Only 15 of the 27 members of the European Union (EU) are part of the Eurozone, the name for the collection of EU countries that utilize the euro. Notably, the United Kingdom, Denmark, and Sweden have thus far decided not to convert to the euro. Other new EU member countries are working toward becoming part of the Eurozone.

On the other hand, Andorra, Kosovo, Montenegro, Monaco, San Marino, and the Vatican City are not EU members but do officially use the euro as their currencies.

• While all coins will have the same front face, each country may customize the backs of the 8 coins with forms of national identity. 
• Notes are issued in seven denominations from 5 Euro though 500 Euro.
• Six coins representing fractional values of the Euro (cents) are circulated..
• Two Coins with the value 1 and 2 Euros are circulated.
• The size of the coins increases in size with their face value.
• Western European Nations not participating are: The United Kingdom (Pound), Sweden, Denmark, Norway and Switzerland.

Current value

The pound and euro fluctuate in value against one another, although there may be correlation between movements in their respective exchange rates with other currencies such as the US dollar. However, since the middle of 2006 this correlation has weakened. Inflation concerns in the UK led the Bank of England to raise interest rates in late 2006 and 2007. This caused sterling to rise to its highest rate against the euro since January 2003. This had a knock on effect with other major currencies, and the pound hit a 15-year high against the US dollar on 18 April 2007, having reached US$2 for the first time since 1992 the day before. Subsequently the pound and many other currencies rose against the dollar, and sterling hit a 26-year high of $2.1161 on 7 November 2007. However, since late 2007 the pound has weakened against the euro, falling below €1.25 in April 2008. A further decline was seen during the remainder of 2008; most dramatically in December and the rate hit an all-time low at €1.0219. The pound has, however, increased its strength in early 2009.

What is the sterling pound forecast for 2010 after it almost hit parity with the euro in 2009? Well if UK interest rates remain low which is what most economists are predicting, along with inflation rises and increased unemployment, in 2010 sterling is going to feel further pressure. Economists warn that sterling could once again be heading for parity against the euro. In the past ten years the euro has risen to become more valuable than the two primary reserve currencies in the world. Although many Britons may be alarmed at the weakness of their exchange rate it is unlikely that the Bank of England will step in to stop it from falling. A weaker pound should boost the economy and stimulate it. This summer more people from the Eurozone may head to the UK for their holidays to take advantage of a weaker pound.

The pound has seen a series or rises and falls against the euro over the year in 2009. Deutsche Bank AG believes that the pound will go down to 89 pence against the euro by the end of 2009. 

STERLING POUND NEWS JANUARY 3rd 2010

Sterling is set for a tricky 2010 with some financial analysts predicting that Sterling will soon hit parity with the Euro. As well as the financial crisis the currency will in 2010 have to deal with the uncertainty that a General Election will bring. A hung parliament would be a disaster for Sterling. Since the start of the financial crisis Sterling has fallen more than 29 percent against the Euro.

Analysts fear that the pound will lose further value against other currencies as the measures put in by the Government are slowly withdrawn. The new buzz phrase of 2010 looks to be "liquidity withdrawal" as the stimulus put in place over 2009 is taken away. Quantitative easing the buzz word of 2009 is not expected to be continued by the Bank of England. These factors are not set to help Sterling's recovery in 2010

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