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The Euro is the official currency of the European Union (EU) and is implemented in the Eurozone which currently consists of member 15 states (Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia and Spain). It has also been adopted by Andorra, Kosovo, Monaco, Montenegro, San Marino and the Vatican City within Europe and by the Netherlands Antilles.
The euro was introduced to world financial markets as an accounting currency in 1999. It replaced the former European Currency Unit (ECU) at a ratio of 1:1. When Euro notes and coins began to circulate on 1 January 2002 retailers and wholesalers used the transition to hike prices, often far in excess of 10%. This was taboo for the ECB and politicians alike.
The United Kingdom, Denmark and Sweden have opted out from adopting the Euro. The British Pound and the Swedish Krona float freely against the Euro but the Danish Krone vs. the Euro has been pegged at €1 = DKr 7.46038 +2.25% hence the absence of a EURDKK chart on this page.
The Euro is managed by the independent European Central Bank (ECB) which is based in Frankfurt and sets Eurozone monetary policy.
