ευρώ (Greek)
Banknotes Coins
ISO 4217 Code EUR
User(s) European Union: Austria, Belgium, Finland, France, Germany, Greece, Republic of Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia and Spain. Through official agreement: Monaco, San Marino, Vatican City, Saint-Pierre et Miquelon, Mayotte. Unilaterally adopted: Andorra, Montenegro, Kosovo.
Inflation 1.8%
Source European Central Bank, September 2006
Method HICP
1/100 cent
actual usage varies depending on language
Plural See Linguistic issues concerning the euro
cent See article
Freq. used 1, 2, 5, 10, 20, 50 cents, €1, €2
unless otherwise stated as rarely used
Rarely used 1 and 2 cents (applies to Finland and the Netherlands only)
Freq. used €5, €10, €20, €50
Rarely used €100, €200, €500
Central bank European Central Bank
Printer Istituto Poligrafico e Zecca dello Stato
Banco de Portugal
Bank of Greece
Banque de France
Central Bank and Financial Services Authority of Ireland
De La Rue
Fábrica Nacional de Moneda y Timbre
François-Charles Oberthur
Giesecke & Devrient
Royal Joh. Enschedé
National Bank of Belgium
Oesterreichische Banknoten- und Sicherheitsdruck GmbH
Setec Oy
Website Istituto Poligrafico e Zecca dello Stato
Banco de Portugal
Bank of Greece
Banque de France
Central Bank and Financial Services Authority of Ireland
De La Rue
Fábrica Nacional de Moneda y Timbre
François-Charles Oberthur
Giesecke & Devrient
Royal Joh. Enschedé
National Bank of Belgium
Oesterreichische Banknoten- und Sicherheitsdruck GmbH
Setec Oy

The euro (currency sign: ; banking code: EUR) is the official currency of the European states of Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia and Spain - also known as the Eurozone - and is the single currency for more than 317 million people in Europe. Including areas using currencies pegged to the euro, the euro affects more than 480 million people worldwide,[1] with more than €610 billion in circulation as of December 2006.[2]

The euro is not the currency of the European Union as not all EU members have adopted the currency. While all nations which have recently joined the EU are pledged to adopt the euro in due course, the United Kingdom and Denmark are under no such obligation.[3] Several small European states (The Vatican, Monaco and San Marino), although not EU members, have adopted the euro due to currency unions with member states. Andorra, Montenegro and Kosovo have adopted the euro unilaterally.

The euro was introduced to world financial markets as an accounting currency in 1999 (named as ECU) and launched as physical coins and banknotes in 2002. All EU member states are eligible to join if they comply with certain monetary requirements.

The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the European System of Central Banks (ESCB) (composed of the central banks of its member states). As an independent central bank, the ECB has sole authority to set monetary policy. The ESCB participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the Eurozone payment systems.



Characteristics of the euro


Coins and banknotes

Euro currency (coins from first issues)
Euro currency (coins from first issues)

The euro is divided into 100 cents (sometimes referred to as eurocents). All euro coins (including the €2 commemorative coins) have a common side showing the denomination (value) with the EU-countries in the background and a national side showing an image specifically chosen by the country that issued the coin. Euro coins from any country may be freely used in any nation which has adopted the euro.

The euro coins are €2, €1, 50c, 20c, 10c, 5c, 2c and 1c. The two smallest denominations are no longer struck (except for collectors) in the Netherlands or Finland, where cash transactions are rounded to the nearest five cents, but they remain legal tender there.

Commemorative coins of various other denominations, not intended for circulation, have been issued. They are legal tender only in the nation which issued them. In addition, members have from time to time replaced the national side of the two euro coin with a commemorative design--as Greece did for the 2004 Summer Olympics. Such coins are legal tender throughout the eurozone.

All euro banknotes have a common design for each denomination on both sides. Notes are issued in €500, €200, €100, €50, €20, €10, €5. Some of the higher denominations, such as €500 and €200, are not issued in a few countries, though they remain legal tender throughout the eurozone.

The ECB has set up a clearing system for large euro transactions (TARGET). All intra-Eurozone transfers shall cost the same as a domestic one. This is true for retail payments, although several ECB payment methods can be used. Credit card charging and ATM withdrawals within the Eurozone are also charged as if they were domestic. The ECB has not standardized paper-based payment orders, such as cheques; these are still domestic-based.


The currency sign €

This is the official construction of the euro logo, which was specified to be printed in PMS Yellow on a PMS Reflex Blue background
This is the official construction of the euro logo, which was specified to be printed in PMS Yellow on a PMS Reflex Blue background

A special euro currency sign (€) was designed after a public survey had narrowed the original ten proposals down to two. The European Commission then chose the final design. The eventual winner was a design created by the Belgian Alain Billiet. The official story of the design history of the euro sign is disputed by Arthur Eisenmenger, a former chief graphic designer for the EEC, who claims to have created it as a generic symbol of Europe.

The glyph is (according to the European Commission) "a combination of the Greek epsilon, as a sign of the weight of European civilization; an E for Europe; and the parallel lines crossing through standing for the stability of the euro".

The European Commission also specified a euro logo with exact proportions and foreground/background colour tones.[4] Although some font designers simply copied the exact shape of this logo as the euro sign in their fonts, most designed their own variants, often based upon the capital letter C in the respective font so that currency signs have the same width as Arabic numerals.[5]

Placement of the currency sign varies from nation to nation. There are no official standards on where to place the euro symbol.[6] Generally, people in the euro countries have kept the placement of their former currencies.[citation needed]

Another advantage to the final chosen symbol is that it is easily created on the huge worldwide installed base of typewriters, by typing a capital 'C', backspacing and overstriking it with the equal ('=') sign.


Economic and Monetary Union

Life in the European Union
Flag of the European Union

  • Citizenship
  • Culture
  • Demographics
  • Economy
  • Education
  • Enlargement
  • Foreign
  • Geography
  • History
  • Languages
  • Military
  • Politics
  • Sport
  • Statistics

History (1990-2007)

For earlier monetary history in Europe, see European Monetary System.
For transition to the euro see, see Introduction of the euro.

The euro was established by the provisions in the 1992 Maastricht Treaty on European Union that was used to establish an economic and monetary union. In order to participate in the new currency, member states had to meet strict criteria such as a budget deficit of less than three per cent of their GDP, a debt ratio of less than sixty per cent of GDP, low inflation, and interest rates close to the EU average.

Economists that helped create or contributed to the euro include Robert Mundell, Wim Duisenberg, Robert Tollison, Neil Dowling and Tommaso Padoa-Schioppa. (For macro-economic theory, see below.)

Due to differences in national conventions for rounding and significant digits, all conversion between the national currencies had to be carried out using the process of triangulation via the euro. The definitive values in euro of these subdivisions (which represent the exchange rates at which the currency entered the euro) are shown at right.

The rates were determined by the Council of the European Union, based on a recommendation from the European Commission based on the market rates on 31 December 1998, so that one ECU (European Currency Unit) would equal one euro. (The European Currency Unit was an accounting unit used by the EU, based on the currencies of the member states; it was not a currency in its own right.) Council Regulation 2866/98 (EC), of 31 December 1998, set these rates. They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally the pound sterling) that day.

Currency Abbr. Rate Fixed on EMU III
Austria Austrian Schilling ATS 13.7603 31/12/1998 1999
Belgium Belgian franc BEF 40.3399 31/12/1998 1999
Netherlands Dutch gulden NLG 2.20371 31/12/1998 1999
Finland Finnish mark FIM 5.94573 31/12/1998 1999
France French franc FRF 6.55957 31/12/1998 1999
Germany German Mark DEM 1.95583 31/12/1998 1999
Republic of Ireland Irish pound IEP 0.787564 31/12/1998 1999
Italy Italian lira ITL 1936.27 31/12/1998 1999
Luxembourg Luxembourg franc LUF 40.3399 31/12/1998 1999
Portugal Portuguese escudo PTE 200.482 31/12/1998 1999
Spain Spanish peseta ESP 166.386 31/12/1998 1999
Greece Greek drachma GRD 340.750[7] 19/06/2000 2001
Slovenia Slovenian tolar SIT 239.640[8] 11/07/2006 2007

The procedure used to fix the irrevocable conversion rate between the drachma and the euro was different, since the euro by then was already two years old. While the conversion rates for the initial eleven currencies were determined only hours before the euro was introduced, the conversion rate for the Greek drachma was fixed several months beforehand, in Council Regulation 1478/2000 (EC), of 19 June 2000.

The currency was introduced in non-physical form (travellers' cheques, electronic transfers, banking, etc.) at midnight on 1 January 1999, when the national currencies of participating countries (the Eurozone) ceased to exist independently in that their exchange rates were locked at fixed rates against each other, effectively making them mere non-decimal subdivisions of 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.

The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until 28 February 2002. The official date on which the national currencies ceased to be legal tender varied from member state to member state. The earliest date was in Germany; the Mark officially ceased to be legal tender on 31 December 2001, though the exchange period lasted two months. The final date was 28 February 2002, by which all national currencies ceased to be legal tender in their respective member states. However, even after the official date, they continued to be accepted by national central banks for several years up to forever in Austria, Germany, Ireland, and Spain. The earliest coins to become non-convertible were the Portuguese escudos, which ceased to have monetary value after 31 December 2002, although banknotes remain exchangeable until 2022.


Current Eurozone (2002-2007)

 ██�Eurozone countries ██�ERM II countries ██�other EU countries ██�unilaterally adopted euro
██ Eurozone countries ██ ERM II countries ██ other EU countries ██ unilaterally adopted euro

Future prospects (2008-)


Pre-2004 EU members

From Greece's participation in 2001 until the EU enlargement in 2004, Denmark, Sweden and the United Kingdom were the only EU member states outside the monetary union. The situation for the three older member states also looks different from that of the newer EU members; all three have no clear roadmap for adopting the euro:


Post-2004 EU members

As of 2007, 11 new EU member states had a currency other than the euro; however, all of these countries are required by their Accession Treaties to join the euro. Some of the following countries have already joined the European Exchange Rate Mechanism, ERM II. They and the others have set themselves the goal to join the euro (EMU III) as follows:

Currency Abbr. Rate Conv goal
Cyprus Cypriot pound CYP 0.585274 2008-01-01
Malta Maltese lira MTL 0.429300 2008-01-01
Lithuania Lithuanian litas LTL 3.45280 2009-01-01
Slovakia Slovak koruna SKK 38.4550 2009-01-01
Bulgaria Bulgarian lev BGN 1.95583[10] 2010-01-01
Estonia Estonian kroon EEK 15.6466 2010-01-01
Latvia Latvian lats LVL 0.702804 2011–
Czech Republic Czech koruna CZK 2011-
Poland Polish złoty PLN 2011–
Romania Romanian leu RON 2011–
Hungary Hungarian forint HUF 2011–

Too high an inflation rate postponed the entry of Lithuania as planned on 1 January 2007. Some of these currencies do not float against the euro, and a subset of those were unilaterally pegged with the euro before joining ERM II. See European Exchange Rate Mechanism, currencies related to the euro, and individual currency articles for more details.

Originally, the Czech Republic aimed for entry into the ERM II in 2008 or 2009, but the current government has officially dropped the 2010 target date, saying it will clearly not meet the economic criteria. No new target date has been set.

Cyprus, Estonia, Latvia, Lithuania, Malta and Slovakia have already finalised the design for their respective coins' obverse sides.


Public opinion on secession from the euro

Although the failure of the European Constitution to be ratified would have no direct impact on the status of the euro, some debate regarding the euro arose after the negative outcome of the French and Dutch referenda in mid 2005.

More recently, in April 2006, after the Italian elections, the subject once again came up. Again, the EU strongly refuted this, calling the suggestion "impossible".


Economics of the euro


Optimal currency areas

The euro Light Sculpture in Frankfurt
The euro Light Sculpture in Frankfurt

In economic theory the degree of fulfilment of the following four criteria indicates whether an area is optimal for a monetary union. These criteria are often called the optimum currency area (OCA) criteria and are generally accepted as a reasonable metric to establish an OCA although they are not exhaustive and far from absolute. There are three economic criteria (labour and capital mobility, product diversification, and openness) and one political criterion (fiscal transfers). Since establishing a single currency over a region necessitates surrendering the ability to tailor monetary policy to specific local conditions, these four characteristics measure the ability of the economy to smooth local economic movements in the absence of monetary policy.

So as the Eurozone has a single monetary policy and a single interest rate set by the ECB, it cannot be fine-tuned for the economic situation in each individual country. While Europe scores well on some of the measures characterizing an OCA, it has lower labour mobility than the United States and similarly cannot rely on Fiscal federalism to smooth out regional economic disturbances.


Transaction costs and risks

The most obvious benefit of adopting a single currency is removing from trade the cost of exchanging currency, theoretically allowing businesses and individuals to consummate previously unprofitable trades. On the consumer side, banks in the Eurozone must charge the same for intra-member cross-border transactions as purely domestic transactions for electronic payments (e.g. credit cards, debit cards and cash machine withdrawals).

The absence of distinct currencies also removes exchange rate risks. The risk of unanticipated exchange rate movement has always added an additional risk or uncertainty for companies or individuals looking to invest or trade outside their own currency zones. Companies that hedge against this risk will no longer need to shoulder this additional cost. The reduction in risk is particularly important for countries whose currencies have traditionally fluctuated a great deal, particularly the Mediterranean nations.

Financial markets on the continent are expected to be far more liquid and flexible than they were in the past. The reduction in cross-border transaction costs will allow larger banking firms to provide a wider array of banking services that can compete across and beyond the Eurozone.


Price parity

Another effect of the common European currency is that differences in prices — in particular in price levels — should decrease because of the 'law of one price'. Differences in prices can trigger arbitrage, i.e. speculative trade in a commodity between countries purely to exploit the price differential, which will tend to equalise prices across the euro area. Similarly, price transparency across borders should help consumers find lower cost goods or services. In reality, the effects of the euro over the level of the prices in Europe are disputable. Many citizens cite the strong increase in prices in the years after the introduction of the euro, although numerous empirical studies have failed to find much real evidence of this.[citation needed] It is speculated that the reason for this perception is that the prices of small, everyday items were rounded up significantly. For example, a cup of coffee that once cost two German Mark might now cost €1.50 or even €2.00 - a 50-100% increase. At the same time, a large appliance or rent payment rounded up to the next obvious euro level would be a negligible proportional increase. The fact that the prices people see every day were affected more strongly might explain why so many people perceive the "euro effect" as being significant, while official studies — which look at the breadth of expenditures, in proportion — would downplay it.


Macroeconomic stability

Low levels of inflation are the hallmark of stable and modern economies. Because a high level of inflation acts as a highly regressive tax (seigniorage) and theoretically discourages investment, it is generally viewed as undesirable. In spite of the downside, many countries have been unable or unwilling to deal with serious inflationary pressures. Some countries have successfully contained by establishing largely independent central banks. One such bank was the Bundesbank in Germany; as the European Central Bank is modelled on the Bundesbank, it is independent of the pressures of national governments and has a mandate to keep inflationary pressures low. Member countries join the bank to credibly commit to lower inflation, hoping to enjoy the macroeconomic stability associated with low levels of expected inflation. The ECB (unlike the Federal Reserve in the United States of America) does not have a second objective to sustain growth and employment.

National and corporate bonds denominated in euro are significantly more liquid and have lower interest rates than was historically the case when denominated in legacy currency[citation needed]. While increased liquidity may lower the nominal interest rate on the bond, denominating the bond in a currency with low levels of inflation arguably plays a much larger role. A credible commitment to low levels of inflation and a stable reduces the risk that the value of the debt will be eroded by higher levels of inflation or default in the future, allowing debt to be issued at a lower nominal interest rate.

A 2007 report released by Europol claims success in combatting counterfeiting of Euro banknotes and states: "Figures released by the ECB confirm that the amount of counterfeit Euro banknotes identified as being in circulation remained stable in 2006 and even decreased slightly when compared with 2005."[20] The report further conveys Europol's awareness of the importance of curbing counterfeiting while at the same time noting that the estimated number of counterfeit Euro notes in circulation is relatively low.


A new reserve currency

The euro is widely perceived to be one of two, or perhaps three, major global reserve currencies, making inroads on the widely used U.S. dollar (USD), which has historically been used by commercial and central banks world-wide as a stable reserve on which to ensure their liquidity and facilitate international transactions. A currency is attractive for foreign transactions when it demonstrates a proven track record of stability, a well-developed financial market to dispose of the currency in, and proven acceptability to others. While the euro has made substantial progress toward achieving these features, there are a few challenges that undermine the ascension of the euro as a major reserve currency. Persistent excessive budget deficits of member nations, economically weak new members, and serious questions regarding expansion threaten the place of the new currency.

As a new reserve currency, government sponsoring the euro do receive some substantial benefits. Since money is effectively an interest free loan to the government by the holder of the currency — foreign reserves act as subsidy to the country minting the currency (see Seigniorage).



Some European nationalist parties oppose the euro as part of a more general opposition to the principle of a European union. A significant group of these include the members of the Independence and Democracy bloc in the European Parliament. Additionally the Green Party of England and Wales is opposed for anti-globalisation reasons but the rest of the European Green Party bloc in the European Parliament do not share their stance.

In their view, the countries that participate in the EMU have surrendered their sovereign abilities to conduct monetary policy. The European Central Bank is required to pursue a policy that might be at odds with national interests and there is no guarantee of extra-national assistance from their more fortunate neighbours should local conditions necessitate some sort of economic stimulus package. Many critics of the EMU believe the benefits to joining the organization are outweighed by the loss of sovereignty over local policy that accompanies membership.


Euro exchange rate


Flexible exchange rates

The ECB targets interest rates rather than exchange rates and in general does not intervene on the foreign exchange rate markets, because of the implications of the Mundell-Fleming Model, being the fact that a central bank can not maintain an interest rate target and an exchange rate target simultaneously, as increasing the money supply would result in a depreciation of the currency. In the years following the Single European Act, the EU has liberalized its capital markets, and as the ECB has chosen for monetary autonomy, the exchange rate regime of the euro is flexible, or floating. This explains why the exchange rate of the euro vis-à-vis other currencies is characterized by strong fluctuations. Most notable are the fluctuations of the euro vs. the U.S. dollar, another freely floating currency. However this focus on the dollar-euro parity is partly subjective. It is taken as a reference because the European authorities expect the euro to compete with the dollar. The effect of this selective reference is misleading, as it give to the observers the impression that a rise in the value of the euro vs the dollar is the effect of an increased global strength of the euro, while it may be the effect of an intrinsic weakening of the dollar itself.


Against other major currencies

Exchange rate evolution of the euro compared to USD, JPY and GBP. Exchange rate at start is put to 1.  Green: in Jan-1999: €1 = 1.18 USD�; in May-2006: €1 = 1.28 USD  Red:   in Jan-1999: €1 = 133  JPY�; in May-2006: €1 = 144  JPY Blue:  in Jan-1999: €1 = 0.71 GBP�; in May-2006: €1 = 0.68 GBP
Exchange rate evolution of the euro compared to USD, JPY and GBP. Exchange rate at start is put to 1.
Green: in Jan-1999: €1 = 1.18 USD ; in May-2006: €1 = 1.28 USD
Red: in Jan-1999: €1 = 133 JPY ; in May-2006: €1 = 144 JPY
Blue: in Jan-1999: €1 = 0.71 GBP ; in May-2006: €1 = 0.68 GBP

After the introduction of the euro, its exchange rate against other currencies, especially the U.S. dollar, declined heavily. At its introduction in 1999, the euro was traded at 1.18 US$/€; on 26 October 2000, it fell to an all time low of 0.8228 $/€. It then began what at the time was thought to be a recovery; by the beginning of 2001 it had risen to nearly $0.96. It declined again, although less than previously, reaching a low of 0.8344 $/€ on 6 July 2001 before commencing a steady appreciation. The two currencies reached parity on 15 July 2002, and by the end of 2002 the euro had reached 1.04 $/€ as it climbed further.

On 23 May 2003, the euro surpassed its initial (1.18 $/€) trading value for the first time. At the end of 2004, it had reached a peak of $1.3668 per euro (0.7316 €/$) as the U.S. dollar fell against all major currencies, fueled by the so called twin deficit of the US accounts. Although the US trade imbalances are heavily against East Asia rather than Europe, East Asia's reluctance to let their currencies rise has led to the euro's rising in its place. However, the dollar recovered in 2005, rising to 1.18 $/€ (0.85 €/$) in July 2005 (and stable throughout the second half of 2005). The fast increase in U.S. interest rates during 2005 had much to do with this trend.

By early December 2006 the dollar fell below €0.75 hitting a low of 0.7495 €/$ (=1.3340 $/€), a little more than 3 cents away from a record low set in late 2004.


Currencies pegged to the euro

There are a number of foreign currencies that were pegged to a European currency and are now currencies related to the euro: the Cape Verdean escudo, the Bosnia and Herzegovina convertible mark, the Bulgarian lev, the CFP franc, the CFA franc and the Comorian franc.

In total, the euro is the official currency in 16 states inside the European Union, 2 state/territory outside the European Union. In addition, 25 states and territories have currencies that are directly pegged to the euro including 14 countries in mainland Africa, 4 EU members that will ultimately join the euro, 3 French Pacific territories, 2 African island countries and 2 Balkan countries.


The euro as a major international reserve currency

Since its introduction, the euro is the second most widely-held international reserve currency after the US dollar. The euro inherited this status from the German Mark, and since its introduction, has increased its standing considerably, mostly at the expense of the dollar.

Current EUR exchange rates

Name and linguistic issues

Several linguistic issues have arisen in relation to the spelling of the words euro and cent in the many languages of the member states of the European Union, as well as in relation to grammar and the formation of plurals. However, in each country but Greece, which uses λεπτό (lepto, Singular) and λεπτά (lepta, Plural) on its coins, the form "cent" is officially required to be used in legislation in both the singular and in the plural. Immutable word formations have been encouraged by the European Commission in usage with official EU legislation (originally in order to ensure uniform presentation on the banknotes), but the "unofficial" practice concerning the mutability (or not) of the words differs between the member states and their languages. The subject has led to much debate and controversy.


See also


Euro related





  1. Number is a sum of estimated populations (as stated in their respective articles) of: all eurozone members; all users of euro not part of eurozone (whether officially agreed upon or not); all areas which use a currency pegged to the euro, and only the euro.
  7. Greece failed to meet the criteria for joining initially, so it did not join the common currency on 1 January 1999. It was admitted two years later, on 1 January 2001, with a Greek drachma (GRD) exchange rate of 340.750.
  8. The final exchange rate was finalised on 2006-07-11. However, the finalised rate was not formally effective before the Tolar was succeeded by the Euro on 2007-01-01.
  9. [1]
  10. Bulgaria is not officially part of ERM II as of 7 January 2007. But as the Bulgarian lev exchange rate is fixed to the rate of German mark (and thus to the Euro) country is included in the list.
  11. Agreement between the Council of Ministers and the Bulgarian National Bank on the introduction of the Euro in the Republic of Bulgaria. Bulgarian National Bank. Retrieved on 2007-01-04.
  12. "Правим първи стъпки за еврото", Pari, 2006-12-28. Retrieved on 2007-01-04. (in Bulgarian)
  13. "Bulgaria may introduce the Euro in 2010", BNR Radio Bulgaria, 2006-12-04. Retrieved on 2007-01-04.
  14. Non, nein, no: Europe turns negative on the euro, The Times, 2006-12-31, accessed on 2006-12-31
  15. Latvia might adopt Euro between 2010 and 2012 - Minister, Forbes, 2006-12-04, accessed on 2007-01-01



External links





Pre-euro and other EU currencies EU Flag
Eurozone Austrian Schilling | Belgian franc | Dutch gulden | Finnish mark | French franc | German Mark | Greek drachma | Irish pound | Italian lira | Luxembourgish franc | Monegasque franc | Portuguese escudo | San Marinese lira | Spanish peseta | Vatican lira
ERM II Cypriot pound | Danish krone | Estonian kroon | Latvian lats | Lithuanian litas | Maltese lira | Slovak koruna | Slovenian tolar
Other EU British pound | Czech koruna | Gibraltar pound | Hungarian forint | Polish złoty | Swedish krona

Currencies of Europe
Eurozone Euro
Northern Danish krone | Faroese króna | Icelandic króna | Norwegian krone | Swedish krona
Baltic Estonian kroon | Latvian lats | Lithuanian litas
Western British pound | Guernsey pound | Jersey pound | Manx pound
Central Czech koruna | Hungarian forint | Polish złoty | Slovak koruna | Slovenian tolar | Swiss franc
Eastern Belarusian ruble | Kazakhstani tenge | Russian ruble | Ukrainian hryvnia
Southeastern Albanian lek | Bulgarian lev | Bosnia and Herzegovina convertible mark | Croatian kuna | Macedonian denar | Moldovan leu | Romanian leu | Serbian dinar
Mediterranean Cypriot pound | Gibraltar pound | Maltese lira | Turkish new lira
Transcaucasia Armenian dram | Azerbaijani manat | Georgian lari
Unrecognized Countries Transnistrian ruble

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