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The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced 12 currencies on 1 January 2002, it inherited their use in territories such as Montenegro and replaced minor currencies tied to pre-euro currencies, such as in Monaco.
The international role of the euro. Find out how the euro, the second most important currency in the world, is used outside the euro area.
Jun 2, 2021 · The international role of the euro remained broadly stable in 2020. This period was characterised by the outbreak of the coronavirus (COVID-19) pandemic, a contraction in global economic activity unprecedented in living memory and exceptional global policy support.
Jun 2, 2021 · The share of the euro across various indicators of international currency was stable, averaging around 19% in 2020. More specifically, the euro’s share in outstanding international loans, in the stock of international debt securities and as an invoicing currency for extra-euro area imports of goods remained broadly stable.
Jun 9, 2020 · The international role of the euro is primarily supported by a deeper and more complete EMU, including advancing the capital markets union, in the context of the pursuit of sound economic policies in the euro area. The Eurosystem supports these policies and emphasises the need for further efforts to complete EMU.
The current international role of the euro. The euro’s success as a stable and credible currency means that it already plays an important role beyond the borders of the EU and the euro area. The European Union’s share of 2020 global gross domestic product amounts to an estimated around 18% (IMF World Economic Outlook).
How countries join. In order to join the euro area, EU member states are required to fulfil so-called ' convergence criteria '. These binding economic and legal conditions were agreed in the Maastricht Treaty in 1992 and are also known as 'Maastricht criteria'.
