<P> A currency is a medium of exchange , such as money , banknotes , and coins . In Europe , the most commonly used currency is the euro ; any country entering the European Union ( EU ) is expected to join the eurozone when they meet the five convergence criteria . Denmark is the only EU member which has been granted an exemption from using the euro , Sweden has also not adopted the Euro , although unlike Denmark , it has not formally opted out , instead , fails to meet the ERM II ( Exchange Rate Mechanism ) which results in the non-use of the Euro . For countries which hope to join the eurozone , there are five guidelines that need to be followed , grouped in the Maastricht criteria . </P>
<P> A currency is a medium of exchange , such as money , banknotes , and coins . In Europe , the most commonly used currency is the euro ; any country entering the European Union ( EU ) is expected to join the eurozone when they meet the five convergence criteria . Denmark is the only EU member which has been granted an exemption from using the euro , Sweden has also not adopted the Euro , although unlike Denmark , it has not formally opted out , instead , fails to meet the ERM II ( Exchange Rate Mechanism ) which results in the non-use of the Euro . For countries which hope to join the eurozone , there are five guidelines that need to be followed , grouped in the Maastricht criteria . </P>
what is the name of the currency used in the european union
what is the name of the currency used in the european union
the euro
the euro