The euro is the result of an ambitious project by the European Union (EU) to create a single currency for most of Western Europe. It is now the official currency of twenty nations. Each participating country issues euro coins in denominations of 1, 2, 5, 10, 20, and 50 euro cents (a euro cent is one one-hundredth of a euro), as well as 1 and 2 euros. All euro coins of the same denomination share the same 'common face,' but each country may render its own 'national face' design on the opposite side of the coin . The banknotes for eurozone countries are all the same and issued by the European Central Bank instead of by each country.

Economic and Monetary Union takes the EU one step further in its process of economic integration, which started in 1957 when it was founded. Economic integration brings the benefits of greater size, internal efficiency and strength to the EU economy as a whole and to the economies of the individual Member States. This, in turn, offers opportunities for economic stability, higher growth and more job opportunities - outcomes of direct benefit to EU citizens. In practical terms, EMU means: 

• Coordination of economic policy-making between Member States Coordination of fiscal policies, notably through limits on government debt and deficit .

• An independent monetary policy run by the European Central Bank (ECB) Single rules and supervision of financial Institutions within the euro area The single currency and the euro area.