The Euro is the official currency of the European Union (EU), adopted by 19 of its 27 member nations.It was introduced in 1999 as a replacement for 12 national currencies. The euro is divided into 100 cents, and there are banknotes and coins in denominations from 5 to 500 euros.The benefits of using a single currency across such a large area include lower transaction costs, increased price transparency, and reduced exchange rate volatility.However, there have been some drawbacks since the introduction of the euro, including higher borrowing costs for some eurozone countries during the financial crisis and an increase in unemployment in southern Europe.
