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The euro is also used in countries outside the EU. Four states Andorra, Monaco, San Marino, and Vatican City have signed formal agreements with the EU to use the euro and issue their own coins.

What are four economic advantages of the euro for Europe? The cost of exchanging currencies is eliminated. Facilitation of price comparisons. Creation of a larger market.

The main benefits of the euro are related to increased trade. Travel was made easier by removing the need for exchanging money. More importantly, the currency risks were eliminated from European trade. With the euro, European businesses can easily lock in the best prices from suppliers in other eurozone countries.

The "Eurozone" is a currency union among the European Union member states that have adopted the euro as their sole official currency.Any Euro coin or bill can be used in all the countries that have introduced the Euro. The back sides of the coins are different, each participating country has its own designs.

All EU members which have joined the bloc since the signing of the Maastricht Treaty in 1992 are legally obliged to adopt the euro once they meet the criteria, since the terms of their accession treaties make the provisions on the euro binding on them.

The euro as de facto currency Kosovo and Montenegro, in the Balkans, use the euro as a de facto domestic currency, as they have no agreements with the EU. This is keeping with an older practice of using the German mark, which was previously the de facto currency in these areas.

However, the U.S. dollar remains one of the most valuable currencies in the world. The euro is the main rival of the U.S. dollar in international markets, and it was worth slightly more as of 2020.