Initially, eleven of the countries in the European Economic and Monetary Union replaced their own currencies with the Euro: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. The European Currency Unit was a theoretical basket of currencies rather than a physical currency in and of itself. On January 1, 1999, the Euro (EUR) was introduced as an account currency, replacing the European Currency Unit at par. Other common names for the Euro include Yoyo (Irish English), Leru (Spanish), and Ege (Finnish).
It is the second-most traded currency on the forex market, after the US Dollar, and also a major global reserve currency. Currently, 17 EU member states have adopted the Euro. The central bank in Europe is called the European Central Bank (ECB).
