Euro

The Euro is the currency of the Eurozone, which represents 19 of the 28 EU member states (as well as in some European microstates, and also in 2 non-EU countries currently unilaterally using the Euro). Lots of states use it as a reserve currency, and have their currencies pegged to the Euro. Currently, all members of the EU have to commit to joining the Euro at some point (Denmark and the UK have optouts from this), but in practice EU states can indefinitely avoid becoming part of the Euro should they so wish, due to the convergence criteria. It was introduced in 1999 as a way to deepen further European integration, with the idea that Europe should use 1 common currency.

The European Central Bank determines the monetary policy of the Eurozone in coordination with national Eurozone banks. The President is appointed by majority vote in the European Council, by those member states who use the Euro, to serve an 8 year non-renewable term. The current President is Mario Draghi.