Holiday Tips: Euro Currency Guide

By Hand On The Hip - 12/31/2018

You will probably be aware of the fact that the euro (€) is a currency utilised by a selection of European based countries. However, this blog post aims to delve a little bit deeper and provide you with more information about the currency. You will be able to find out when it was introduced, what countries use the currency, the characteristic of the coins and banknotes, and the exchange rate against other major currencies. If you are visiting any country in Europe, you will want to make sure you know about the currency you’ve got in your hands.

So, where did it all begin? The euro currency began life in 1992 when it was established in the Maastricht Treaty. The currency was not made immediately available to all members of the European Union. There are stringent criteria that have to be met. Countries who want to utilise the € need to have low inflation, their budget deficit must be lower than three per cent of their gross domestic product (GDP), their interest rates must be in the range of the EU medium, and their ratio of debt has to be lower than 60 per cent of their GDP.

Nowadays, 17 members of the EU use the euro currency. The United Kingdom and Denmark are the two most notable absentees because they were granted an exception. However, the following countries all use the €; Spain, Austria, Greece, Germany, Slovenia, Belgium, Ireland, France, Slovakia, Cyprus, Ireland, Finland, Portugal, Italy, Estonia, Luxembourg, the Netherlands, Finland, and Malta. So, if you are planning on visiting one of these countries you will know what you need to ask for when getting your cash exchanged. Do note, though, with some travel services, like WhereToRome, you may be able to book online, so it’s worth thinking about whether it is better for you to pay in your own currency or pay in Euro when doing this.

So, you are going abroad and you are planning on getting your €s, but what do they look like? Let’s determine the values available first, and these are...

  • €1
  • €2
  • 10c
  • 20c
  • 50c
  • 1c
  • 2c
  • 5c

Values 1c to 50c are all gold coins. The €1 coin has a silver centre and a gold rim, whereas the €2 coin has a gold centre and a silver rim. In addition to this, €5, €10, €20, €50, €100, €200 and €5000 are all the values of the notes available.

And finally, let’s deal with the exchange rate. When the euro was first introduced the e xchange rates plummeted. However, since then the currency has begun to increase in value and it has become more stable. You will be able to get live updates for your holiday via searching on the Internet. Nevertheless, the picture is a lot more optimistic than it once was and therefore good value can be found.

It’s good to know about the European currency because it is likely to be adopted by more countries in the future. And, you’ll need to know what you are getting when going on holiday!
P.S. This post is a collaborative post and not written by Hand On The Hip.

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