The US dollar (USD) is the official currency of the United States and the de facto currency for international trade and a reserve currency for much of the world. The Euro (EUR) is the currency of 22 European countries, including 17 countries in the European Union. This comparison focuses on the history and evolution, central banking, amount of money in circulation and the exchange rate between these two currencies.
Comparison chart
 | Euro | US Dollar |
|---|---|---|
| Symbol | € | $ |
| ISO 4217 code | EUR (num. 978) | USD |
| Official user(s) | Eurozone (19): Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Lativa, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain. Outside the EU: 7 | United States and its overseas territories, plus a few other countries like Panama, Ecuador |
| Inflation | 10.7% (Oct 2022) | 7.7% (Oct 2022) |
| Nickname | The single currency, local names Ege (Finnish) Quid (Hiberno-English) Teuro (German) Ouro (Galician) Juró (Hungarian) Ewro (Maltese) | Buck, greenback |
| Coins | 1c, 2c, 5c, 10c, 20c, 50c, €1, €2 | 1c, 5c, 10c, 25c, 50c, $1 |
| Countries | Eurozone | US and overseas territories |
| Notes | €5, €10, €20, €50, €100, €200, €500 | $1, $5, $10, $20, $50, $100, $2 (rare) |
| Amount in circulation | €915 billion | Over $800 billion |
| Governing bank | European Central Bank | Federal Reserve |
| Pegged by | 10 currencies Bosnia & Herz. convertible mark Bulgarian lev Cape Verdean escudo Central African CFA franc CFP franc Comorian franc Danish krone (±2.25%) Latvian lats Lithuanian litas West African CFA franc | 23 currencies |
| Printer | Various | Bureau of Engraving and Printing |
| Mint | Various | United States Mint |
| Stock Ticker | EURUSD=X | USDEUR=X |
| Introduction (from Wikipedia) | The euro (sign: €; code: EUR) is the currency used by the Institutions of the European Union and is the official currency of the eurozone, which consists of 19 of the 27 member states of the European Union. | The United States dollar (symbol: $; code: USD) is the official currency of the United States and its territories. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar and divided it into 100 cents. |
| Central bank | European Central Bank | Federal Reserve |
| Website | https://www.ecb.europa.eu | https://www.federalreserve.gov/ |
| Plural | Euro | Dollars |
| Code | EUR | USD |
History
Origins of the Euro
The Euro was introduced to financial markets on January 1, 1999. Coins and banknotes entered circulation on January 1, 2002. After the Maastricht Treaty in 1992, most EU member states are obliged to adopt the Euro after meeting monetary and budgetary requirements. However the UK and Denmark negotiated exemptions, and Sweden rejected the Euro in a referendum. All new members of the European Union since 1993 have pledged to adopt the Euro. After the US financial crisis in 2008, fears rose over a sovereign debt crisis in the Eurozone, with Greece, Ireland and Portugal at particular risk.
Origins of the US Dollar
The US constitution provided the United States Congress with the power “to coin money.” The first dollar coins were issued by the United States mint in 1792, and were similar in size and composition to the Spanish dollar, and the Spanish dollar and Mexican dollar remained legal tender until 1857, as did the coins of various English colonies.
Administration and control of monetary policy
The Euro is managed and administrated by the European Central Bank (ECB) in Frankfurt. It is printed, minted and distributed in all member states by the Eurosystem, a network of the central banks of member countries.
The US dollar is managed by the Federal Reserve.
Countries
The Euro is the official currency of the Eurozone, which is made up of 19 of the 27 member states of the European Union. These countries are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. It is the sole currency of these countries, and is used by over 350 million people. It is also the sole currency of Montenegro and Kosovo, several micro states (Andorra, Monaco, San Marino, the Vatican City), and overseas territories of EU states: Mayotte, Saint Pierre and Miquelon, and Akrotiri and Dhekelia.
The US dollar is the official currency of the United States and its overseas territories. It is also used as the sole currency in Palua, Micronesia and the Marshall Islands, and is also used in Panama, Ecuador, El Salvador, East Timor, the British Virgin Islands, Turks and Caicos Islands, Bonaire, Sint Eustatius and Saba.
Here is the share of the Euro and the US Dollar in the worldwide foreign currency reserves held by sovereign governments:
Exchange Rates
This chart shows the historical price of 1 Euro denominated in USD. For much of the past two decades, 1 Euro has always been worth more than 1 US dollar. However, in October 2022, the Euro/Dollar exchange rate briefly went below $1.
Amount of money in circulation
The Euro is the second largest reserve currency and the second most traded currency in the world. As of September 2012, there were more than €915 billion in circulation, making it the currency with the highest combination of banknotes and coins in circulation in the world.
The US government keeps over $800 billion in cash in circulation. It is the largest reserve currency and the most traded currency in the world.
The money supply is different from the amount of hard cash in circulation.
References
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