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What is the difference between a single currency and a common currency? Is Euro the single...

What is the difference between a single currency and a common currency? Is Euro the single currency or common currency?

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A single currency means several countries have joined their currencies to form a single currency, in other words, countries having single currency don’t have any individual currency of their own. On the other hand, common currency means a system of money that is shared by more than one country, for example, the US dollar is used as common currency by several countries for carrying out transactions among themselves even though they have their own domestic currency.

Euro is single currency. This is because countries using Euro don’t have any other domestic currency of their own.

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