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EUR is the official currency of European Union, and its commonly referred to as the Euro. Its one of the major and a reserved currency of the world and was introduced in 1999. It was adopted by 16 countries collectively as a common currency with an objective of strengthening European economy; improve international trade, economic power and so on When it comes to trading Forex EUR happens to be the base currency in many pairs such as EUR/AUD; EUR/JPY; EUR/CAD;EUR/USD, EUR/GBP; and EUR/CHF.
The European Central Bank is responsible for and in touch with the central banks of the member EU nations via European System of Central Banks to take any decision that may affect the euro and the other members of EU.
When all the nations are put together or seen collectively as one unit, the Euro-zone is bigger than the economy of U.S.
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