LeoGlossary: EURO

The EURO is the currency for the Eurozone.

There are 19 countries comprising of over 340 million people who use the EURO. This is the world's #2 currency behind the USD in terms of global transactions and reserves held by central banks. It also is the currency that is second most in terms of derivatives denomination.

On January 1, 1999 the EURO was released as the currency for 11 countries. At that time, it was a digital-only currency. Three years later, banknotes were created and distributed through the region.

The European Central Bank oversees the EURO, with the European commercial banks responsible for the expansion of the money supply.

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