10 Euro – Monaco

In 2011, Monaco's currency situation was fundamentally defined by its use of the euro as its sole official currency, a status formalized through a monetary agreement with the European Union. Although not a member of the EU, Monaco secured the right to mint its own euro coins (with Monegasque national designs on the obverse) as early as 1999, with the first coins entering circulation in 2002. This agreement replaced the prior arrangement that had tied the Monegasque franc to the French franc, ensuring seamless integration into the Eurozone's monetary system.

The principality's economy, heavily reliant on luxury tourism, banking, and real estate, benefited greatly from the stability and credibility provided by the euro. This was particularly significant in the wake of the 2008 global financial crisis and the subsequent European sovereign debt crisis, which was ongoing in 2011. While surrounding EU nations like Greece, Portugal, and Italy faced severe market pressure, Monaco's unique position—coupled with its robust financial sector and lack of public debt—shielded it from direct contagion, though it remained attentive to broader Eurozone instability that could affect its wealthy clientele and investors.

Therefore, the background for Monaco in 2011 is not one of monetary crisis or change, but of continuity and entrenched stability. The year passed without any shift in its currency regime, as the existing EU agreements provided the necessary legal framework and economic confidence. The focus for Monegasque authorities was less on currency management and more on maintaining its reputation as a secure, high-end financial haven within the broader, turbulent Eurozone landscape of that period.