Euro (EUR)
€ · Official currency of Euro area (21 EU member states)
EUR at a glance
Every fact on this page is drawn from European Central Bank or another primary source — see the 12 sources cited below.
| Currency | Euro |
|---|---|
| ISO 4217 code | EUR · number 978 |
| Symbol | € |
| Minor unit | 1 EUR = 100 cent |
| Used in | 37 countries & territories |
| Pegged to | Not pegged — 7 other currencies are pegged to it |
| Central bank | European Central Bank |
| Official rates | European Central Bank → |
| Introduced | 1999 |
Where the Euro is used
- Andorra
- Austria
- Belgium
- Bulgaria
- Croatia
- Cyprus
- Estonia
- European Union
- Finland
- France
- French Guiana
- French Southern Territories (The)
- Germany
- Greece
- Guadeloupe
- Holy See (The)
- Ireland
- Italy
- Latvia
- Lithuania
- Luxembourg
- Malta
- Martinique
- Mayotte
- Monaco
- Montenegro
- Netherlands (The)
- Portugal
- Réunion
- Saint Barthélemy
- Saint Martin (French Part)
- Saint Pierre And Miquelon
- San Marino
- Slovakia
- Slovenia
- Spain
- Åland Islands
Exchange rate regime Free float
The euro floats freely: its exchange rate is determined in foreign exchange markets, and the European Central Bank pursues a symmetric 2% inflation target rather than any exchange rate target or band.
Currencies pegged to the Euro
7 currencies hold a fixed or tightly managed rate against the EUR.
| Currency | Fixed at | Since | |
|---|---|---|---|
| BAM Bosnia-Herzegovina Convertible Mark Currency board | 1.95583 BAM per EUR | 2002-01-01 | BAM → |
| CVE Cape Verdean Escudo | 110.265 CVE per EUR | 1999-01-01 | CVE → |
| DKK Danish Krone | 7.46038 DKK per EUR (kr. 746.038 per 100 EUR)band ±2.25% | 1999-01-01 | DKK → |
| KMF Comorian Franc | 491.96775 KMF per EUR | 1999-01-01 | KMF → |
| XAF CFA Franc BEAC | 655.957 XAF per EUR | 1999-01-01 | XAF → |
| XOF CFA Franc BCEAO | 655.957 XOF per EUR | 1999-01-01 | XOF → |
| XPF CFP Franc | 1,000 XPF = 8.38 EUR (~119.3317 XPF per EUR) | 1999-01-01 | XPF → |
Each peg is sourced from the issuing monetary authority. Pegged rates are official central rates — market rates can sit slightly either side of them.
About the Euro
The Euro (EUR) is the official currency of the euro area, the 21 European Union member states that have adopted it, most recently Bulgaria on 1 January 2026. Its symbol is €, and one euro is divided into 100 cent. Monetary policy for the currency is set by the European Central Bank together with the national central banks of the euro area, which form the Eurosystem. Beyond the EU, four microstates use the euro under monetary agreements, and Kosovo and Montenegro have adopted it unilaterally.
The euro is a free-floating currency: its exchange rate is determined in foreign exchange markets, and the European Central Bank maintains no exchange rate target or band. The ECB instead pursues price stability, defined as a symmetric 2% inflation target over the medium term and measured by the Harmonised Index of Consumer Prices. The Eurogroup of euro area finance ministers may formulate general orientations for exchange rate policy, and foreign exchange intervention remains an instrument in the hands of the ECB.
The euro was launched on 1 January 1999, when it became the currency of more than 300 million people in Europe. For its first three years it was an invisible currency, used only for accounting purposes such as electronic payments; euro cash entered circulation on 1 January 2002, replacing national banknotes and coins such as the Belgian franc and the Deutsche Mark at fixed conversion rates. The euro area has since enlarged step by step, with Bulgaria converting its lev at 1.95583 per euro in 2026.
The euro is the world's second most traded currency and its second most important reserve currency, behind the US dollar on both counts. The BIS Triennial Central Bank Survey recorded the euro on one side of 28.9% of global foreign exchange turnover in April 2025, down from 30.6% in 2022. The ECB's June 2026 report on the international role of the euro puts the euro's share of global official foreign exchange reserves at around 20% in 2025, against about 57% for the US dollar.
Euro cash comprises eight coin denominations, from 1 cent to €2, and the banknotes of two series: the first series introduced in 2002 and the newer Europa series, with six denominations from €5 to €200. Coins carry a common European side and a national side chosen by the issuing country, and the ECB approves the volumes that member states may issue. The ECB decided in May 2016 to stop issuing the €500 banknote; existing notes remain legal tender and always retain their value.
EUR coins & banknotes
- 1 cent
- 2 cent
- 5 cent
- 10 cent
- 20 cent
- 50 cent
- €1
- €2
- €5
- €10
- €20
- €50
- €100
- €200
EUR quick facts
- The Eurosystem (the ECB plus the euro area's national central banks) is narrower than the European System of Central Banks, which also includes the central banks of EU states that have not adopted the euro.
- The euro was on one side of 28.9% of all foreign exchange trades in April 2025, second only to the US dollar (BIS Triennial Central Bank Survey 2025).
- The ECB's 2016 decision to drop the €500 from the Europa series cited a specific reason: concern that the high-value note could facilitate illicit activities, rather than a general redesign or counterfeiting rationale.
- Andorra, Monaco, San Marino and Vatican City are not EU members, yet they issue euro coins with their own national sides under agreements with the EU.
- The euro launched on 1 January 1999 with 11 founding countries; Greece joined in 2001, the only country to adopt it during the three years the euro traded cash-free.
EUR frequently asked questions
How many countries use the euro?
The euro is the official currency of 21 of the 27 EU member states, which together form the euro area; Bulgaria was the most recent to join, on 1 January 2026. Four microstates — Andorra, Monaco, San Marino and Vatican City — use it under monetary agreements with the EU, and Kosovo and Montenegro use it as their de facto currency without an agreement.
Is the euro pegged to another currency?
No. The euro is a free-floating currency whose exchange rate is set by the market, and the European Central Bank targets 2% inflation rather than any exchange rate. Other currencies peg themselves to the euro instead: Denmark, for example, keeps the value of the Danish krone stable against the euro under its fixed exchange rate policy.
Who issues the euro?
Euro banknotes are issued by the European Central Bank and the national central banks of the euro area, which together form the Eurosystem. Coins are a national competence: euro area countries mint them, while the ECB approves the volumes that may be issued. The ECB sets a single monetary policy for the whole euro area.
What is the symbol for the euro?
The euro sign is €, and the ISO 4217 currency code is EUR, with numeric code 978. One euro is divided into 100 cent. Euro banknotes in the current Europa series run from €5 to €200, and coins from 1 cent to €2, so the symbol appears on cash only from the €1 coin upwards.
Explore EUR
Facts on this page are sourced from European Central Bank and other primary references (12 sources). Rates are mid-market and for information only.
Sources for this EUR profile
12 primary sources behind the facts above, each listed with the sections of this page it is cited for. Links open on the publisher's own site.
- European Central Bank www.ecb.europa.eu/press/key/date/2007/html/sp070703.en.html Cited for: Exchange rate regime · About · FAQ
- European Central Bank www.ecb.europa.eu/mopo/strategy/html/index.en.html Cited for: Exchange rate regime · About
- European Central Bank www.ecb.europa.eu/euro/coins/html/index.en.html Cited for: Coins & banknotes · Minor unit · About · FAQ
- European Central Bank www.ecb.europa.eu/euro/banknotes/html/index.en.html Cited for: Coins & banknotes · FAQ
- European Central Bank www.ecb.europa.eu/euro/intro/html/index.en.html Cited for: Introduced · Where it is used · About · Quick facts · FAQ
- European Commission economy-finance.ec.europa.eu/euro/use-euro/euro-outside-euro-area_en Cited for: Where it is used · Quick facts · FAQ
- European Commission economy-finance.ec.europa.eu/euro/eu-countries-and-euro/bulgaria-and-euro_en Cited for: About
- Bank for International Settlements www.bis.org/statistics/rpfx25_fx.htm Cited for: About · Quick facts
- European Central Bank www.ecb.europa.eu/pub/pdf/ire/ecb.ire202606.en.pdf Cited for: About
- European Central Bank www.ecb.europa.eu/press/pr/date/2016/html/pr160504.en.html Cited for: About · Quick facts
- European Central Bank www.ecb.europa.eu/ecb/orga/escb/html/index.en.html Cited for: Quick facts
- Danmarks Nationalbank www.nationalbanken.dk/en/what-we-do/stable-prices-monetary-policy-and-the-danish-economy Cited for: FAQ