The strongest currencies in Europe revealed - Euro only at number 4

1 week ago 6

The Euro may be the most used currency in Europe, but it certainly isn't the strongest.

By Max Parry, News Reporter

04:01, Sun, Nov 10, 2024

The girl takes euro banknotes out of her wallet. The concept of devaluation and inflation of the European currency

The Euro is one of the most famous currencies in Europe (Image: Getty)

The Pound remains the strongest currency in Europe even in the wake of the Labour Government's Budget. This is unlikely to come as a suprise, given Sterling's historic place among global currencies.

Following Rachel Reeves' maiden Budget, the Pound fell 1.2 percent against the Dollar - its biggest fall in 18 months. Nevertheless, the money in Brits' pockets has a higher value than the cash in the accounts of Europeans elsewhere on the continent.

Most would presume that after Sterling, the next strongest currency in Europe would be the Euro - but they would be wrong.

Technically, the Euro isn't even the third strongest currency. It languishes in fourth.

British pound banknotes

The pound is Europe's strongest currency (Image: Getty)

To many, Europe's second-strongest currency isn't really its own currency at all. The Gibraltar Pound is actually a separate entity to Sterling, issued by Gibraltar's government.

However, it carries the image of the British monarch, is pegged to Sterling, and is exchangeable with Sterling. Despite all that, it is its own currency and is therefore at the top of the list.

Next, doesn't come the Euro, but the Swiss Franc. Switzerland has never joined the European Union and never joined the Eurozone.

Swiss Francs banknotes as a background

Swiss Francs are stronger than Euros (Image: Getty)

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With a robust financial sector and a reputation as a safe haven in times of trouble, the Swiss economy and currency packs a punch.

At the time of writing one Swiss France buys 1.16 in USD.

The Euro stumbles in fourth on this list. The currency is used by 20 of the 27 EU member states with wildly different economies. The European Central Bank has to try to balance the diverse economic characteristics of the Eurozone states - something it has historically done with difficulty.