The Euro is the single currency that has been adopted by 13 member countries of the European Monetary Union (EMU): Austria, Belgium, Greece, Finland, France, Ireland, Italy, Luxembourg, the Netherlands, Germany, Portugal, Slovenia and Spain. Denmark, Sweden and the United Kingdom have so far decided not to introduce the euro, and have kept their own national currencies. All member states of the EMU have had to meet convergence criteria, meaning they have had to prove their ability to fulfil all the economic requirements necessary to join the EMU. States that joined the Union in the fifth enlargement wave will also need to comply with these requirements before introducing the euro as the official currency.

The euro entered the economies and banks of EMU member countries as an accounting currency as early as 1 January 1999 (except Greece, which joined the EMU on 1 January 2001), at which time the exchange rates of the national currencies in relation to the euro were fixed ensuring no loss of value during currency exchange.

On 1 January 2002, euro banknotes and coins were launched as well as the exchange of national currencies of member states. Since 1 March 2002, the euro has become the sole legal tender in EMU countries. Following the introduction of the euro, the many advantages of a single Union market have become increasingly evident - no transaction costs incurred when exchanging currencies while travelling between EU member states, and the easier comparison of prices for the same products and services in different EU countries. Slovenia introduced the euro on 1 January 2007, increasing the number of Europeans consumers using the euro from 315 to 317 million.
Although the euro is still not our currency, it is important to Croatian citizens, companies and banks. The introduction of a single European currency has benefited both our citizens and businesses. It saves time and cuts currency exchange transaction costs, allows the prices of the same products and services in different EU countries to be compared more readily, and eases payment for goods and services – regardless of the EMU country they were purchased or used in.