Spotlight on Currencies: The Euro

Stephen Dalton 15 February 2026


At 27 years old the euro (€) is one of the world's youngest currencies. 

Despite 

 

 

he euro (€) was first introduced to world financial markets as an accounting currency on 1 January 1999. At this point there were no physical notes or coins. Rather, the national currencies of participating countries ceased to exist independently and their exchange rates were locked at fixed rates against each other. New euro notes and coins became legal tender in eurozone countries from 1 January 2002. Twelve European (EU) states replaced their national currencies at that time; eleven of these had been there from the beginning while Greece joined in 2001. 

Today the euro (€) is the official legal tender in 21 of 27 EU countries. 

The eurozone includes Austria, Belgium, Bulgaria, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain. 

 

Today 358 million people are connected by the euro.

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This means that around 358 million people are now connected by the world's 2nd largest reserve currency and 2nd most traded currency behind the US dollar ($).