The euro is the currency of the Euro Zone. The Euro Zone currently consists of 16 of the 27 member states of the European Union.
The Euro Area is made up of Germany, Austria, Belgium, Cyprus, Slovakia, Slovenia, Spain, Finland, France, Greece, Holland, Ireland, Italy, Luxembourg, Malta and Portugal.
According to official data from the Bank for International Settlements (BIS) in its three-year report of 2007 shows that the level of participation of the euro in the forex market is 36.98%, taking into account a total 200% because the transactions Currency involving purchases and sales.
In this way, after the U.S. dollar, the euro was established as the most traded currency in the foreign exchange market, with the European economic bloc of great influence in the global economy.
The ISO 4217 code for the euro is EUR. ISO 4217 came to encode all currencies worldwide, and really simplified transactions worldwide.
As you can see the name of EUR becomes an exception to the standard ISO 4217 as the first two letters of the code refer to money or Organization of American States, and the last letter to the legal currency used . So in EUR, EU refers to EU (European Union in English), and R the Euro.
We can find tickets for 5 euros, 10, 20, 50, 100, 200 and 500 euros. Importantly European banknotes are identical to the sixteen member states of the Euro Zone, however, the coins have the same obverse but with different back depending on which country of the euro area we find.
The euro currency symbol is € and refers to the first letter of Europe while the two parallel lines refer to stability in the euro area.
Germany is the state with economic weight in the Euro Area, and usually both its economic publications and speeches of their leaders tend to greatly affect the trade of the euro.
The Member States of the Euro Zone delegate their powers in monetary matters, the European Central Bank and this bank has a monopoly on the issuance of euro.
This article is supplied by PLANETAFOREX.COM
