The euro replaced the Italian lira when Italy adopted the euro.
Italy became one of the first 11 countries to adopt the euro for electronic and accounting transactions on 1 January 1999. Euro banknotes and coins entered everyday circulation on 1 January 2002, and the Italian lira ceased to be legal tender later that year. The fixed conversion rate was 1 euro for 1,936.27 lire.
The euro is divided into 100 cents and has the ISO 4217 code EUR. The European Central Bank manages monetary policy for the euro area, while national central banks distribute notes and coins. Euro banknotes share common designs, whereas coin designs include a common European side and a national side.
The lira had been Italy’s currency since the 19th century and was named after the Latin libra, meaning pound. Italy’s transition was part of a wider monetary project that created a shared currency for participating European Union states.