Euro in Madrid. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, and by March 2002 it had completely replaced the former currencies. While the euro dropped subsequently to US$0.83 within two years (26 October 2000), it has traded above the U.S. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008. In late 2009, the
Bulgaria and the euro numerals). However, the word stotinki (стотинки), singular stotinka (стотинка), the name of the subunit of the current Bulgarian currency, could be used in place of cent, as it has become a synonym of the word "coins" in colloquial Bulgarian; just like "cent" (from Latin centum), its etymology is from a word meaning hundred – "sto" (сто). Stotinki is used widely in the Bulgarian diaspora in Europe to refer to subunits of currencies other than the Bulgarian lev. Bulgaria and the euro Bulgaria committed to switching its currency, the lev, to the euro upon its joining the European Union in 2007,