The currency of Europe
On 1 January 2002 the new banknotes and coins were introduced in 12 countries. It was the
worlds largest ever monetary changeover. Six years later, and after Slovenia became member of the euro area in
2007, as well as Cyprus and Malta in 2008 and Slovakia in 2009, people in 16 out of 27 EU countries use the euro
as their currency. Even though the countries of Monaco, San Marino and the Vatikan do not belong to the European
Union, they use the Euro because they had monetary communities with France or Italy already before before the
introduction of the Euro. Together they form the Euro terretory of 19 countries.
The ongoing successful development of the euro contributes to a Europe in which people, services, capital and
goods can move freely.