Euro

Euro notes and coins were launched in January 2002

Europe's single currency the euro is the culmination of a long process of Economic and monetary union, first envisioned more than 20 years ago.

Eurozone countries

Austria

Belgium

Finland

France

Germany

Greece

Ireland

Italy

Luxembourg

The Netherlands

Portugal

Spain

At the beginning of 1999, 11 of the EU member states decided to abandon their national currencies and adopt the euro. Greece joined them at the beginning of 2001.

The euro had a tough time when it was first launched as it fell sharply against the dollar.

But the euro's long decline was reversed in the autumn of 2000, partly because of interventions by the European Central Bank, but mainly because a rapid slowdown of the US economy made the dollar a less attractive currency for investors.

The euro was launched in its cash form on 1 January, 2002. National currencies were phased out over the following few months.