The euro is the official currency of the Eurozone. The term euro was officially implemented on 16 December 1995. The euro was launched to world monetary market places as an official currency on 1 January 1999, substituting the earlier European Currency Unit (ECU) at a ratio of 1:1. Euro coins and banknotes get into flow on 1 January 2002. There are 27 Member States of the European Union (EU) and out of it 16 of them is having Euro as their currency and is the currency used by the EU institutions. The eurozone consists of Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. Estonia is expected to accompany the eurozone on 1 January 2011. The euro is organized and managed by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (comprised of the central banks of the eurozone countries). The Eurosystem contributes in the printing, minting and dissemination of notes and coins in all Member States, and the procedure of the eurozone payment methodology.
The euro is the second biggest reserve currency as well as the second most exchanged currency in the world following the U.S. dollar. The euro is divided into 100 cents (sometimes termed to as euro-cents, particularly when differentiating them from other currencies). All flowing coins have a common side showing the quantity or value, and a map in the backdrop. For the values except the 1-, 2- and 5-cent coins that map only illustrated the 15 Member States which were members when the euro was launched. At the commencement of 2007 or 2008 (according to the country) the previous map is being substituted by a map of Europe also depicting countries apart from the Union like Norway. The 1-, 2- and 5-cent coins, on the other hand, kept their old motif, illustrating a geographical map of Europe with the 15 Member States of 2002 lifted up fairly higher than the remainder of the map. All common sides were designed by Luc Luycx. Any of the Member States from various nations which has adopted the euro are free to use Euro coins.
The euro banknotes have common designs on both sides. The pattern was created by the Austrian designer Robert Kalina. Notes are issued in €500, €200, €100, €50, €20, €10, €5. Each banknote has its own color and is devoted to a creative era of European style. The face of the note portrays windows or gateways while the back has bridges. Some of the highest amounts such as the €500 are not issued in all countries, though they remain legal throughout the eurozone.
A distinctive euro currency sign (€) was designed after a local analysis had shortened the initial ten suggestions down to two. The European Commission then selected the pattern developed by the Belgian Alain Billiet. The official journey of the creative history of the euro sign is clashed by Arthur Eisenmenger, a former chief graphic designer for the EEC, who disputes to have materialized it as a generic symbol of Europe.
Europe isn’t struggling to turn itself into another country like the United States. The euro means a lot to Europe rather than merely money. It depicts a political union, too. The history of Europe is much longer than the history United States. The nations gave up some of their own legacy and autonomy to become part of the EU. By doing that, each country became powerful. The more the EU works collectively, the stronger each country will become.