and this morning has brought a 200-pip sell-off to GBP/USD. Meanwhile the situation around

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Pound Sterling Euro Exchange Rate LIVE: GBP/EUR Firms As UK Wage Growth Strikes 10-Year High

Sterling strengthens against the Euro as UK wage growth rises

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Euro zone weighs action to stem market contagion from Italy: ECB's...

Euro zone policymakers have discussed using the bloc's bailout fund to stem any contagion from Italy's debt woes to other euro zone countries, the European Central Bank's chief economist said.

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Euro court fines Athens over funds to shipyard, Ilias Bellos | Kathimerini

The European Court has fined Athens 10 million euros – plus another 7 million euros every six months until compliance – for the state’s failure to recoup the state subsidy granted to Hellenic Shipyards SA (ENAE), the company which operates the Skaramangas shipyard.

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Hopes for Brexit deal lift euro and sterling

Sterling hits 6½-month peak versus the euro on perceived progress toward an agreement

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Rand firms as bad news batters the euro

Disappointing local data is offset by news that eurozone growth reached a four-year low in the third quarter

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European Central Bank bond buys weakened euro by 12pc, study suggests

The European Central Bank's €2.6 trillion bond purchase scheme may have weakened the euro by 12 per cent against the US dollar, according to a bank research report.

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