Euro – What is the Euro?

What is the Euro?
Definition of Euro: It is defined as a basic monetary unit used by European Union’s members. It was introduced in the year 1999. Later on, in 2002 twelve nations including Luxembourg, France, Germany, Belgium, Finland, the Netherlands, Portugal, Spain, Ireland, Greece, Austria, Italy recognized Euro as their main currency unit and discarded the conventional currencies. It is regarded as a substitute for the Currency Unit of Europe. Without and with formal agreements, today Euro is used by over 327 million Europeans. It is managed and directed by the European Central Bank which is based in Frankfurt. The European Central Bank is self-governing and consists of sole authority foe establishing monetary policy. The Euro system looks after the minting, printing and sharing of coins.