Euro Definition

Euro Definition. The Euro (sign: €; code: EUR) is the basic monetary unit of most members of the European Union, originally introduced in 1999. In 2002, twelve European nations (Germany, France, Belgium, Luxembourg, the Netherlands, Italy, Spain, Portugal, Ireland, Greece, Austria, Finland) adopted the euro as their basic unit of money and abandoned their traditional currencies. It was a replacement for the European Currency Unit (ECU). With and without formal agreements, the Euro is used daily by more than 327 million Europeans. The Euro is managed and administered by the Frankfurt-based European Central Bank (ECB), and the Eurosystem is comprised of central banks from each Eurozone country. The ECB is independent and has sole authority for setting monetary policy. The Eurosystem is responsible for printing, minting and distribution of notes and coins in all Member States, and for the operation of the Eurozone payment systems