The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced 12 currencies on 1 January 2002, it inherited their use in territories such as Montenegro and replaced minor currencies tied to the pre-euro currencies, such as in Monaco. Four small states have been given a formal right to use the euro, and to mint their own coins, but all other usage has been unofficial outside the eurozone (the EU states who have adopted the euro). With or without an agreement these countries, unlike those in the eurozone, do not participate in the European Central Bank or the Euro Group.
Its international usage has also grown as a trading currency, acting as an economic or political alternative to using the United States dollar. Its increasing usage in this sense has led to it becoming the only significant challenger to the US dollar as the world's main reserve currency.
Read more about International Status And Usage Of The Euro: Usage in States With Another Official Currency, Trading Currency, Pegged Currencies, Reserve Currency Status, See Also, Notes
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