Definition of the Euro

The Euro is the predominant currency in Europe and is used by all members of the Eurozone. It is one of the main global reserve currencies. The Euro first came into existence in 1999.

There are many different arguments as to whether the Euro is a good or bad thing. It is good because it removes exchange rate risks and standardizes trading across the Eurozone, as well as providing another strong global currency.

Some of the negative aspects of the Eurozone are that it removes some aspects of financial independence from the Eurozone members, as well as penalizing some of the poorer members more harshly (very high import costs, debt payments etc).