The euro
16/01/2013
Introduced in 1999, the euro is the single currency shared by 17 of the European Union's member states. These countries make up the euro area, also known as the eurozone.
The introduction of the euro was a major step forward in European integration. Around 330 million EU citizens now use it as their currency.
Early stages
When it was launched on 1 January 1999, the euro became the new official currency of 11 Member States, replacing the old national currencies in two stages.
It was first introduced as an accounting currency for non-cash payments and accounting purposes, while the old currencies continued to be used for cash payments.
Euro banknotes and coins were put into circulation for cash payments on 1 January 2002.
Not all EU member states use the euro as their currency. Denmark and the United Kingdom have opt-out clauses exempting them from participation unless and until they choose to participate. All member states must meet specific conditions before adopting the single currency.
Euro adoption
Euro adoption depends upon member states meeting "convergence criteria" designed to ensure that their economies are ready to benefit from joining the euro area.
The Commission and the ECB analyse this convergence in reports. The Eurogroup then examines these reports and makes a recommendation to the Council on decisions relating to euro adoption.
Taking into account the Eurogroup recommendation, the full Council of all EU member states adopts a formal decision on adoption of the euro by member states that fulfil the convergence criteria.
Which countries have adopted the euro and when?
- 2011: Estonia
- 2009: Slovakia
- 2008: Cyprus, Malta
- 2007: Slovenia
- 2002: Introduction of euro banknotes and coins
- 2001: Greece
- 1999: Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland
Decisions and Regulations on adoption of the euro
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Country |
Date |
Title |
Document |
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13/07/2010 |
Council Decision in accordance with Article 140 (2) of the Treaty on the adoption by Estonia of the euro on 1 January 2011 |
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13/07/2010 |
Council Regulation amending Regulation (EC) No 974/98 as regards the introduction of the euro in Estonia |
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13/07/2010 |
Council Regulation amending regulation (EC) No 2866/98 as regards the conversion rate to the euro for Estonia |
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08/06/2010 |
Recommendation of the members of the Council representing member states whose currency is the euro to the Council on the adoption by Estonia of the euro on 1 January 2011 |
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08/07/2008 |
Council Decision in accordance with Article 122(2) of the Treaty on the adoption by Slovakia of the single currency on 1 January 2009 |
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08/07/2008 |
Council Regulation (EC) No 694/2008 amending Regulation (EC) No 2866/98 as regards the conversion rate to the euro for Slovakia |
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10/07/2007 |
Council Decision in accordance with Article 122(2) of the Treaty on the adoption by Cyprus of the single currency on 1 January 2008 |
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10/07/2007 |
Council Regulation (EC) No 1135/2007 amending Regulation (EC) No 2866/98 as regards the conversion rate to the euro for Cyprus |
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10/07/2007 |
Council Decision in accordance with Article 122(2) of the Treaty on the adoption by Malta of the single currency on 1 January 2008 |
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10/07/2007 |
Council Regulation (EC) No 1134/2007 amending Regulation (EC) No 2866/98 as regards the conversion rate to the euro for Malta |
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11/07/2006 |
Council Decision in accordance with Article 122(2) of the Treaty on the adoption by Slovenia of the single currency on 1 January 2007 |
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11/07/2006 |
Council Regulation (EC) No 1086/2006 amending Regulation (EC) No 2866/98 on the conversion rates between the euro and the currencies of the Member States adopting the euro - Slovenia |
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19/06/2000 |
Council Decision in accordance with Article 122(2) of the Treaty on the adoption by Greece of the single currency on 1 January 2001 |
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19/06/2000 |
Council Regulation (EC) No 1478/2000 amending regulation (EC) No 2866/98 on the conversion rates between the euro and the currencies of the Member States adopting the euro - Greece |
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31/12/1998 |
Council Regulation (EC) No 2866/98 on the conversion rates between the euro and the currencies of the Member States adopting the euro |
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03/05/1998 |
Council Decision in accordance with Article 109j(4) of the Treaty |
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