The adoption of the euro as a standard single currency by various European countries speaks volumes of the historic European integration.
Around 341 million people across various countries use this currency every day.
The euro exhibits high stability in its monetary system. This makes it a favourite ‘anchor’ currency among the EU member countries and a linking currency for several other countries and territories outside the euro area.
The member countries that replaced their national functioning currency with the euro are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
Several other regions located outside the European Union (mostly current or former overseas territories of European states), also use the euro as a de facto currency and an ‘anchor’ currency. They are Azores and Madeira (Portugal), Canary Islands (Spain), Ceuta and Melilla (Spain), French Guyana, French islands in the Caribbean, Mayotte and Reunion (France), Saint Pierre and Miquelon (France).
The euro is also the currency of some non-EU countries -Andorra, Montenegro, Monaco, San Marino, Vatican City, etc. Kosovo, a partially recognised state in Southeastern Europe also uses the euro as its currency.
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