Euro (€) is the name given to the official currency of the European Union, also known by its abbreviation "EU", this is the currency used by 18 of the 28 members that make up the EU. This coin entered into circulation on January 1, 1999thus replacing the old national currencies of the countries that use it until now, of course this measure was exposed and agreed with a certain time in advance, specifically in 1995 and that later came into force in order to mint the coins and print the banknotes that were to be in circulation in each member country. It is important to note that the introduction of this currency was a historic event because several countries established an agreement to maintain a single currency, something that had never been done.
When the Euro was introduced in 1999, it became the official currency of 11 member countries, replacing the national currencies of said states, such as in France, which replaced the French franc or in Germany, the German mark; This currency was introduced in a virtual way for payments that were not made in cash and above all for accounting purposes, while the old coins were still used for cash payments, considered as euro divisions. Then on January 1, 2002 the Euro was physically displayed in coins and bills of different denominations.
The countries that have adopted the Euro (€) as their official currency are: Germany, Austria, Belgium, Cyprus, Slovakia, Slovenia, Spain, Finland, France, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Latvia, Estonia and Portugal. Currently around 330 million citizens of the European Union use it as a currency enjoying its advantages, and that is expected to continue to increase as other EU countries adopt this currency. On the other hand, countries like the United Kingdom and Denmark that are members of the EU, choose not to use the Euro, thanks to an “opt-out” clause found in the Treaty, exempting them from participating in the use of it.
