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One Global Currency: The Euro
One Global Currency: The Euro
The Euro (sign: €; code: EUR) is the official currency of the eurozone, which consists of 19 of the 28 member states of the European Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
The Euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. With €995,000,000,000 (€995 Billion) in circulation, the Euro has the highest combined value of banknotes and coins in circulation in the world, having surpassed the U.S. dollar.
It is estimated that, in terms of value, between 20% and 25% of the Euro banknotes in circulation are held by people outside the Euro area, mainly in regions neighbouring the Euro area. (Source ECB). 210 million people worldwide as of 2013—including 182 million people in Africa—use currencies pegged to the Euro.
