Euro as legal tender The Monetary Agreement allows Andorra to use the euro as legal tender and mint euro coins up to a specified maximum value.Participation inthe EU single market In March 2014, the Commission recommended the opening of negotiations with Andorra, Monaco and San Marino on these countries' participation in the single market.The authority said “corrupt high–level managers and weak anti–money-laundering controls have made BPA an easy vehicle for third–party money-launderers”.The next day, the state took charge of BPA, dismissing three directors.It is known as a principality as it is a diarchy headed by two Co-Princes – the Catholic Bishop of Urgell in Spain, and the President of France.Andorra is the sixth-smallest nation in Europe, having an area of 468 km The origin of the word Andorra is unknown, although several hypotheses have been formulated.
On Tuesday March 10, the US Treasury Department’s financial crime body, Fin CEN, accused Banca Privada d’Andorra (BPA), the country’s fourth-largest bank, of money-laundering.
The oldest derivation of the word Andorra is from the Greek historian Polybius (The Histories III, 35, 1) who describes the Andosins, an Iberian Pre-Roman tribe, as historically located in the valleys of Andorra and facing the Carthaginian army in its passage through the Pyrenees during the Punic Wars.
The word Andosini or Andosins (Ἀνδοσίνους) may derive from the Basque handia whose meaning is "big" or "giant".
Customs union and cooperation The EU customs union with Andorra is based on the 1990 Agreement establishing a customs union (covering industrial goods) and its Protocol on customs security measures.
The 2004 Cooperation agreement provides a framework for cooperation on the environment, transport, culture, regional policy, veterinary matters (Veterinary protocol) and other areas.
Other EU states (except for Denmark and the United Kingdom) are obliged to join once they meet the criteria to do so.