Euro

📘 Briefly explained The euro is the common currency of currently 20 member states of the European Union, which together form the eurozone. It was introduced in 1999 initially only as book money and put into circulation in 2002 as cash in the form of coins and notes. As legal tender, it replaces the former national currencies such as the Deutsche Mark, franc or lira in the participating countries. The European Central Bank, headquartered in Frankfurt am Main, controls the euro’s monetary policy and is responsible for price stability. The euro facilitates trade and travel within the eurozone because currency exchange is no longer necessary. Overall, the euro is the world’s second most important reserve currency after the US dollar. 🔍 Why this matters The euro is the common currency of currently 20 of the 27 member states of the European Union and, after the US dollar, is the world’s second most important reserve currency. It was introduced in 1999 initially as book money and put into circulation in 2002 as cash. The European Central Bank in Frankfurt am Main is responsible for monetary policy and sets the key interest rates. The euro facilitates trade and travel within the eurozone, as exchange rate risks are eliminated. Critics complain, however, …