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[[Image:Euro banknotes.png|right|thumb|Euro banknotes|300px]]

[[Image:Euro banknotes.png|right|thumb|Euro banknotes|300px]]

The '''Euro''' is the common [[currency]] in the Eurozone (a group of 15 [[European Union]] states) today.  Use of the euro began in January 2002, and 12 nations switched their currency immediately to the euro. It is a currency similar to the dollar in the United States.  Countries within the European Union were able to join the Common Currency if they met four criteria (known as the 'convergence criteria'.  These were:<br />

The '''Euro''' is the common [[currency]] in the Eurozone (a group of 15 [[European Union]] states) today.  Use of the euro began in January 2002, and 12 nations switched their currency immediately to the euro. Countries within the European Union were able to join the Common Currency if they met four criteria (known as the 'convergence criteria'.  These were:<br />

1. The budget deficit must be below 3% of GDP (the difference between government receipts and expenditures.)<br />

1. The budget deficit must be below 3% of GDP (the difference between government receipts and expenditures.)<br />

2. The total government debt must be below 60% of GDP.<br />

2. The total government debt must be below 60% of GDP.<br />