What Kind of Money is Used in Italy?
Italy is a western European country, and is a member of the European Union. Because of this, the currency used in Italy is the same currency used in other EU member nations. There has not been an official Italian currency since the end of the 20th century.
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The Euro
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The euro is the official currency of Italy. The euro is also the official currency of 15 other member nations of the European Union.
The Lira
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The lira was the former currency of Italy up until the 21st century. The euro replaced the lira financially in 1999 and physically in 2002.
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Time Frame
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The lira was the official Italian currency from 1807 to 1814, and again from 1861 until 2002. In 1999, the lira became a subunit of the euro, which eventually replaced national currencies across Europe.
Significance
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The euro is not a "national" currency as the Lira was. The euro is the official currency of the European Union and is the second largest currency used behind the US dollar.
Exchange Rates
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The euro used in Italy has the same exchange rate as it has in any other EU nation. This allows anyone with euros to use them in or outside of Italy.
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