Euro

The euro (currency sign: €; currency code: EUR) is the official currency of the European Union (EU). Fifteen member states have adopted it, known collectively as the Eurozone (Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Spain). The currency is also used in five further countries with formal agreements and six other countries without such agreements. Hence it is the single currency for over 320 million Europeans.Including areas using currencies pegged to the euro, the euro directly affects close to 500 million people worldwide.[2] With more than €610 billion in circulation as of December 2006 (equivalent to US$802 billion at the exchange rates at the time), the euro is the currency with the highest combined value of cash in circulation in the world, having surpassed the U.S. dollar (USD

Taking official estimates of 2007 GDP, the Eurozone is the largest economy in the world by March 2008 after the USD/EUR exchange rate surpassed 1.56
The euro was introduced to world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes on 1 January 2002. It replaced the former European Currency Unit (ECU) at a ratio of 1:1.