Euro (EUR)

The Euro (EUR) is the official currency of the Eurozone, a monetary union of 20 of the 27 member states of the European Union, and is the second most traded currency in the world after the US Dollar, accounting for approximately 20% of global foreign exchange reserves. Introduced as an invisible currency for electronic transfers and accounting on January 1, 1999, and as physical banknotes and coins on January 1, 2002, the Euro is managed by the European Central Bank (ECB) and the Eurosystem, which sets monetary policy for over 340 million people.