By J.C. Lewis
Which Countries Use the Euro Currency?
The European currency called the euro is the official currency of 16 (out of 27) European Union member states as of July 2009. It is also used by some non-EU members including neighboring countries and former European colonies. Several nations are in various stages of planning the adoption of the euro. The group of countries that use the euro are known as the "Eurozone". The euro is the second-largest reserve currency in the world after the U.S. dollar.
The First Eurozone Members
Eleven nations adopted the euro as their official currency in 1999 upon its inception. They are Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland. It was first adopted as "book money," then physical bank notes and coins were introduced in 2002.
Greece
Greece adopted the euro as its national currency in 2002, replacing its former currency, the drachma. It joined in time for the introduction of euro notes and coins into circulation.
Slovenia
Slovenia adopted the euro in 2007 after becoming a member of the European Union in 2004. It was the first of the "new" EU members to join the Eurozone. Its former currency was the Slovenian tolar.
Cyprus & Malta
Cyprus and Malta abandoned their former currencies (Cyprus pound notes and Maltese lira) in favor of the euro in 2008.
Slovakia
Slovakia converted its currency to euros on Jan. 1, 2009. Its previous currency was the Slovak korunas.
Non-EU Euro Members
Several states use the euro as their official currency even though they are not members of the European Union. They are the former Yugoslavian states of Montenegro and Kosovo; the European "micro-states" of Andorra, Monaco, San Marino and Vatican City; and some overseas territories including Mayotte, Saint Pierre and Miquelon, Akrotiri and Dhekelia, Saint Barthélemy and Saint Martin.
Future Euro Members as of July 2009
Some European Union member states are preparing to convert their currencies to the euro but had not done so as of July 2009. These are Sweden, Estonia, Latvia, Poland, the Czech Republic, Poland, Lithuania, Hungary and Romania.
Euro "Opt-Outs"
Two European Union member states have chosen to keep their traditional currencies instead of adopting the euro and have negotiated "opt-out" agreements. They are the United Kingdom, which will continue to use its Sterling currency, and Denmark, which will keep its Danish krones.
About the Author:
J.C. Lewis is the editor and co-owner of a weekly newspaper, as well as a staffer and regular contributor to a group of three newspapers in Los Angeles, Calif. Her writing has appeared on USAToday.com, Hotels.com and various other websites. Lewis holds a Bachelor of Science in politics from the University of Bristol, England.
Photo Credits:
Euro Coins and Bank Notes (Print Perfect Clip Art)
