January 1, 1999.
On January 1, 1999, the single monetary policy (Single Monetary Act) was implemented in the EU countries that implemented the euro . In July 2002, the euro became the only legal currency in the euro area .
The euro is managed by the European Central Bank (European Central Bank, ECB) and the European System of Central Banks (ESCB), which consists of the central banks of various euro area countries.
In addition, the euro is also the currency of six non-EU countries (regions): Monaco, San Marino, Vatican City, Andorra, Montenegro and Kosovo. Among them, the first four pocket countries use the euro according to the agreement with the EU, while the latter two countries (regions) use the euro unilaterally.
Currency Pattern:
All Euro coins have the same obverse and are marked with the denomination of the coin, called the “common side”, while the reverse of the coin has a pattern designed by the issuing country (national side). Constitutional monarchies often use the avatar of their monarch, other countries usually use their national symbol.
All different coins can be used in all euro areas, for example coins with the head of the king of Spain are also legal tender in other countries outside Spain that use the euro. There are 8 denominations of Euro coins. Although the 1 and 2 cent coins are generally not used in Finland and the Netherlands, they are still legal tender.
The design of each denomination of euro banknotes is the same across countries. There are 7 denominations of Euro banknotes. Although large denominations are not issued in some countries, they are still legal tender.