The euro is the most tangible proof of European integration – the common currency in 19 out of 28 EU countries and used by some 338.6 million people every day. The benefits of the common currency are immediately obvious to anyone travelling abroad or shopping online on websites based in another EU country.
EU monetary cooperation The Economic and Monetary Union involves the coordination of economic and fiscal policies, a common monetary policy and the euro as the common currency. The euro was launched on 1 January 1999 as a virtual currency for cash-less payments and accounting purposes. Banknotes and coins were introduced on 1 January 2002. Which countries use the euro? The euro (€) is the official currency of 19 out of 28 EU member countries. These countries are collectively known as the Euro area.