Currency pair euro has strengthened, or both. On the other hand, if the EUR/USD (or EURUSD) quote changes from 1.2500 to 1.2490 the euro has become relatively weaker than the dollar. The rules for formulating standard currency pair notations result from accepted priorities attributed to each currency. From its inception in 1999 and as stipulated by the European Central Bank, the euro has first precedence as a base currency. Therefore, all currency pairs involving it should use it as their base, listed first. For example, the US dollar and euro exchange rate is identified as EUR/USD. Although there is no standards-setting body
History of the euro official currency. The euro is only used in the government-controlled areas of the Republic, the Sovereign Base Areas of Akrotiri and Dhekelia (under UK jurisdiction, outside the EU) and in the United Nations Buffer Zone in Cyprus. The de facto Turkish Republic of Northern Cyprus continues to use the new Turkish lira as its primary currency and the euro as its secondary currency. Malta replaced the Maltese lira with the euro on 1 January 2008. The aims were officially confirmed on 26 February 2007. On 16 May 2007, the Commissioner for Economic & Financial Affairs of the EU, Joaquín Almunia,