euro
Word family
- EurozonenounB1
- eurocentricadjectiveC1
- euroscepticnounC1
- eurocratnounC2
- EurobondnounC1
Synonym discussion
Sense: noun/2
The euro, dollar, yen, and sterling are the four most widely traded currencies in global foreign-exchange markets. The euro (used by 20 EU countries) functions both as a national currency for everyday transactions and as a reserve currency held by central banks worldwide. The US dollar is the dominant global benchmark — most commodities are priced in dollars, and the euro's strength is most commonly measured 'against the dollar'. The yen is a key Asian currency whose value is often compared with the euro in international trade contexts. Sterling (the British pound) operates outside the Eurozone and its exchange rate against the euro is closely watched by UK businesses trading with mainland Europe. When discussing exchange rates, 'the euro fell against the dollar' means one euro buys fewer dollars than before; conversely, 'the euro strengthened against the yen' means it buys more yen.
Common collocations
Nouns
- euro area
- euro currency
- euro exchange rate
Prepositions
- in euros
- against the euro
- per euro
Etymology
The word 'euro' is a shortening of 'Europe', which traces back through Latin 'Europa' to the ancient Greek Εὐρώπη (Eurṓpē), the name of a mythological Phoenician princess. The currency was adopted as the official name in 1995 by the European Council in Madrid. Electronic transactions in euros began on 1 January 1999, and physical euro coins and banknotes entered circulation on 1 January 2002, replacing the national currencies of twelve founding EU member states.