The fame of the currency has grown, and according to statistics, the use of the same has grown to about 227 million people in Europe. However, it is not only in Europe where the currency is being used but also other overseas states in the European Union. It would also be important to note that the numbers of people that use the same have increased globally reaching even up to 210 million as of 2013; this is because their currencies are pegged to euros. The euro is currently the second most traded currency globally after the US dollar. Last year the euro surpassed the United States dollars due to it circuited more and had a higher value that was in the form of banknotes and coins.
Euro replaced the European currency unit in the year 1995 when a team of delegates sat in Madrid to discuss the same. It replaced the European currency unit at the rate of 1.1743 United States dollars. It was not long after the replacement when the physical euro banknotes and coins came into circulation, and that was in the year 2002. The time in which the notes were used marked the day to day operation of the members. There have been some of the times when the euro has experienced a drastic drop, and in July 2012, it fell below 1.21 United States dollars.