Euro exchange rate - EUR/PLN

The origins of the common European currency, the euro, date back to the 1950s, when the European Coal and Steel Community was established, a sort of seed for the later European Union. Less than two decades later, in 1970, a plan was drawn up to create a monetary and economic community. Member states began to stabilize exchange rates, creating a system of monetary cooperation that slowly prepared the ground for the introduction of a common currency, the euro. More tangible work in this regard was carried out in the late 1980s by a group of experts appointed by the European Commission.

In 1992, the Treaty on European Union was signed in Maastricht, the Netherlands, which also included a monetary community, later realised by the introduction of the euro. However, some countries, such as the UK, immediately reserved the right not to adopt the new currency.

The name 'euro' was established in 1995, and four years later the currency started to be used for non-cash transactions in 11 member countries, collectively known as Eurozone. The euro in the form of cash came into circulation on 1 January 2002.

Today, the euro serves as the official currency in 20 EU member states and is recognised as the most visible symbol of European integration. It is used by some 341 million people on a daily basis; except that residents of non-Eurozone countries also frequently use the euro, such as when traveling or shopping online. The institution that manages monetary policy in the Eurozone is the European Central Bank, which was established in 1998 in Frankfurt am Main.

In addition to ensuring price stability in the Eurozone, the ECB manages the amount of money in circulation and cooperates with the Eurozone's national central banks.

The common currency is conducive to maintaining price equilibrium. The euro exchange rate, which is uniform throughout the zone, eliminates the risk of exchange rate fluctuations between member states, which also facilitates the free movement of goods and services between them.

A market based on a common currency such as the euro promotes economic growth for the entire zone, aiming to even out the differences between the more and less economically developed countries. This makes the EU one of the most important economies in the world.