Euro

Currency in use in the greater part of the European Union since January 2nd, 2002. Adopted on that date by a core group of twelve countries: Spain, Portugal, France, Belgium, Luxembourg, the Netherlands, the Republic of Ireland, Germany, Finland, Austria, Italy and Greece. The Euro has been adopted more recently by Slovenia, and subsequently (and jointly) by Malta and Cyprus. It is therefore a single currency for some 317 million Europeans, or more than the total population of the United States. Slovakia is set to adopt the Euro at the start of 2009, followed by Lithuania a year later and Estonia at the start of 2011, with other mainly eastern European states following not too long afterwards. Coins in the currency are marked on one side with a representation of Europe (or the globe on copper coins) and on the obverse with a national design that varies between countries and often between denominations within a country; all versions are of course legal tender within the Euro zone. 1, 2 and 5 cent coins are of copper plated steel. 10, 20 and 50 cent coins are of an alloy known as Nordic Gold for its colour but in fact are gold free. 1 Euro coins have are two-toned, with a cupronickel centre and a surrounding nickel brass ring, a design reversed on the 2 Euro coin. Bank notes are standardised across the Euro zone and feature representations of different styles of windows and bridges symbolic of the openness of the unifying European culture, with more modern architectural styles represented on higher denomination notes. The Euro started off within a cent of parity with the US dollar; the exchange rate at the time of writing is approaching one Euro to one US dollar and fifty cents. Various countries in the Far East have expressed a preference for the Euro over the dollar as a unit of international currency.