A simple definition of EUR is: The euro is the currency code used in general industry for the euro, the official currency of 19 of the 28 member states of the European Union (EU). The European Union will consist of 27 countries when Britain leaves the bloc after the Bridget referendum.
The definition of EUR is: The European Economic and Monetary Union (EMU) is made up of 27 member countries, 19 of which have introduced the euro as their official currency.
- The European Economic and Monetary Union consists of 27 member countries, 19 of which have adopted the euro as their official currency.
- A key benefit of adopting the euro is eliminating the exchange rate risk for euro area companies and financial institutions operating in a rapidly globalized economy.
- Critics of the euro argue that its introduction has negative consequences, such as the ECB's ability to formulate monetary policy for the entire euro area.