Euro: what is this currency, features, interesting facts

The euro is the official currency used by the countries of the Eurozone. It was introduced to facilitate trade between the countries of the European Union and to stimulate investment. However, not all countries of this territory have joined the use of the new means of payment. The main obstacle was the mandatory condition for the state to be a member of the European zone. However, it is not in all favorable to the countries. Being in the Eurozone, the states cannot issue money and regulate the interest rate independently. The government no longer controls its own financial system. The supervisory body is the European Central Bank. Euros are printed by central banks that are part of the European System of Central Banks.

Euro: what is the currency

The euro is recognized as the youngest currency. It is believed that it appeared in 1999 as a means of payment exclusively in electronic form for non-cash settlements. Paper euros have been issued since 2002.

The graphical symbol of the euro is the sign "epsilon" from the Greek alphabet. It denotes the first letter of the word "Europe" and is made in two colors: blue and yellow. It is believed that the two horizontal lines on the symbol indicate the stability of this currency.

The euro had a predecessor. From 1979 to 1998, Europe used its own unit of account, the European Currency Unit - ECU. It included the national monetary units of several countries. When the euro was introduced, the ECU was exchanged for the new currency using a one-to-one exchange rate.

Interesting facts about the euro

Although the euro is the currency of the European Union, which includes 28 countries, it can be used in some other Eurozone countries, including Vatican City, San Marino, Monaco, Kosovo (they are not part of the European Union). The euro is also used as a trade currency in North Korea, Syria, Iraq and Cuba.

Interesting facts about the euro:

• About 40% of global trade transactions are conducted in euros, 25% of money reserves in foreign currencies are saved in euros.
• There are banknotes with a denomination of "0". They are not used as money. They are souvenirs.
• Euro coins have an interesting design. On one side they are the same and on the other - a different image. The design varies depending on the country. Paper banknotes are all the same for the EU. They depict bridges, inherent in the different architectural styles of Europe. At first, these bridges were invented, but architect Robert Stahn later built them near Rotterdam.
• The higher the denomination of the euro, the larger the size of the bill.
• Euros have embossing on them by which visually impaired people can identify the denomination.
• Euro bills have letter designations on them to show where they were printed: X - Germany, L - Finland. U - France, B - Spain, Z - Belgium.
• Some euro coins are issued in countries outside the Eurozone: Monaco, Vatican City and San Marino.

Although the euro is a young currency, it has become the world's second most valuable currency after the dollar. Organizations and citizens store their savings in euros in countries where this means of payment is not used in official settlements.