The Origin of Money – Part III: Central Bank Money

In the euro area, the euro is the common currency. Euro banknotes and coins are legal tender. Only the central banks - in Germany the Deutsche Bundesbank - are allowed to put it into circulation. They do this through the commercial banks.

Note: Croatia joined the euro area on 1 January 2023 as well as Bulgaria on 1 January 2026. Therefore, the euro area currently comprises 21 countries.