The currency used in Spain is the euro. The euro is the unified currency used by EU member states. After Spain joined the European Union, the currency used was the euro, and the monetary unit of Spain was the euro. Before 1873, peseta was the main currency. Today, Spain, like other EU countries, adopts the euro as the official currency and issued it in 2002. The Kingdom of Spain, called Spain for short, is located in Iberian Peninsula in southwest Europe, at the junction of Europe and Africa, bordering Portugal in the west, the Bay of Biscay in the north, France and Andorra in the northeast, and Morocco in Africa across the Strait of Gibraltar in the south. The territory also includes the Balearic Islands in the Mediterranean, the Canary Islands in the Atlantic and Ceuta and Melilla in Africa.