European Union - Delegation of the European Union to Japan

1 March 2002: the euro becomes the sole legal tender of twelve European countries

After more than ten years of preparations, 12 European countries gave up their national currency forever on 1 March 2002 and adopted a common currency: the euro. Slovenia became the 13th country to adopt the euro on 1 January 2007, Cyprus and Malta in January 2008, Slovakia in January 2009, and Estonia in 2011.

On 1 January 2002, euro banknotes worth €133 billion began circulation. By 1 March 2002, €242 billion worth of notes were circulating across twelve countries. By the end of 2005, this figure had risen to €565 billion worth of notes and €16.64 billion worth of coins. Over 320 million people were affected by this change. Never before had such an operation been undertaken on this scale.

As of January 2011, the euro has now been introduced in:
Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia Slovenia, and Spain

What do the euro banknotes look like?

7 denominations: 5, 10, 20, 50, 100, 200 and 500 euro

They are all exactly the same throughout the euro area. They illustrate the evolution of architectural styles in the history of Europe: windows and bridges bring people together.

And what do the euro coins look like?

8 denominations: 1, 2, 5, 10, 20, 50 cents and 1 and 2 euro

One face is common to all the countries and represents cohesion between the Member States of the European Union. The other face shows national symbols chosen by the different countries. The common sides of the eight euro coins have different designs: €2 and €1, 50, 20 and 10 cent coins show either the European Union before its enlargement on 1 May 2004 or, as of 1 January 2007, a geographical image of Europe, while the 5, 2 and 1 cent coins show Europe in relation to Africa and Asia on a globe. NB: All coins, whatever the national face, are accepted in all euro area countries.

What are the advantages of the euro?

When travelling in the euro area
You only have to change money once: one currency is all you need now. For instance, when you visit a museum in Italy, you can pay the entrance fee using euro coins left over from your stay in Greece; you can buy a meal in France with euro banknotes you got from a cash dispenser in Spain; etc. All this saves both time and money.

When travelling in the euro area
You only have to change money once: one currency is all you need now. For instance, when you visit a museum in Italy, you can pay the entrance fee using euro coins left over from your stay in Greece; you can buy a meal in France with euro banknotes you got from a cash dispenser in Spain; etc. All this saves both time and money.

When shopping in the euro area

Prices are displayed in the same currency; they are easier to compare and help you make the right choice

When doing business with the euro area
There is no longer any risk of fluctuation between currencies. Interest and inflation rates are much lower. You buy, sell and borrow within a larger and more competitive market. Managing your business is easier and less expensive.

The euro area in the world: key figures

The International Role of the Euro

Five years after the introduction of the euro, debt securities denominated in euro account for 31% of the total stock of international issues.

At the end of 2006 the euro accounted for 44% of foreign exchange transactions. This represents a growth from the 37% that was reported on the 2004 BIS Triennial Survey and confirms the trend towards a notable increase in activity in foreign exchange trading.

The share of the euro in official foreign exchange reserves in countries in the so-called “dollar area” (Asia and the Western hemisphere) stood at 25% in 2006, up from 18% in late 2005, while in European nations, outside the dollar area, the 2005 share was 57%. Trends in both areas were in favour of adopting the euro.
 

Updated 2011.02.24