More countries in the world than you might think, do not have their own currency. UK, Denmark and Sweden still use their own currencies as they have opted out of the currency area. There are 25 currencies currently used in the 50 countries of Europe, all of which are … While most EU member nations agreed to adopt the euro, a few, like the United Kingdom, Denmark, and Sweden (among others), have decided to stick with their own legacy currencies. These EU countries form the euro area, also known as the eurozone. Do you have to use the euro in Europe, or does each country still have its own currency? 9 - One of the reasons the European Union came together was to create a common currency, but currently, nine of the 28 EU member countries still use their own. There are also currency unions where many countries share the same currency; the most obvious to us of course, would be the Euro which is shared by 18 countries and around 350 million people. The eurozone is a geographic area that consists of the European Union (EU) countries that have fully incorporated the euro as their national currency. The circulation of banknotes and coins is highest in the world, has surpassed the U.S.dollar as of 2018, with over €1.2 trillion. Currently, the euro (€) is the official currency of 19 out of 27 EU member countries which together constitute the Eurozone, officially called the euro area. The euro (symbol: €; code: EUR) is the official currency of 19 of the 27 member states of the European Union.This group of states is known as the eurozone or euro area and includes about 343 million citizens as of 2019. Each of the EU member states is a sovern state with their own currency… They were all a soverign state before joining the union and have all used their own currency before joining the union. The European Commission and the European Central Bank jointly decide whether the conditions are met for euro area candidate countries to adopt the euro. Norway & … The eurozone is a geographic area that consists of the European Union (EU) countries that have fully incorporated the euro as their national currency. The benefits of the euro are diverse and are felt on different scales, from individuals and businesses to whole economies. Lastly, 2 countries have adopted the euro unilaterally (without permission from the EU): Kosovo and Montenegro. Although 19 countries within Europe now use the Euro as their principal exchange, a surprising 25 countries also within Europe still maintain their own independent currency. But in a financial crisis, they must manage their own without the assistance of the ECB. For instance, Switzerland & Turkey have their own currencies. The benefits of the euro are diverse and are felt on different scales, from individuals and businesses to whole economies. "The majority of countries print their own banknotes and a small amount are printed with commercial industry," says Guillaume Lepecq, director of the International Currency Association. They are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. There are also 4 countries that have joined a monetary agreement with the EU but are not a part of it: Andorra, Monaco, San Marino, and Vatican City. Senegal. There are also currency unions where many countries share the same currency; the most obvious to us of course, would be the Euro which is shared by 18 countries and around 350 million people. However, they have found it beneficial to adopt the new currency regardless. All member nations of the EEU use the Euro! Some of these countries do not belong to the EU and some of those that do have "adopting the Euro" on their agenda, but not all of them. The East Caribbean dollar is shared by 7 countries in that region. Euro is the second most held international reserve currency after U.S.dollar with €850 billion as of 2008. The Eurozone countries do. The euro, which is divided into 100 cents, is the second-largest and second-most traded currency in the foreign exchange market after the United States dollar. Our machine learning tool trying its best to find the relevant answer to your question. Current booking trends are also showing that travellers are favouring non-Euro currency … Give feedback about this website or report a problem, Institutions, bodies & agencies – contact & visit details, Public contracts in the EU – rules and guidelines, Court of Justice of the European Union (CJEU), European Economic and Social Committee (EESC), European Data Protection Supervisor (EDPS), The European Data Protection Board (EDPB). The other 9 members of the European Union have decided to use their own national currencies rather than adopt the euro. Out of the European countries, 20 of them do not use the Euro as their currency. Do you have to use the US$ in the USA, or does each state still have its own currency? These are countries where the euro has still not been adopted, but who will join once they have met the necessary conditions. 11  Eurozone countries The eurozone (officially called the euro area) is a currency union of 19 of the 28 EU member countries which use the euro as their national currency. Current booking trends are also showing that travellers are favouring non-Euro currency destinations in order to get more value for their … Although all EU countries are part of the Economic and Monetary Union (EMU), 19 of them have replaced their national currencies with the single currency – the euro. These are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The East Caribbean dollar is shared by 7 countries in that region. Are We Wrong To Think We're Right? These EU countries form the euro area, also known as the eurozone. The euro is the result of the European Union's project for economic and monetary union that came fully into being on 1 January 2002 and it is now the currency used by the majority of the European Union's member states, with all but Denmark bound to adopt it. These countries have adopted the use of the Euro as the common currency. Countries that changed-over to the euro no longer use their national currencies. All EU Member States, except Denmark, are required to adopt the euro and join the euro area, once they are ready to fulfil them. In 1991, the Member States approved the Treaty on European Union (the Maastricht Treaty), deciding that Europe would have a strong and stable currency for the 21st century. The matter is, that some of them don't have their own money and officially use the foreign currency. Powered by. Mostly, it consists of countries of member states which acceded to the Union in 2004, 2007 and 2013, after the euro was launched in 2002. Most countries use the currency of EUR (euro), but some of them have their own currencies, like the British Pound or the Czech Crown. more European Currency Unit (ECU) It is the official currency of 19 out of 27 countries of EU and 4 other territories in Europe. In 1991, the Member States approved the Treaty on European Union (the Maastricht Treaty), deciding that Europe would have a strong and stable currency for the 21st century. All new members of the EU have to become part of the Euro area eventually. Germany, Italy and Ireland are the three European countries on this list of potential currency manipulators. A total of 19 of the 28 members of the European Union have adopted the euro as their official and sole currency, creating the ‘eurozone’ or ‘euro area’. It is the official currency of 19 out of 27 countries of EU and 4 other territories in Europe. The European Central Bank and the European Commission are in charge of maintaining its value and stability, and for establishing the criteria required for EU countries to enter the euro area. Initially, eleven of the countries in the European Economic and Monetary Union replaced their own currencies with the Euro: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. These countries are: They have opted to set their own interest rates and monetary policies and maintain independence of their own economies. All three of the UK’s major parties have ruled this out. 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