The European currency, also called the Euro (€), is the official currency of the European Union (EU) and is used by 19 of the 27 member states, the so-called Eurozone. The euro was introduced as the currency of account in 1999, and physical euro coins and banknotes were introduced in 2002. It replaced the European Monetary Unit (ECU) and is administered by the European Central Bank (ECB). The euro is the second most traded currency in the world after the US dollar and is used by more than 340 million people. It is also used as a reserve currency by many countries outside the Eurozone. (Current exchange rate can be found Read.)
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