The euro is a currency rising out of the formation of the European Union (EU). Its intent is to provide a common monetary system for its member countries. To date, 15 members of the EU use this form of coinage. Trading as EUR, the basic currency, the euro equals 100 cents.
History
Since the formation of the European Economic Community (EEC) in 1957, the goal has been to move from being political and trading partners - a common market, towards a complete economic union. The formation of the European Union in 1992 under the Maastricht Treaty (Treaty on European Union), provided the initial steps towards complete monetary and financial unification. The Treaty provides guidelines and specific criteria for becoming eligible to use the euro. These qualifications are the convergence or 'Maastricht criteria. They include stability of their exchange rate, stable and low inflation and firm public finances.
The euro first appeared as an official currency on January 1, 1999. The intent was to slowly replace the official currency of the Euro partners from 1999 to 2002. It began to phase itself in as a virtual currency. In fact, it did not achieve concrete form until January 1, 2002. The old coins and notes of member countries in 2002 were to use the Euro as the official coinage. They were not to print or circulate the old currency, although the money circulating still remained redeemable at banks.
At first, only 11 of the 15 qualified members opted to use it Denmark and the United Kingdom, while they accept the euro, do not use it as their official currency.. A few other members do not yet meet the criteria for acceptance. Once they do so, the latter group will replace their money with euros as the official tender.
Since Greece began the push in 2001, the amount of members utilizing the euro has increased to 15. Slovenia made the euro their official money in 2007 while Cyprus and Malta adopted it in 2008. There are more states and territories planning to adopt this currency in the future. Estonia is to accept the Euro in 2009 or 2010. The euro, pegged at market conditions, featured banknotes of 5, 10, 20, 50, 100, 200 and 500 euros. The coins come in 1, 2, 5, 10, 20 and 50 cents as well as 1 and 2 euros.
Obtaining Euros
You can exchange your own currency for Euros in any of the member countries. Check out the commercial banks and the exchange offices. Hotels are another source of currency exchange. You can always rely on ATMs or ABMs. Check first with your own bank for rates of exchange. Depending upon the country and the sophistication and rate of technological development, you can usually locate ATMs in airports, banks, railway stations, stores, shopping centers and other businesses
Protecting Your Currency
The usual precautions apply in member countries. In some states, you need to take greater care than in others. Check with tourist sites and read the alerts supplied by your own national site.
Using Your Euros
The euro is legal tender in member countries. This includes countries who opted out of using the euro as their official coinage. You can use euros for all the usual purchases – souvenirs and gifts. It is also the business currency within these member states.
Travel Tips and Warnings
- The usual precautions apply to each country within the union.
Overview
The
Euro is fast becoming a popular coinage among members and non-members
of the European Union. You will find acceptance of this form of
currency not only throughout Europe but also in many Caribbean nations
and even Asian countries.
For travel information, see the Lonely Planet.
Currency Summary
Current currency: euro
100 cents equals 1 euro.
Coins: 1, 2, 5, 10, 20 and 50 cents; 1 and 2 euros.
Banknotes: 5, 10, 20, 50, 100, 200 and 500 euros.