When tourists visit different countries, they usually have to exchange their money. An American visiting China would exchange dollars for yuan. A Brazilian visiting Peru would exchange reais for nuevos soles. These exchanges take time away from people’s vacations, and travelers usually have to pay a fee to convert their money. Thanks to an exciting agreement in Europe, many travelers no longer need to make these exchanges.
2The Eurozone is a group of countries in Europe that have agreed to share the same kind of money. This money is called the euro. Today, more than 19 countries use the euro. These countries include France, Germany, Italy, and Spain. Beginning in 2002, European countries traded in their francs, deutsche marks, lire, and pesetas for euro bills and coins. Since then, more countries have adopted the euro. Many more countries hope to do so in the future.
3In the United States, our bills and coins show symbols of America. These include important leaders and the bald eagle. Since the euro is shared by many countries, it needs to represent more than just one country. Each of the different euro bills shows a different style of European architecture. This allows the bills to represent many countries.
4Euro coins are a bit more complicated. All euro coins show Europe on one side. On the other side, individual countries are able to choose their own designs. For example, Irish euro coins show a harp, because the harp is an important symbol of Ireland. Austrian euro coins show flowers and important people in Austrian history. People can use euro coins with these different designs in any Eurozone country. This is similar to how Americans can use quarters with designs representing different states, no matter which state they are located in.
5You might be wondering how people who speak different languages are able to understand the words that are written on euros. Thankfully, people in all Eurozone countries can understand the numbers found on bills and coins. Euro bills also come in different sizes and colors, which makes it easier for people to tell them apart. Additionally, the term euro can be understood in almost any Eurozone country's language. The exception is Greek, which has its own alphabet. Because of this, the Greek spelling of euro is printed on all bills along with the word euro. These factors are important for making sure the euro works for all countries in the Eurozone.
6The adoption of the euro did more than just create a shared form of money. It also made it easier for all of the Eurozone countries to work together. It is now much simpler for businesses in these countries to buy and sell each other's good. Workers can find a job in different countries and get paid in a familiar form of money. Consumers can make smarter decisions when buying goods from different countries. Leaders from each Eurozone country now meet regularly to make decisions together. This helps make the economy of each Eurozone country stronger and more stable.
7However, there are some disadvantages to adopting the euro. Individual countries now have less control over their own money and their own economies. Additionally, when there is an economic problem in one Eurozone country, it can have a negative effect on the other Eurozone countries. These concerns have led some European countries to keep their own form of money instead of using the euro.
8In the coming years, economists will pay close attention to the effects of the euro, both positive and negative. While many countries hope to join the Eurozone, some are now considering an exit. For now, travelers in Europe can enjoy the convenience of one shared form of money, whether they are in Portugal, Cyprus, or many of the countries in between.