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Currencies of the European Union

From Wikipedia, the free encyclopedia

There are sevencurrencies of the European Union as of 2026[update] used officially by member states. Theeuro is used by a majority of EUmember states, while the remainder operating independent monetary policies. ThoseEuropean Union member states that have adopted it are known as theeurozone, and share theEuropean Central Bank (ECB). The ECB and the national central banks of all EU countries, including those who operate an independent currency, are part of theEuropean System of Central Banks.

Euro

[edit]
Further information:Euro,Eurozone, andEnlargement of the eurozone

The euro is the result of the European Union's project foreconomic and monetary union thatcame fully into being on 1 January 2002 and it is now the currency used by the majority of theEuropean Union's member states, with all but Denmark (which has anopt-out in the EU treaties) bound to adopt it. It is the currency used by theinstitutions of the European Union and in the failed treaty on aEuropean Constitution it was to be included with thesymbols of Europe as the formal currency of the European Union. The euro is alsowidely 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 ofwithdrawal 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]
Map of currencies used within the EU and dates of Euro adoption
  States which used the euro from 1999 (currency entered circulation 2002)
  States which subsequently adopted the euro
  States using other currencies
EU GDP by currency area (2023)[6]
  1. Eurozone (84.9%)
  2. Poland (4.40%)
  3. Sweden (3.10%)
  4. Others (7.60%)

The following are official currencies used within the borders of the27 EU Member states:

CurrencyRegionSymbolISOPegNotes
EuroEuropean UnionEurozone:

Austria
Belgium
Bulgaria
Croatia
Cyprus
Estonia
Finland
France
Germany
Greece
Ireland
Italy
Latvia
Lithuania
Luxembourg
Malta
Netherlands
Portugal
Slovakia
Slovenia
Spain

EURFloatingAlso used by EU institutions.
Czech korunaCzech RepublicCZKFloating
Danish kroneDenmarkkrDKKERM IIOpt-out from adopting the euro.
Hungarian forintHungaryFtHUFFloating
Polish złotyPolandPLNFloating
Romanian leuRomaniaLeuRONFloating
Swedish kronaSwedenkrSEKFloating
Note that there are other currencies used inoverseas 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

[edit]
Further information:History of the euro
CurrencyStateSymbolISOYielded
on
Rate to
euro
Notes
Austrian schillingAustriaS or öS(ATS)1999/200213.7603
Belgian francBelgiumfr.(BEF)1999/200240.3399[a]
Bulgarian levBulgariaлв(BGN)20261.95583[b]
Croatian kunaCroatiakn(HRK)20237.5345
Cypriot poundCyprus£(CYP)20080.585274
Dutch guilderNetherlandsƒ or fl.(NLG)1999/20022.20371
Estonian kroonEstoniaKr(EEK)201115.6466
Finnish markkaFinlandmk(FIM)1999/20025.94573
French francFrance₣, F or FF(FRF)1999/20026.55957[d]
German markGermanyDM(DEM)1999/20021.95583
Greek drachmaGreeceΔρχ., Δρ. or ₯(GRD)2001/2002340.75
Irish poundIreland£(IEP)1999/20020.787564[e]
Italian liraItaly₤, L. or LIT(ITL)1999/20021,936.27[g]
Latvian latsLatviaLs(LVL)20140.702804
Lithuanian litasLithuaniaLt(LTL)20153.4528
Luxembourgian francLuxembourgfr. or F(LUF)1999/200240.3399[h]
Maltese liraMalta₤ or Lm(MTL)20080.4293
Pound sterlingUnited Kingdom£GBPwas part of EU untilBrexit[i]
Portuguese escudoPortugal$(PTE)1999/2002200.482
Slovak korunaSlovakiaSk(SKK)200930.126
Slovenian tolarSloveniaT(SIT)2007239.64
Spanish pesetaSpain(ESP)1999/2002166.386
European Currency UnitAccounting only₠, ECU or XEU(XEU)1999/20021[j]

See also

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Notes

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  1. ^Interchangeable with Luxembourgian franc (BLEU).
  2. ^Traded under acurrency board since 1997, with a fixed exchange rate against theeuro and previously theDeutsche Mark.
  3. ^Replaced alongside French franc with euro
  4. ^Linked toMonegasque franc,[c] both valid in France,Andorra andMonaco.
  5. ^Was interchangeable with pound sterling until 1979.
  6. ^Replaced alongside Italian lira with euro
  7. ^Linked toSammarinese &Vatican lira,[f] all valid in Italy,San Marino and theVatican City.
  8. ^Interchangeable with Belgian franc (BLEU).
  9. ^Was interchangeable with Irish pound until 1979.
  10. ^Accounting currency alongside national currencies until the euro introduction.

References

[edit]
  1. ^The euroArchived 15 September 2016 at theWayback Machine, European Commission
  2. ^The Eurozone seeks a post-Brexit balanceArchived 29 September 2018 at theWayback Machine, European Data Journalism Network 15 December 2017
  3. ^UK call for ‘multicurrency’ EU triggers ECB alarmArchived 10 June 2018 at theWayback Machine, Financial Times 4 December 2015
  4. ^The Great British Euro ConundrumArchived 11 June 2018 at theWayback Machine, Handelsblatt 20 June 2016
  5. ^What a fair relationship between ‘euro ins’ and ‘euro outs’ could look likeArchived 24 February 2018 at theWayback Machine, London School of Economics 26 January 2016
  6. ^"GDP and main components (output, expenditure and income)". Eurostat.Archived from the original on 13 April 2023. Retrieved15 December 2024.
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