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TeachMeFinance.com - explain Euro Euro The term 'Euro ' as it applies to the area of agriculture can be defined as 'The single currency of the 11 countries that are members of the European Monetary Union, one of the institutions of the European Union. This new currency went into effect on January 1, 1999. The participating countries are Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Spain, and Portugal. The exchange rates for the currencies of these 11 countries were irrevocably fixed in terms of the euro on December 31, 1998. Although the euro is now the official currency, the transition will occur in two phases. For financial transactions, the euro replaced national currencies on January 1, 1999, but for notes and coins, it will replace national currencies in 2002. Four EU members did not join the launch of the euro in January 1999: Denmark, Greece, Sweden, and the United Kingdom'. Previous 5 Terms: EUP eupeptic euphobia euphotic zone Eurasia Next 5 Terms: European Community (EC) European Monetary Union (EMU) European Union (EU) eusuchian euthenics About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.