<P> The euro is the result of the European Union 's project for economic and monetary union which came fully into being on 1 January 2002 and it is now the currency used by the majority of European Union 's member states , with all but two bound to adopt it . It is the currency used by the institutions of the European Union and in the failed European Constitution it was to be included with the symbols of Europe as the formal currency of the European Union . The euro is also widely used by other states outside the EU . </P>
what is the name given to the common currency to the european union
The euro