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The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. The euro was formally established as a unit of exchange on 1 January, 1999, and euro banknotes and coins (see euro coins) entered circulation in 12 member states on 1 January, 2002. On 1 January, 2007 Slovenia, a state that joined the EU in May 2004, became the 13<sup>th</sup> state to join the euro area. The remaining EU states with the exception of the United Kingdom and Denmark are required to adopt the euro after meeting the necessary economic conditions to enter the eurozone.