Currency of the European Union

On 1 January 1999, the euro became the official currency of all countries participating in European Economic and Monetary Union. As of 1 January 2002, the first new euro banknotes and coins were be issued to replace the notes and coins of the individual EU countries. The national currencies of the member countries were ceased to be legal tender on 1 June 2002.

The sub-unit of the euro is the cent, with 100 cents to one euro (€). Banknotes are issued in denominations of €5, €10, €20, €50, €100, €200 and €500; coins are issued in denominations of €0.01, €0.02, €0.05, €0.10, €0.20, €0.50, €1 and €2. The official exchange rate of euro to Deutschmark is 1.95583 – in other words, €100,000 is equivalent to DM195,583.

Our glossary explains important financial terms and should not leave any questions unanswered. However, if you are missing a definition, please write to us at We will then include the term if possible.