Worth to know

Italy(Italian: Italia), officially the Italian Republic, (Italian: Repubblica Italiana), is located on the Italian Peninsula in Southern Europe, and on the two largest islands in the Mediterranean Sea, Sicily and Sardinia. Italy shares its northern Alpine boundary with France, Switzerland, Austria and Slovenia. The independent states of San Marino and the Vatican City are enclaves within the Italian Peninsula, while Campione d'Italia is an Italian exclave in Switzerland.

Italy has been the home of many European cultures, such as the Etruscans and the Romans, and later was the birthplace of the universities and of the movement of the Renaissance, that began in Tuscany and spread all over Europe. Italy's capital Rome was for centuries the center of Western civilization, it also spawned the Baroque movement and seats the Catholic Church. Italy possessed a colonial empire from the mid-nineteenth century to the mid-twentieth century.

Today, Italy is a democratic republic and a developed country with the 8th-highest Quality-of-life index, rating in the world. It is a founding member of what is now the European Union (having signed the Treaty of Rome in 1957), and a founding member of the North Atlantic Treaty Organization (NATO). It is a member of the G8 (having the world's 7th largest nominal GDP), Organisation for Economic Co-operation and Development (OECD), World Trade Organization (WTO), the Council of Europe, the Western European Union, the Central European Initiative, and a Schengen state. It has the world's 8th largest defence budget and shares NATO's nuclear weapons. On January 1, 2007, Italy began a two year term as a non-permanent member of the United Nations Security Council.

Currency

The euro (currency sign: €; currency code: EUR) is the official currency of 16 out of 27 member states of the European Union (EU). The states, known collectively as the Eurozone are: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The currency is also used in a further five European countries, with and without formal agreements and is consequently used daily by some 327 million Europeans.

The name euro was officially adopted on 16 December 1995. 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. Physical coins and banknotes entered circulation on 1 January 2002.