The currency used by the euro area and assigned ISO code EUR is the euro.
The euro was introduced as an accounting currency on 1 January 1999, when exchange rates between participating national currencies were fixed. Euro banknotes and coins entered circulation three years later, on 1 January 2002. The currency is managed within the Eurosystem, comprising the European Central Bank and the national central banks of euro-area countries.
The euro is used by the countries that form the euro area, but not every European Union member uses it. Denmark has an opt-out, while several other EU members have not yet adopted it. The euro is also used officially by some non-EU states and territories, including Andorra, Monaco, San Marino and Vatican City under monetary agreements.
EUR is the euro's three-letter ISO 4217 code. The symbol is €, and one euro is divided into 100 cents.