Currencies of the European Union
There are eight currencies of the European Union as of 2025[update] used officially by member states. The euro is used by a majority of EU member states, while the remainder operating independent monetary policies. Those European Union member states that have adopted it are known as the eurozone, and share the European Central Bank (ECB). The ECB and the national central banks of all EU countries, including those who operate an independent currency, are part of the European System of Central Banks.
Euro
[edit | edit source]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 (which has an opt-out in the EU treaties) bound to adopt it. It is the currency used by the institutions of the European Union and in the failed treaty on a European Constitution it was to be included with the symbols of Europe as the formal currency of the European Union. The euro is also widely used by other states outside the EU.
Except for Denmark, all current and future members of the EU are obliged to adopt the Euro as their currency, thus replacing their current ones.[1] The relationship between euro and non-euro states has been on debate both during the United Kingdom's membership (as a large opt-out state) and in light of withdrawal from the EU and how that impacts the balance of power between the countries inside and those outside the eurozone, avoiding a eurozone caucus out-voting non-euro states. Former member United Kingdom had called for the EU treaties to recognise the EU as a "multicurrency union", which sparked concerns about undermining euro adoption in remaining countries.[2][3][4][5]
Current currencies
[edit | edit source]- Eurozone (84.9%)
- Poland (4.40%)
- Sweden (3.10%)
- Others (7.60%)
The following are official currencies used within the borders of the 27 EU Member states:
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- Note that there are other currencies used in overseas territories of member states. Those territories however are not part of the European Union proper (legally subject to all its law) so are not listed here.
Historic currencies
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See also
[edit | edit source]Notes
[edit | edit source]- ^ Interchangeable with Luxembourgian franc (BLEU).
- ^ Replaced alongside French franc with euro
- ^ Linked to Monegasque franc,[b] both valid in France, Andorra and Monaco.
- ^ Was interchangeable with pound sterling until 1979.
- ^ Replaced alongside Italian lira with euro
- ^ Linked to Sammarinese & Vatican lira,[e] all valid in Italy, San Marino and the Vatican City.
- ^ Interchangeable with Belgian franc (BLEU).
- ^ Was interchangeable with Irish pound until 1979.
- ^ Accounting currency alongside national currencies until the euro introduction.
References
[edit | edit source]- ^ The euro Archived 15 September 2016 at the Wayback Machine, European Commission
- ^ The Eurozone seeks a post-Brexit balance Archived 29 September 2018 at the Wayback Machine, European Data Journalism Network 15 December 2017
- ^ UK call for ‘multicurrency’ EU triggers ECB alarm Archived 10 June 2018 at the Wayback Machine, Financial Times 4 December 2015
- ^ The Great British Euro Conundrum Archived 11 June 2018 at the Wayback Machine, Handelsblatt 20 June 2016
- ^ What a fair relationship between ‘euro ins’ and ‘euro outs’ could look like Archived 24 February 2018 at the Wayback Machine, London School of Economics 26 January 2016
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