The euro helps keep prices stable
The euro encourages trade, competition and price transparency. It also helps to keep prices stable in the euro area. The ECB is responsible to ensure price stability by aiming for an inflation rate of 2% over the medium-term.
Source: European Commission - AMECO database.
The euro is the second most important currency in the world
The proportion of international payments made in euros and US dollars is roughly equal and the euro is the world’s second favourite currency for borrowing, lending and central bank reserves. Over half of global green bond issuance is denominated in euro.
Source: ECB report on the international role of the euro 2021.
Stable and strong support for the euro
Currently close to four out to five (78%) citizens of euro area countries believe that the euro is good for the EU.
Source: Eurobarometer, autumn 2021.
The euro has helped make it cheaper for European home buyers, businesses and governments to borrow money
Because the European Central Bank ensures the stability of the euro and prices, it has become easier and cheaper for Europeans to borrow money at this point in time. Lower borrowing costs make it cheaper for Europeans to get mortgages and for European businesses to finance investment.
Source: ECB.
The euro helps promote trade within Europe and beyond
The stability of the euro makes it attractive for businesses around the world trading with Europe to accept prices quoted in euros. This saves European businesses from the costs of currency movements and the cost of converting euros into other currencies. It also makes it much easier and cheaper for countries using the euro to trade with each other! 60% of extra-euro area were invoiced in euros in 2020.
Source: ECB.
Living standards and employment have risen significantly under the euro
Since the euro was introduced in 1999, the average income in the euro area (EA19) has risen from € 20,900 to €33,230 (2020). Over the same time, the percentage of people in employment has risen from 63.6% to 71.8 (2020) %.
Source: European Commission - AMECO database/Eurostat.
Source: European Commission - AMECO database/Eurostat.
The euro has protected euro area economies from exchange rate volatility
The euro has eliminated the costs of currency movements within the euro area and protected European consumers and businesses from costly swings in currency markets, which in some countries, used to undermine confidence, discourage investment and cause economic instability.
The name ‘euro’ was agreed at the 1995 European Council meeting in Madrid as part of the preparations for the single currency.
The euro symbol – € – was inspired by the Greek letter epsilon (Є), a reference to the cradle of European civilisation. It also stands for the first letter of the word ‘Europe’ in the Latin alphabet, while the two parallel lines running through the symbol signify stability.
Banknotes
The design of the euro banknotes is based on the different architectural styles that have emerged throughout Europe’s history and have marked its culture. On the front of the banknotes, windows and doorways symbolise the European spirit of openness and cooperation. On the back, bridges symbolise communication between the people of Europe and between Europe and the rest of the world.
The styles shown are:
- €5: Classical
- €10: Romanesque
- €20: Gothic
- €50: Renaissance
- €100: Baroque and rococo
- €200: 19th century iron & glass architecture
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Coins
The euro coins have a common side and a national side. The national sides indicate the issuing country, whereas the common sides show images of the European Union or of Europe and symbolise the unity of the EU. The 5, 2 and 1 cent coins show Europe in relation to Africa and Asia.
The common sides of the euro coins are:
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Figures
Use in other territories
In addition to the euro area, the euro is also the currency of some non-EU countries:
- Andorra
- Kosovo (This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the ICJ Opinion on the Kosovo declaration of independence.)
- Montenegro
- Monaco
- San Marino
- Vatican City
The euro is also used in territories outside the European continent:
- Azores and Madeira (Portugal)
- Canary Islands (Spain)
- Ceuta and Melilla (Spain)
- French Guyana
- French islands in the Caribbean
- Mayotte and Réunion (France)
- Saint Pierre and Miquelon (France)