The Euro is the official currency of the European Union (EU), adopted by 19 of the 27 EU member states.
It is the second most common and traded currency in the world after the US dollar.
The euro continues to be extremely popular in countries using it due to its role in facilitating European trade and travel, as well as in promoting the political integration of the EU.
The adoption of a common currency without the stabilizing properties of a fiscal union was the main cause of the European sovereign debt crisis, forcing the EU to deepen its economic and political integration.
The European Monetary System (EMS) was a managed exchange rate agreement created in 1979 to promote closer cooperation on monetary policy among members of the European Community (EU).
The Eurozone refers to the economic and geographical region consisting of all countries of the European Union (EU) that use the euro as their national currency.
The Exchange Rate Mechanism (ERM) is the way in which governments can influence the relative price of their national currency in foreign exchange markets.