Hauptwache Ffm April 2010 DSC 9367. All values, unless otherwise stated, are in US dollars. The euro, used by 19 of its 28 members, is eu vs forex second largest reserve currency as well as the second most traded currency in the world after the United States dollar.
Euronext is the main stock exchange of the Eurozone and the 7th world largest by market capitalisation. The seven largest trading partners of the European Union are the United States, China, Switzerland, Russia, Japan, Turkey and Norway. The euro is the second-largest reserve currency in the world. Beginning in the year 1999 with some EU member states, now 19 out of 28 EU states use the euro as official currency in a currency union.
The remaining 9 states continued to use their own currency with the possibility to join the euro later. The euro is also the most widely used currency in the EU. Since 1992 the Maastricht treaty sets out rigid economic and fiscal convergence criteria for the states joining the euro. Denmark and the United Kingdom, not members of the eurozone, have special opt-outs concerning the later joining of the euro.
Also, Sweden can effectively opt out by choosing when or whether to join the European Exchange Rate Mechanism, which is the preliminary step towards joining. The remaining states are committed to join the euro through their Treaties of Accession. Starting with Greece in 2009, five of the 19 eurozone states have been struggling with a sovereign debt crisis, by many called the European debt crisis. The services sector is by far the most important sector in the European Union, making up 74. GDP, compared to the manufacturing industry with 23.