The euro in numbers
THE EURO HELPS KEEP PRICES STABLE
The euro encourages trade, competition and price transparency. This helps to keep prices stable. Since the introduction of the euro, the monthly inflation rate has averaged only 1.7%, which is lower than in the 70s, 80s and 90s.
THE EURO IS THE SECOND MOST IMPORTANT CURRENCY IN THE WORLD
The proportion of international payments made in euros and US dollars is roughly equal and the euro is the world’s second favourite currency for borrowing, lending and central bank reserves.
MOST EUROPEANS SUPPORT THE EURO AND THE POPULARITY OF THE SINGLE CURRENCY IS STRONG AND GROWING
Currently 74% of Europeans are in favour of a European Economic and Monetary Union, with one single currency, the euro. This is the highest share ever.
THE EURO HAS HELPED MAKE IT CHEAPER FOR EUROPEAN HOME BUYERS, BUSINESSES AND GOVERNMENTS TO BORROW MONEY
Because the European Central Bank ensures the stability of the euro and prices, it has become easier and cheaper for Europeans to borrow money at this point in time. Lower borrowing costs make it cheaper for Europeans to get mortgages and for European businesses to finance investment.
THE EURO HELPS PROMOTE TRADE WITHIN EUROPE AND BEYOND
The stability of the euro makes it attractive for businesses around the world trading with Europe to accept prices quoted in euros. This saves European businesses from the costs of currency movements and the cost of converting euros into other currencies. It also makes it much easier and cheaper for countries using the euro to trade with each other!
LIVING STANDARDS AND EMPLOYMENT HAVE RISEN SIGNIFICANTLY UNDER THE EURO
Since the euro was introduced in 1999, the average income in the euro area (EA19) has risen from € 20,900 to €33,900 (2018). Over the same time, the percentage of people in employment has risen from 63.6% to 71.0 %.
Nominal GDP per capita in euro area (in thousands EUR)
Employment rate in euro area (population aged 20-62)
THE EURO HAS PROTECTED EURO AREA ECONOMIES FROM EXCHANGE RATE VOLATILITY
The euro has eliminated the costs of currency movements within the euro area and protected European consumers and businesses from costly swings in currency markets which, in some countries used to undermine confidence, discourage investment and cause economic instability.