GENERAL KNOWLEDGE

Detailed explanation-1: -The euro banknotes and coins were introduced in Austria on 1 January 2002, after a transitional period of three years when the euro was the official currency but only existed as ‘book money’.

Detailed explanation-2: -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.

Detailed explanation-3: -Currently, the euro (€) is the official currency of 20 out of 27 EU member countries which together constitute the Eurozone, officially called the euro area.