The euro is the official currency of the eurozone, which consists of 19 of the 28 EU member states. It is the second-largest reserve currency in the world after the US dollar.
Since 1999, the euro has been used as an accounting currency in global financial markets. Physical euro coins and banknotes entered into circulation in 2002. In 2009, the euro has become immersed in Europe's sovereign debt crisis which forced the eurozone to adopt a raft of reforms to stabilize the currency.
Good news for diesel-gate-stricken Volkswagen have been rare lately. But it's 2016 results are now reversing that trend. Despite high litigation costs, the company posted a surprisingly tidy 5-billion-euro profit. Still, Volkswagen is facing difficulties on the US market - not all of which are linked to the emissions scandal.