Switzerland–European Union relations
The currency of Switzerland is the Swiss franc. Switzerland (with Liechtenstein) is in the unusual position of being surrounded by countries that use the euro. As a result, the euro is "de facto" accepted in many places, especially near borders and in tourist regions. Swiss Federal Railways accept euros, both at ticket counters and in automatic ticket machines. Also many public phones, vending machines or ticket machines accept euro coins. Many shops and smaller businesses that accept euros take notes only, and give change in Swiss francs, usually at a less favourable exchange rate than banks. Many bank cash machines issue euros at the traded exchange rate as well as Swiss francs.
Reserve currency
The Swiss franc, despite gaining ground among the world's foreign-currency reserves and being often used in denominating foreign loans, cannot be considered as a world reserve currency, since the share of all foreign exchange reserves held in Swiss francs has historically been well below 0.5%. The daily trading market turnover of the franc, however, ranked fifth, or about 3.4%, among all currencies in a 2007 survey by the Bank for International Settlements.