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Denmark is the only EU member state which has been granted an exemption from using the euro. [1] Czechia, Hungary, Poland, Romania and Sweden have not adopted the Euro either, although unlike Denmark, they have not formally opted out; instead, they fail to meet the ERM II (Exchange Rate Mechanism) which results in the non-use of the Euro.
Several European microstates outside the EU have adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements were reached with Monaco, San Marino, and Vatican City by EU member states (Italy in the case of San Marino and Vatican City, and France in the case of Monaco) allowing them to use the euro ...
Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica Grenada
The euro is widely accepted in Albania, although it has no formal approval, and the official currency of the country is the Albanian Lek: Travel; Schengen visa liberalisation: 15 December 2010: Energy; Energy Community: 24 May 2006: Euratom: There are no nuclear power plants or research reactors in Albania. ENTSO-E: Operatori i Sistemit te ...
The euro is also used in countries outside the EU. Four states (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins. [29] [30] Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group.
Most of Kosovo uses the Euro, even though the country is not part of the EU, but parts of its north populated mostly by ethnic Serbs continue to use the dinar. Many rely on the government of ...
A commonly used currency in the Americas is the United States dollar. [1] It is the world's largest reserve currency, [2] the resulting economic value of which benefits the U.S. at over $100 billion annually. [3] However, its position as a reserve currency damages American exporters because this increases the value of the United States dollar.
The euro is the result of the European Union's project for economic and monetary union that came fully into being on 1 January 2002 and it is now the currency used by the majority of the European Union's member states, with all but Denmark (which has an opt-out in the EU treaties) bound to adopt it.