BANKING AFFAIRS

Detailed explanation-1: -Detailed Solution. The correct answer is European Union. Euro, monetary unit and currency of the European Union (EU). It was introduced as a noncash monetary unit in 1999, and currency notes and coins appeared in participating countries on January 1, 2002.

Detailed explanation-2: -An economic and monetary union (EMU) was a recurring ambition for the European Union from the late 1960s onwards. EMU involves coordinating economic and fiscal policies, a common monetary policy, and a common currency, the euro.

Detailed explanation-3: -You can use the euro in 20 EU countries: Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. Discover more about the euro, which countries use it and the exchange rates.

Detailed explanation-4: -European Union – Economy Euro is used as the common currency in the Eurozone. Euro is the 2nd most traded currency in the world.

Detailed explanation-5: -On 1 January 1999, 11 EU countries launched the euro as their new common currency. The euro was initially an electronic currency. Euro banknotes and coins were introduced three years later. Today, the euro is the currency of 20 EU countries and over 346 million Europeans.