The official currency of the European Union, the euro, marked its 25th anniversary on January 1, 2024. A joint statement by prominent EU politicians claims that the euro, which is currently used by almost 350 million inhabitants in 20 Eurozone nations, has significantly contributed to making life easier for Europeans.

The authors of the opinion piece, which includes Presidents Charles Michel of the European Council, Paschal Donohoe of the Eurogroup, Christine Lagarde of the European Central Bank, Roberta Metsola of the European Parliament, and Ursula von der Leyen of the EU Commission, stress how essential the euro has become to day-to-day existence.

The leaders of the EU observe that the number of people in the eurozone who support a single currency is almost at an all-time high. Twenty EU and Schengen Area nations, including Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, and Spain, currently use the euro as their official currency.

Furthermore, Kosovo and Montenegro accepted the euro despite not being a part of the EU or the Schengen Zone, while Andorra, Monaco, San Marino, and Vatican City use it based on monetary agreements with the EU.

Nonetheless, a number of EU members have yet to enter the Eurozone, including Bulgaria, Czechia, Denmark, Hungary, Poland, Romania, and Sweden. The euro, which is now in its 25th year, had difficulties in 2023. Its lowest trade levels were at $1.05, indicating a three percent decline in value relative to the US dollar during the third quarter.

By 2022, the euro had already dropped 16 percent versus the US dollar, to a level not seen since December 2002. Experts believe that rising oil prices have contributed to the recent fragility of the euro.