The Spanish monetary unit is commonly referred to as the Euro, as Spain is a member of the European Union and the currency is used throughout the region. Other synonyms for the Spanish monetary unit include the peseta, which was the currency of Spain before the Euro was introduced, and the eurocent, which is the subunit of the Euro. In some contexts, the Spanish monetary unit may also be referred to simply as the currency of Spain, or the Spanish currency. Regardless of the specific term used, the Spanish monetary unit is an important part of Spain's economy and national identity.