Banknotes Coins ISO 4217 Code EUR Official user(s) 13 EU members, 3 others Austria Belgium France Finland Germany Greece Ireland Italy Luxembourg Netherlands Portugal Slovenia Spain Monaco San Marino Vatican City Unofficial user(s) Andorra, Kosovo, Montenegro Inflation 1.8% Source European Central Bank, September 2006 Method HICP Pegged by BAM, BGN, CVE, KMF, XPF, XOF, XAF, EEK, LTL, LVL, MTL Subunit 1/100 cent actual usage varies depending on language Symbol ? Plural See Linguistic issues concerning the euro cent See article Coins Freq. used 1, 2, 5, 10, 20, 50 cent, ?1, ?2 unless otherwise stated as rarely used Rarely used 1 and 2 cent (applies to Finland and the Netherlands only) Banknotes Freq. used ?5, ?10, ?20, ?50 Rarely used ?100, ?200, ?500 Central bank European Central Bank Website www.ecb.eu Printer printers Istituto Poligrafico e Zecca dello Stato Banco de Portugal Bank of Greece Banque de France Bundesdruckerei Central Bank and Financial Services Authority of Ireland De La Rue F?brica Nacional de Moneda y Timbre Fran?ois-Charles Oberthur Giesecke & Devrient Royal Joh. Ensched? National Bank of Belgium Oesterreichische Banknoten- und Sicherheitsdruck GmbH Setec Oy Website websites Istituto Poligrafico e Zecca dello Stato Banco de Portugal - Imprensa Nacional / Casa da Moeda Bank of Greece Banque de France Bundesdruckerei Central Bank and Financial Services Authority of Ireland De La Rue F?brica Nacional de Moneda y Timbre Fran?ois-Charles Oberthur Giesecke & Devrient Royal Joh. Ensched? National Bank of Belgium Oesterreichische Banknoten- und Sicherheitsdruck GmbH Setec Oy The euro (currency sign: ?; banking code: EUR) is the official currency of the Eurozone (also known as the Euro Area or the Euro Land), which consists of 13 European states (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia, and Spain) and will extend to include Cyprus and Malta from 1 January 2008. It is the single currency for more than 320 million Europeans. Including areas using currencies pegged to the euro, the euro directly affects more than 480 million people worldwide.[1] With more than ?610 billion in circulation as of December 2006 (equivalent to US$802 billion at the exchange rates at the time), the euro surpasses the U.S. dollar in terms of combined value of cash in circulation.[2] The euro was introduced to world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes in 2002. It replaced the former European Currency Unit (ECU) at a ratio of 1:1. The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the European System of Central Banks (ESCB) (composed of the central banks of its member states). As an independent central bank, the ECB has sole authority to set monetary policy. The ESCB participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the Eurozone payment systems. While all European Union (EU) member states are eligible to join if they comply with certain monetary requirements, not all EU members have chosen to adopt the currency. All nations that have joined the EU since the 1993 implementation of the Maastricht Treaty have pledged to adopt the euro in due course. Maastricht obliged current members to join the euro; however, the United Kingdom and Denmark negotiated exemptions from that requirement for themselves[3]. Sweden turned down the euro in a 2003 referendum, and has circumvented the requirement to join the euro area by not meeting the membership criteria. Several small European states (The Vatican, Monaco, and San Marino), although not EU members, have adopted the euro due to currency unions with member states. Andorra, Montenegro, and Kosovo have adopted the euro unilaterally.