what is the name of the currency used in the european union
List of currencies in Europe A currency is a medium of exchange, such as money, banknotes, and coins.[2] In Europe, the most commonly used currency is the euro; any country entering the European Union (EU) is expected to join the eurozone[3] when they meet the five convergence criteria.[4] Denmark is the only EU member which has been granted an exemption from using the euro,[3] Sweden has also not adopted the Euro, although unlike Denmark, it has not formally opted out, instead, fails to meet the ERM II (Exchange Rate Mechanism) which results in the non-use of the Euro.[5][6] For countries which hope to join the eurozone, there are five guidelines that need to be followed, grouped in the Maastricht criteria.[3]
Euro sign Placement of the sign also varies. Partly since there are no official standards on placement,[9] countries have generated varying conventions or sustained those of their former currencies. For example, in Ireland and the Netherlands, where previous currency signs (£ and ƒ, respectively) were placed before the figure, the euro sign is universally placed in the same position.[10] In many other countries, including France, Germany, Italy, Spain, Latvia[11] and Lithuania, an amount such as €3,50 is usually written as 3,50 € instead, largely in accordance with conventions for previous currencies.