Definition: The euro was put into effect in 2002 to be the unifying currency for the European Union (EU). While all members of the EU have pledged to go on the EU, so far only 13 members have done so: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, and Spain.
Many non-EU countries have traded their own currencies for the euro, including Montenegro, Vatican City, and Monaco. In addition, 14 African countries that were former French colonies adopted the euro when the franc went away.
Iran, the world's fourth largest oil producer, uses euros for all foreign transactions, including oil. Iran has converted all dollar-denominated assets held in foreign countries to the euro.
Examples:
Could the euro one day replace the dollar as the world's most popular currency?
