EUR

DEFINITION of 'EUR'

The currency code used in the general industry to represent the euro, the official currency for more than half of the 27 members of the European Union (EU). The Eurozone states are Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. As of March 2009, five other non-Eurozone members were also using the currency.

The name "euro" was selected in 1995; the currency replaced the former European Currency Unit (ECU). It was introduced on January 1, 1999, and began circulating in 2002. The most commonly used euro coins are 1, 2, 5, 10, 20, 50 cents and the most frequently used euro banknotes denominations are 5, 10, 20, 50 and 100.

BREAKING DOWN 'EUR'

The euro is overseen by the European Central Bank (ECB), headquartered in Frankfurt, Germany, and the Eurozone member countries' central banks. Several countries also peg their currency to the euro, including Bosnia and Herzegovina, Bulgaria, Cape Verde, Central Africa and several others.

RELATED TERMS
  1. Currency

    Currency is a generally accepted form of money, including coins ...
  2. Hard Currency

    A currency, usually from a highly industrialized country, that ...
  3. Money

    An officially-issued legal tender generally consisting of currency ...
  4. Forex - FX

    The market in which currencies are traded. The forex market is ...
  5. European Central Bank - ECB

    The central bank responsible for the monetary system of the European ...
  6. European Union - EU

    A group of European countries that participates in the world ...
Related Articles
  1. Personal Finance

    What Are Central Banks?

    They print money, they control inflation, and much, much more. All you need to know about central banks is here.
  2. Options & Futures

    A Primer On The Forex Market

    Moving from equities to currencies requires you to adjust how you interpret quotes, margin, spreads and rollovers.
  3. Forex Education

    Forex: The Moving Average MACD Combo

    Learn a strategy with clear entry and exit levels that will get you into a trend at the right time.
  4. Forex Education

    Forex Tutorial: The Forex Market

    In this online tutorial, beginners and experts alike can learn the ins and outs of the retail forex market.
  5. Markets

    Re-Emerging Markets?

    If you're wondering when will the emerging markets comeback be? Read on because is still young, but encouraging.
  6. Economics

    8 Harmful Side Effects of Continued European Quantitative Easing (Q.E.)

    Read about eight harmful side effects of European Central Bank's decision to boost its quantitative easing (QE) program and push interest rates even lower.
  7. Forex

    Global Transportation: Exploring Revenue Trends and Fundamentals

    Explore the geographic trends in global transportation sector revenues, and discover the factors that influence revenue contribution and growth in this area.
  8. Stock Analysis

    Microsoft Stock: An Earnings Case Study (MSFT)

    Examine Microsoft's historic and forecast earnings. Analyze the factors driving recent EPS performance and shaping consensus analyst estimates.
  9. Economics

    Case Study: Looking Back at Cyprus

    Find out how Cyprus has fared with its decision for the EU bailout and where the country’s banks are now headed for the future.
  10. Forex Education

    4 Reasons Currency Hedging is Important

    Learn how currency hedging can help reduce exchange rate risk for a portfolio of foreign stocks. Consider the cost of hedging and its potential benefits.
RELATED FAQS
  1. What are the most common currency pairs traded in the forex market?

    There are many official currencies that are used all over the world, but there only a handful of currencies that are traded ... Read Answer >>
  2. Are eurodollars related to the currency called the euro?

    Eurodollars have little to do with the official currency of the European Union, the euro (EUR). In 1999, the euro was implemented ... Read Answer >>
  3. Is Bitcoin legal in the US?

    Learn about the legality of Bitcoin as a form of payment in the United States, as well as how it is produced and concerns ... Read Answer >>
  4. Who decides when to print money in India?

    Find out the role of the Reserve Bank of India, or RBI, and the amount of authority given to the government. Learn who is ... Read Answer >>
  5. How is a block chain network useful for trading goods and assets in virtual currencies?

    Find out how blockchain technology works and why it is so crucial for maintaining trading networks for virtual currencies ... Read Answer >>
  6. What types of companies benefit from reporting results utilizing constant currencies ...

    Understand constant currency figures, and explore some of the reasons why a company is likely to benefit from reporting using ... Read Answer >>
Hot Definitions
  1. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  2. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
  3. Generally Accepted Accounting Principles - GAAP

    The common set of accounting principles, standards and procedures that companies use to compile their financial statements. ...
  4. DuPont Analysis

    A method of performance measurement that was started by the DuPont Corporation in the 1920s. With this method, assets are ...
  5. Call Option

    An agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument ...
  6. Economies Of Scale

    Economies of scale is the cost advantage that arises with increased output of a product. Economies of scale arise because ...
Trading Center