The euro has not been around for all that long, but it is one of the leading world reserve currencies. The status of the euro is second only to the US dollar when it comes to the foreign exchange instruments, central banks and monetary authorities hold as a reserve asset.
The euro currency replaced the foreign exchange instruments of the members of the European Union except for the United Kingdom. It began trading on January 1, 1999. The German mark, French franc, Belgian franc, Dutch guilder, Italian lira, Spanish Peseta, Portuguese escudo, Greek Drachma, and