Andorra and the euro facto" used the EU's euro (the currency of the Eurozone states) as it had historically used the French franc and Spanish peseta. When those two currencies were replaced by the euro in 2002, the euro replaced the franc and peseta as the sole circulating currency in Andorra. Unlike the three other European microstates outside of the EU, Monaco, San Marino and the Vatican City, which adopted the euro when it was introduced, Andorra did not conclude a monetary agreement with the EU but rather used it unilaterally. These agreements gave the three microstates the right to issue their own euro
International status and usage of the euro term of 2007, euro as a reserve currency had reached a record level of 25.6% (a +0.8% increase from the year before) – at the expense of the US dollar, which dropped to 64.8% (a drop of 1.3% from the year before). By the end of 2007, shares of euro increased to 26.4% as the dollar slumped to its lowest level since records began in 1999, 63.8%. The exact situation varies from country to country; for example, those with dollar pegs have greater dollar reserves and those with euro pegs have greater euro reserves. In 2009, Russia's foreign reserves in