EURO

The euro (plural euro, symbol: €; banking code: EUR) is the official currency of the European Union and single currency for over 300 million Europeans in the following twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain; collectively also known as the eurozone. Due to bilateral agreements it is the official currency of the following non-member states: Monaco, San Marino, and Vatican City. It is the de facto currency of Andorra, Kosovo and Montenegro.

The euro was introduced to world financial markets in 1999 and launched as a currency in 2002. All EU member states are eligible to join if they comply with certain monetary requirements.

The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the European System of Central Banks (ESCB) (composed of the central banks of its member states). As an independent central bank, the ECB has sole authority to set monetary policy. The ESCB participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the eurozone payment systems.
The euro is divided into 100 cents. In each country but Greece, which uses λεπτό and λεπτά on its coins, the form "cent" is officially required to be used in legislation in both the singular and in the plural, though in in common usage and in official material aimed at the general public, it is common to translate these into the local language, for example cents in English and centesimo-centesimi in Italian. (For more information on language and the euro, see Linguistic issues concerning the euro.)

All euro coins (including the €2 commemorative coins) have a common side showing the denomination (value) and a national side showing an image specifically chosen by the country that issued the coin ; the monarchies often have a picture of their reigning monarch, other countries usually have their national symbols. All coins can be used in all member states: for example, a euro coin bearing the image of the Spanish King is legal tender not only in Spain, but also in all other member states where the euro is in use. There are €2, €1, 50c, 20c, 10c, 5c, 2c and 1c coins, though the latter two are not generally used in Finland or the Netherlands (but are still legal tender).

All euro banknotes have a common design for each denomination on both sides. Notes are issued in the following values: €500, €200, €100, €50, €20, €10, €5. Some of the higher denominations are not issued in a few countries, though again, are legal tender.

Both euro coins and banknotes are designed from the start in consultation with organizations representing people suffering from blindness or other vision impairments. Both have been designed to facilitate their use by people who may not be able to see the currency very well (or at all). Cues to aid in identification include gross differences in appearance (colour, size) for banknotes and coins, and tactile cues such as thickness and edge decoration for coins in particular. Although there have been other currencies predating the euro that were specifically designed in similar ways (different sizes, colours, and ridges) to aid the visually impaired, the introduction of the euro constitutes the first time that the authorities have consulted associations representing the blind before and not after the event. For details, see the euro coins and euro banknotes articles.

The ECB has set up a clearing system for large euro transactions (TARGET). All intra-eurozone transfers shall cost the same as a domestic one. This is true for retail payments, although several ECB payment methods can be used. Credit card charging and ATM withdrawals within the eurozone are also charged as if they were domestic. The ECB hasn't standardized paper based payment orders, such as cheques; these are still domestic based.

A special euro currency sign (€) was designed, after a public survey had narrowed the original ten proposals down to just two, it was then up to the European Commission to choose the final design. The eventual winner was a design allegedly created by a team of four experts who have not, however, been officially named. The official story of the design history of the euro symbol is disputed by Arthur Eisenmenger, a former chief graphic designer for the EEC, who claims to have created it as a generic symbol of Europe.

The symbol is (according to the European Commission) "a combination of the Greek epsilon, as a sign of the weight of European civilisation; an E for Europe; and the parallel lines crossing through standing for the stability of the euro".

The European Commission also specified a euro logo with exact proportions and foreground/background colour tones [1]. Although some font designers simply copied the exact shape of this logo as the euro sign in their fonts, most designed their own variants, often based upon the capital letter C in the respective font. The illustration at the top of this section shows the official euro logo.

No "official" recommendation is made with regard to the use of a cent sign, and sums are often expressed as decimals of the euro (for example €0.05 or even €–.05 rather than 5¢ or 5c). As a result the abbreviations differ between eurozone members. The most used abbreviation is "c", but other abbreviations also exist, like "¢" (Ireland, but "c" is used more frequently), "ct" (among others: Germany), snt (Finland), the capital letter lambda (Λ) (Greece).

Placement of the symbol is also an example of diversity. While the official recommendation is to place it before the number, people in many countries have kept the placement of their former currencies.[

The euro is sole currency in the following EU member states: Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. These 12 countries together are frequently referred to as the "eurozone", or more infomally "euroland" or the "eurogroup". The euro is also legal currency in the eurozone overseas territories of French Guiana, Réunion, Saint-Pierre et Miquelon, Guadeloupe, Martinique and Mayotte.
By virtue of some bilateral agreements the European mini states of Monaco, San Marino, and Vatican City mint their own euro coins on behalf of the European Central Bank.
Andorra, Montenegro and Kosovo adapted the foreign euro as their legal currency for movement of capital and payments without participation in the ESCB or the right to mint coins. Andorra is in the process of entering a monetary agreement similar to Monaco, San Marino, and Vatican City.