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]
History of the euro The euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, particularly due to opposition from the United Kingdom, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union by 1999 for all EU states except the UK and Denmark (even though Denmark has a fixed exchange rate policy with the euro).