The '''euro''' is an abbreviation for the 28-member [[European Union]] and is also the common [[currency]] in its Eurozone (a [[population]] of more than 320 million). Five other states with formal agreements also use the euro currency, and four other nations have it without formal agreement. Use of the euro began in January 2002, and 12 nations switched their currency immediately to the euro. There was more than €610 billion in circulation in December 2006 (worth US$802 billion at the time), hence the euro had the highest value of [[cash]] in circulation in the world, then having surpassed the [[Dollar (U.S.)|U.S. dollar]].<ref>{{cite web| last = Atkins| first = Ralph| title = Euro notes cash in to overtake dollar| publisher = Financial Times|date=2006-12-27| url = http://www.ft.com/cms/s/18338034-95ec-11db-9976-0000779e2340.html| accessdate = 2007-05-04}}</ref>
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The '''euro''' (symbol €) is an abbreviation for the 28-member [[European Union]] and is also the common [[currency]] in its Eurozone (a [[population]] of more than 320 million). Five other states with formal agreements also use the euro currency, and four other nations have it without formal agreement. Use of the euro began in January 2002, and 12 nations switched their currency immediately to the euro. There was more than €610 billion in circulation in December 2006 (worth US$802 billion at the time), hence the euro had the highest value of [[cash]] in circulation in the world, then having surpassed the [[Dollar (U.S.)|U.S. dollar]].<ref>{{cite web| last = Atkins| first = Ralph| title = Euro notes cash in to overtake dollar| publisher = Financial Times|date=2006-12-27| url = http://www.ft.com/cms/s/18338034-95ec-11db-9976-0000779e2340.html| accessdate = 2007-05-04}}</ref>