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GBP to EUR Exchange Rate

Currency Exchange Rates for Euro. Currency Information on Euro - EUR— Euro - €. The foreign exchange currency code for EUR represents the Euro exchange rate.

Often referred to as ‘the single currency’ the Euro is the official currency of many countries within Europe; the ‘Eurozone’, consisting of 19 members states of the EU. It was introduced in 1999 and replaced the European Currency Unit at par. Since 2002, the Euro has traded for more than the USD, reaching the value of $1.6038 in 2008 and currently standing at $1.10.

The Euro is the official currency of the following countries; Spain, Slovakia, Slovenia, Malta, the Netherlands, Latvia, Luxembourg, Lithuania, Italy, Ireland, Finland, Germany, Greece, France, Cyprus, Belgium, Austria and Estonia. 337 million Europeans use the euro daily, which is the second most traded currency, as well as being the second largest reserve currency.

The combined value of the euro coins and banknotes in circulation has surpassed the value of the USD currency in circulation, making the euro the number 1 currency for combined value of banknotes and coins in circulation.

The Euro: History and its place in the global economy

The Euro was launched on January 1st, 1999. This was all initiated when the Maastricht Treaty was signed. 

The aim of the Euro was the creation of an economic link connecting user countries. The currencies of individual nations were fixed to the Euro. This was a move that stabilized all involved currencies because this platform avoided any fluctuations amongst said currencies and the Euro. At the time of launch, the Euro was merely an electronic currency and did not become a legal tender until much later on January 1st, 2002.

On its materialization, the following French Franc, Italian Lira and German Mark among other local currencies ceased to exist, and this was in July 1st, 2002. This effectively began the age of a common currency in the respective nations within the Euro bracket. It became a central monetary policy in the said countries. These countries are what are today known as the Eurozone. 

The Eurozone has a total of 19 member states, out of the 28 in the European Union. 

**

These countries are;

**- Austria

There are a number of unofficial
users of the currency;

These two are users by unilateral
adoption;

Like every major currency, a range of coins and banknotes are available.

For the note denominations there are;

Banknotes are available in denominations of 5, 10, 20, 50, 100, 200 and 500 euros.

For coins there are;

Currency Information on EUR. Euro coins available are circulated in denominations of 1, 2, 5, 10, 20, and 50 cents and 1 & 2 euro..

The range of denominations eases the process of transacting using the Euro. All these are governed and issued by the European Central Bank, whose capital stock is owned by the central of countries in the European Union. Its headquarters are in Frankfurt, Germany.

The Euro was established with an aim of creating a stable European economy. It brought about a better economic environment, with economic growth across Europe. This has been aided by better cohesion and integration among European financial markets. In doing so, it has also helped reduce volatility in the European financial sector. With a unified economic platform, Europe is a real presence in the global economy thanks to the Euro.

The Euro has quite a number of benefits despite the few challenges in any financial system. One of them being price transparency. This has meant that comparison of prices across the Eurozone has become easy since value is represented by a unified currency. There has been another huge benefit especially for travellers in the Eurozone, considering that one would not need to exchange currency. This means that keeping track of travel expenditure is much easier.

Convert Pound to Euro

Convert GBP to EUR exchange rate. Buy and sell British Pounds to Euro. Convert EUR to GBP with a currency broker offering the best foreign exchange rates. Exchange GBP to EUR - Convert Pound to Euro for a Free Online Quote.

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