The euro is currently the official currency in 20 member states of the European Union, collectively known as the Eurozone. Beyond the EU, it also serves as legal tender in 11 additional countries and territories not part of the Union. These include Andorra, Monaco, San Marino, and Vatican City, which officially recognize the euro as their monetary unit and even have limited rights to issue their own coins. Furthermore, Montenegro and Kosovo have adopted the euro unilaterally, without the right to mint currency.
Interestingly, even in EU countries that have not adopted the euro, you might still be able to use the common currency for payments. Theoretically, the amount charged should reflect the average euro exchange rate at that moment. However, sometimes the exchange rate is predetermined, especially in tourist areas. For example, in a tourist hotspot, 1 euro might be valued significantly less than in a regular shop in another city. Individual vendors often set their own exchange rates as an additional profit source. This can lead to a significant discrepancy between the euro rate at a point of sale and the actual market rate. Therefore, before making purchases or exchanging currency at a bureau de change, it’s wise to check the current Kurs Euro and compare it to the offered rate. Knowing the up-to-date euro exchange rate will also help you evaluate the attractiveness of online currency exchange services and find the most cost-effective options. Simply check the selling price of the euro on a given platform and whether the operator imposes any additional fees.
When handling euro coins, you’ll notice that all denominations share a common reverse design featuring a map of Europe and the coin’s value. In contrast, the obverse sides display national symbols, usually unofficial emblems, of the issuing country.
Banknotes, on the other hand, maintain a uniform design across all countries and are available in denominations of 5, 10, 20, 50, 100, 200, and 500 euros. Unlike most global currencies, euro banknotes do not depict monarchs, politicians, scientists, or artists. Instead, they feature architectural motifs characteristic of different European historical periods.
Euro: A Path to Financial Stability
The financial landscape of Europe was severely disrupted by World War II. Exchange rates of various European currencies lacked stability, and fluctuations caused losses and complications in international trade. Although members of the European Economic Community (EEC) considered forming a currency union as early as that time, the first attempt only materialized after the collapse of the Bretton Woods system. The Exchange Rate Mechanism (ERM) was introduced, aiming to prevent excessive fluctuations in the exchange rates of member states’ currencies.
A pivotal step towards the euro’s creation was the Maastricht Treaty (1991/1992). This treaty established the European Union and made the decision for monetary integration. In 1995, the name for the new currency unit – EURO – was decided. Four years later, in 1999, the euro was introduced for non-cash transactions in 11 out of the 15 member states. Cash transactions followed in 2002. Since then, more members have joined the currency union. For countries like Poland, which are not currently planning to adopt the euro, the kurs euro, or euro exchange rate, remains a significant factor impacting their trade balance.
