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European Union
Use of the euro outside the euro area
Use of the euro outside the euro area
The euro outside the euro area
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.
It is also used as an official or de facto currency as well as an 'anchor' currency by a number of regions geographically outside the European Union:
- Azores and Madeira (Portugal)
- Canary Islands (Spain)
- Ceuta and Melilla (Spain)
- French Guyana
- French islands in the Caribbean
- Mayotte and Réunion (France)
- Saint Pierre and Miquelon (France)
In addition to the euro area, the euro is also the currency of some non-EU countries:
- Andorra
- Kosovo*
*This designation is without prejudice to positions on status, and is in line with UNSCR 1244/99 and the ICJ Opinion on the Kosovo declaration of independence. - Montenegro
- Monaco
- San Marino
- Vatican City
The stable monetary system behind the euro makes it an attractive 'anchor' currency: several countries and territories outside the euro area and the EU have linked their currencies to the euro. In some cases, it is by bilateral agreement with euro area countries, while in others it is a unilateral decision of the country concerned.