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The euro is the only legal tender
- Within the euro area, the euro is the only legal tender. In the absence of a specific agreement concerning the means of payment, creditors are obliged to accept payment in euros. Parties may also agree to transactions using other official foreign currencies (e.g. the US dollar).
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6 days ago · After February 28, 2002, the euro became the sole currency of 12 EU member states, and their national currencies ceased to be legal tender. Other states subsequently adopted the currency. The euro is represented by the symbol €.
Euro cash was not introduced until 1 January 2002, when it replaced, at fixed conversion rates, the banknotes and coins of the national currencies like the Belgian franc and the Deutsche Mark. Today, euro banknotes and coins are legal tender in 20 of the 27 Member States of the European Union, including the overseas departments, territories and ...
Their exchange rates were locked at fixed rates against each other. The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new euro notes and coins were introduced on 1 January 2002.
Within the euro area, the euro is the only legal tender. In the absence of a specific agreement concerning the means of payment, creditors are obliged to accept payment in euros. Parties may also agree to transactions using other official foreign currencies (e.g. the US dollar).
The Euro. History and purpose. Why a common currency. An economic and monetary union (EMU) was a recurring ambition for the European Union from the late 1960s onwards. EMU involves coordinating economic and fiscal policies, a common monetary policy, and a common currency, the euro.
The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new notes and coins were introduced on 1 January 2002 (having been distributed in small amounts in the previous December). Starting on 1 January 1999, all bonds and other forms ...
The euro is explicitly included in some laws in non-eurozone countries, including EEA countries, based on EU directives. The laws, for example in money laundering, include specific euro amounts above which certain rules apply.
