ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Euro is the currency and monetary unit of the European Union, symbolized by the € sign. The euro was first launched as a noncash monetary unit in 1999, and currency coins and notes were released in 2002. The Euro replaced the currencies of EU members as well as certain non-EU countries.

Detailed explanation-2: -Although all EU countries are part of the Economic and Monetary Union (EMU), 20 of them have replaced their national currencies with the single currency – the euro. These EU countries form the euro area, also known as the eurozone.

Detailed explanation-3: -The euro as the official currency.

Detailed explanation-4: -The euro accounts for the majority of the member states with the remainder operating independent monetary policies. Those European Union states that have adopted it are known as the eurozone and share the European Central Bank (ECB).

Detailed explanation-5: -The name “the euro” was chosen in 1995 by a European Council meeting in Madrid. The symbol € is based on the Greek letter epsilon (), with the first letter in the word “Europe” and with 2 parallel lines signifying stability. The ISO code for the euro is EUR.