This refers to the official currency of the Eurozone which is shared by 18 of the 28 member states of the European Union. It's also used by European Union institutions and four other European countries. The euro has a currency code of EUR and is symbolized by €. It was originally adopted as a virtual and accounting currency in 1999, and it wasn't until 1st January 2002 that it became the accepted currency of the European Union. During this time, the physical euro coins and paper notes were introduced. As a single currency, the euro offers many advantages as it facilitates trade between the members of the Eurozone.
The euro is one of the most traded currencies in the world, coming second after the U.S. dollar. It is featured in all cross pairs, with EURUSD being the world's most actively traded combination. The European Central Bank (ECB) is responsible for the monetary system of the European Union and the euro currency. Monetary policy decisions made by the ECB can have significant impacts on the euro. Others factors that affect the exchange rate of the euro include Eurozone GDP, the balance of payments, CPI as well as the political situation of the member countries.