Why is the euro a widespread currency?

          Another currency as important as the dollar, and used by millions of people across a continent is the Euro, the official currency of the European Union.

          It is a union of 28 member countries in Europe. Out of these 28, 19 countries have the euro as their legal tender, making it one of the most widely used currencies in the world.

          To its credit, the euro is also the second largest reserve currency globally-the first being the US dollar. The euro was introduced to the world market on January 1, 1999. The currency however entered circulation only three years later.

          Managed by the Frankfurt-based European Central Bank, the euro is circulated in countries including Italy, France, Ireland, Germany, Luxembourg, Belgium, Austria, Netherlands, Spain, Portugal etc.

          However, few members of the European Union still stick to their previous currencies.