Euro – The New Dollar?

Europe's single currency has come of age early. The Euro turned 10 on 1st January, a milestone for one of the most powerful symbols of European identity. It has already endured a rite of passage over the past few months, as the global financial crisis battered European markets yet failed to fluster the euro. And, like any debutante, it has its suitors: a string of countries lining up to dump their national currencies and join the euro zone.

It's a remarkable achievement for a currency whose only global rival is the US dollar. The greenback has more than two centuries of history behind it. But it wasn't until Jan. 1, 1999 that 11 European Union countries locked their national currencies together into a fixed exchange rate. Three years later, physical coins and notes became available, replacing national cash in a massive changeover operation.

The euro zone is now 15 members large and has a combined population of about 320 million. However, many more people are directly affected by the currency, from would-be members whose money is already pegged to it, to countries like Montenegro and Kosovo, whose effective national currency is the euro. France's former African colonies also peg their common currency to Europe's. That means about 500 million people rely on the euro or euro-pegged currencies.

The euro zone is now 15 members large and has a combined population of about 320 million. However, many more people are directly affected by the currency, from would-be members whose money is already pegged to it, to countries like Montenegro and Kosovo, whose effective national currency is the euro. France's former African colonies also peg their common currency to Europe's. That means about 500 million people rely on the euro or euro-pegged currencies.