Euro Other local spelling variants Eυρώ (Greek) Eвро (Bulgarian) Euró (Hungarian) Eoró (Irish) Ewro (Maltese) Evro (Slovene)
Banknotes Coins
ISO 4217 Code	EUR (num. Euro banknotes are the Banknotes of the Euro, the currency of the Eurozone (see European Union) Linguistic ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established 978)
Official user(s)	15 Eurozone members  Austria  Belgium  Cyprus  Finland  France  Germany  Greece  Ireland  Italy  Luxembourg  Malta  Netherlands  Portugal  Slovenia  Spain 5 with formal agreement Mayotte  Monaco Saint Pierre and Miquelon  San Marino  Vatican City
Unofficial user(s)	6 without formal agreement Akrotiri and Dhekelia  Andorra  Kosovo  Montenegro  Saint Barthélemy Saint-Martin
Inflation	3. Euro Enlargement of the Austria (Österreich ( officially the Republic of Austria (Republik Österreich The Kingdom of Belgium is a Country in northwest Europe. It is a founding member of the European Union and hosts its headquarters as well as those Cyprus (Κύπρος transliterated: Kýpros,; Kıbrıs officially the Republic of Cyprus (Κυπριακή Δημοκρατία Kypriakī́ Dīmokratía Finland, officially the Republic of Finland ( is a Nordic country situated in the Fennoscandian region of northern Europe. This article is about the country For a topic outline on this subject see List of basic France topics. Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. Greece (Ελλάδα transliterated: Elláda, historically, Ellás,) officially the Hellenic Republic (Ελληνική Δημοκρατία Ireland ( Irish: Éire, ˈeːrʲə is a country in north-western Europe. Italy (Italia officially the Italian Republic, (Repubblica Italiana is located on the Italian Peninsula in Southern Europe, and on the two largest Luxembourg (Groussherzogtum Lëtzebuerg Grand-Duché de Luxembourg Großherzogtum Luxemburg is a small Landlocked country in Western Europe, bordered by Malta, officially the Republic of Malta (Repubblika ta' Malta is a European Microstate, comprising an Archipelago of three islands The Netherlands ( Dutch:, ˈnedərlɑnt is the European part of the Kingdom of the Netherlands, which consists of the Netherlands the Netherlands Portugal, officially the Portuguese Republic (República Portuguesa is a country on the Iberian Peninsula. Slovenia, officially the Republic of Slovenia (Republika Slovenija) is a Country in southern Central Europe bordering Italy to the west Spain () or the Kingdom of Spain (Reino de España is a country located mostly in southwestern Europe on the Iberian Peninsula. Euro Enlargement of the For other uses see Monaco (disambiguation Monaco, officially the Principality of Monaco ( French: Principauté de Monaco; Monégasque The Territorial Collectivity of Saint Pierre and Miquelon (Collectivité territoriale de Saint-Pierre-et-Miquelon is a group of small islands in the North Atlantic Ocean, the The Most Serene Republic of San Marino (Serenissima Repubblica di San Marino is a country in the Apennine Mountains. Vatican City, officially the State of the Vatican City (Stato della Città del Vaticano is a Landlocked sovereign City-state whose territory Euro Enlargement of the Andorra, officially the Principality of Andorra ( Catalan: Principat d'Andorra) is a small Landlocked country in western Montenegro ( British English) Montenegrin / Serbian: PLEASE DO NOT CHANGE THE LANGUAGES WITHOUT CONSENSUS ON THE TALK PAGE! Saint Barthélemy (Saint-Barthélemy officially the Collectivity of Saint Barthélemy (French Collectivité de Saint-Barthélemy) is an Overseas collectivity In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time 2%
Source	European Central Bank, April 2008
Method	HICP
Pegged by	10 currencies Bosnia & Herz. convertible mark Bulgarian lev Cape Verdean escudo Central African CFA franc CFP franc Comorian franc Danish krone (±2. The Harmonised Index of Consumer Prices ( HICP) is an indicator of inflation and price stability for the European Central Bank (ECB A fixed exchange rate, sometimes called a pegged exchange rate, is a type of Exchange rate regime wherein a Currency 's value is matched to the value of The konvertibilna marka ( Bosnian, Croatian and Latin-written Serbian, конвертибилна марка in Cyrillic-written Serbian, "convertible The lev (лев plural bg лева левове / ''leva levove'' is the Currency of Bulgaria. The escudo is the Currency of Cape Verde (Portuguese Cabo Verde a former Portuguese colony The Central African CFA franc ( French: franc CFA or simply franc, ISO 4217 code XAF) is the currency of six independent states The CFP franc (called the franc in everyday use is the Currency used in the French overseas possessions of French Polynesia, New Caledonia The franc ( French: franc comorien; Arabic: فرنك قمري ( ISO 4217 currency code KMF is the official Currency of Comoros The krone ( sign: kr; code: DKK) is the Currency of Denmark, including the autonomous provinces of Greenland 25%) Estonian kroon Lithuanian litas West African CFA franc
Subunit
1/100	cent actual usage varies depending on language
Symbol	€
Plural	See Euro linguistic issues
cent	See article
Coins
Freq. The kroon ( sign: KR; code: EEK) is the Currency of Estonia. It is subdivided into 100 senti (singular sent The litas ( ISO currency code LTL symbolized as Lt plural litai or litų) is the currency of Lithuania. The West African CFA franc ( French: franc CFA or simply franc, ISO 4217 code XOF) is the currency of eight independent states spanning In many national currencies, the cent is a monetary unit that equals 1/100 of the basic monetary unit Several linguistic issues have arisen in relation to the spelling of the words Euro and cent in the many languages of the member states A currency sign is a graphic symbol often used as a shorthand for a Currency 's name The euro sign (€ is the Currency sign used for the Euro, the official currency of the European Union (EU Plural is a Grammatical number, typically referring to more than one of the Referent in the real world Several linguistic issues have arisen in relation to the spelling of the words Euro and cent in the many languages of the member states In many national currencies, the cent is a monetary unit that equals 1/100 of the basic monetary unit Linguistic used	1, 2, 5, 10, 20, 50 cent, €1, €2 unless otherwise stated as rarely used
Rarely used	1 and 2 cent (applies to Finland and The Netherlands)
Banknotes
Freq. 1 cent euro coin (€001 is the smallest and lowest domination of the Euro coins. 2 cent euro coin (€002 is the second lowest domination of the Euro coins. 5 cent euro coin (€005 is the third lowest domination of the Euro coins. 20 cent Euro coins (€020 are made of copper Alloy ( Nordic gold) 50 cent Euro coins (€050 are made of copper Alloy ( Nordic gold) 1 Euro coins (€1 or 1€ are made of two Alloys the inner part of Cupronickel, the outer part of nickel Brass. See also €2 commemorative coins 2 Euro coins (€2 are made of an inner Coin and an outer ring Finland, officially the Republic of Finland ( is a Nordic country situated in the Fennoscandian region of northern Europe. The Netherlands ( Dutch:, ˈnedərlɑnt is the European part of the Kingdom of the Netherlands, which consists of the Netherlands the Netherlands Euro banknotes are the Banknotes of the Euro, the currency of the Eurozone (see European Union) used	€5, €10, €20, €50
Rarely used	€100, €200, €500
Central bank	European Central Bank
Website	www.ecb.eu
Printer	printers Istituto Poligrafico e Zecca dello Stato Banco de Portugal Bank of Greece Banque de France Bundesdruckerei Central Bank and Financial Services Authority of Ireland De La Rue Fábrica Nacional de Moneda y Timbre François-Charles Oberthur Giesecke & Devrient Royal Joh. Enschedé National Bank of Belgium Oesterreichische Banknoten- und Sicherheitsdruck GmbH Setec Oy
Website	websites Istituto Poligrafico e Zecca dello Stato Banco de Portugal - Imprensa Nacional / Casa da Moeda Bank of Greece Banque de France Bundesdruckerei Central Bank and Financial Services Authority of Ireland De La Rue Fábrica Nacional de Moneda y Timbre François-Charles Oberthur Giesecke & Devrient Royal Joh. Enschedé National Bank of Belgium Oesterreichische Banknoten- und Sicherheitsdruck GmbH Setec Oy

The euro (currency sign: €; banking code: EUR) is the official currency of the European Union (EU), used in 15 member states known collectively as the Eurozone (Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Spain). A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states The European Central Bank (ECB is one of the world's most important Central banks responsible for Monetary policy covering the 15 member countries of the A printer is a company that provides commercial Printing services often also offering Typesetting and Book-binding services The Istituto Poligrafico e Zecca dello Stato is the mint of the Italian Republic. The Banco de Portugal is the Central bank of the Republic of Portugal. The Bank of Greece ( Greek: "Τράπεζα της Ελλάδος" is the national Central bank of Greece, located in Athens The Banque de France is the Central bank of France; it is linked to the European Central Bank (ECB The Central Bank and Financial Services Authority of Ireland (Banc Ceannais agus Údarás Seirbhísí Airgeadais na hÉireann is the financial services regulator of Ireland De La Rue plc ( is a British security printing papermaking and cash handling systems company headquartered in Basingstoke, Hampshire. The Royal Spanish Mint ( Spanish: Fábrica Nacional de Moneda y Timbre – Real Casa de la Moneda, abbreviated as FNMT-RCM) is the national Giesecke & Devrient (G&D is a German company headquartered in Munich that provides Banknote and Securities printing Smart cards, Royal Joh Enschedé is a printer of security documents and Banknotes based in Haarlem, The Netherlands. The National Bank of Belgium ( Nationale Bank van België in Dutch, Banque nationale de Belgique in French, and Belgische Nationalbank Setec Oy is the former Bank of Finland 's banknote printer It was founded in 1885 and in 1991 it was publicized. A currency sign is a graphic symbol often used as a shorthand for a Currency 's name The euro sign (€ is the Currency sign used for the Euro, the official currency of the European Union (EU ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in A Member State of the European Union is any one of the twenty-seven sovereign Nation states that have acceded the European Union (EU since its De facto Euro Enlargement of the Austria (Österreich ( officially the Republic of Austria (Republik Österreich The Kingdom of Belgium is a Country in northwest Europe. It is a founding member of the European Union and hosts its headquarters as well as those Cyprus (Κύπρος transliterated: Kýpros,; Kıbrıs officially the Republic of Cyprus (Κυπριακή Δημοκρατία Kypriakī́ Dīmokratía Finland, officially the Republic of Finland ( is a Nordic country situated in the Fennoscandian region of northern Europe. This article is about the country For a topic outline on this subject see List of basic France topics. Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. Greece (Ελλάδα transliterated: Elláda, historically, Ellás,) officially the Hellenic Republic (Ελληνική Δημοκρατία Ireland ( Irish: Éire, ˈeːrʲə is a country in north-western Europe. Italy (Italia officially the Italian Republic, (Repubblica Italiana is located on the Italian Peninsula in Southern Europe, and on the two largest Luxembourg (Groussherzogtum Lëtzebuerg Grand-Duché de Luxembourg Großherzogtum Luxemburg is a small Landlocked country in Western Europe, bordered by Malta, officially the Republic of Malta (Repubblika ta' Malta is a European Microstate, comprising an Archipelago of three islands The Netherlands ( Dutch:, ˈnedərlɑnt is the European part of the Kingdom of the Netherlands, which consists of the Netherlands the Netherlands Portugal, officially the Portuguese Republic (República Portuguesa is a country on the Iberian Peninsula. Slovenia, officially the Republic of Slovenia (Republika Slovenija) is a Country in southern Central Europe bordering Italy to the west Spain () or the Kingdom of Spain (Reino de España is a country located mostly in southwestern Europe on the Iberian Peninsula. It is also used in five further countries with formal agreements and six other countries without such agreements. Euro Enlargement of the Euro Enlargement of the Hence it is the single currency for over 320 million Europeans. ^[1] Including areas using currencies pegged to the euro, the euro directly affects close to 500 million people worldwide. A fixed exchange rate, sometimes called a pegged exchange rate, is a type of Exchange rate regime wherein a Currency 's value is matched to the value of ^[2] With more than €610 billion in circulation as of December 2006 (equivalent to US$802 billion at the exchange rates at the time), the euro is the currency with the highest combined value of cash in circulation in the world, having surpassed the U.S. dollar. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been ^[3]

Taking official estimates of 2007 GDP, the Eurozone is the largest economy in the world by March 2008 after the €/$ exchange rate surpassed 1. Euro Enlargement of the 56. ^[4][5][6][7]

The euro was introduced to world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes on 1 January 2002. Accountancy or accounting is the measurement statement or provision of assurance about financial information primarily used by Lenders managers, main - title Coin keywords numismatics coin review A banknote (often known as a bill, paper money or simply a note) is a kind of Negotiable instrument, a Promissory note made by a New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. It replaced the former European Currency Unit (ECU) at a ratio of 1:1. The European Currency Unit ( ₠; ECU) (the word ECU pronounced either /eky/ /ɛkʊ/ or /əː'siː'uː was a basket of the currencies of the European Community

The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the euro zone countries). The European Central Bank (ECB is one of the world's most important Central banks responsible for Monetary policy covering the 15 member countries of the The Eurosystem is the monetary authority of the Eurozone, the collective of European Union member states that have adopted the Euro as their sole official A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states As an independent central bank, the ECB has sole authority to set monetary policy. Monetary policy is the process by which the Government, Central bank, or monetary authority of a country controls (i the Supply of Money, The Eurosystem participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the Eurozone payment systems. Euro banknotes are the Banknotes of the Euro, the currency of the Eurozone (see European Union) Linguistic

While all European Union (EU) member states are eligible to join if they comply with certain monetary requirements, not all EU members have chosen to adopt the currency. The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in Convergence criteria (also known as the Maastricht criteria are the criteria for European Union member states to enter the third stage of European Economic and Monetary All nations that have joined the EU since the 1993 implementation of the Maastricht Treaty have pledged to adopt the euro in due course. The Maastricht Treaty (formally the Treaty on European Union, TEU) was signed on 7 February 1992 in Maastricht, the Netherlands after final Maastricht obliged current members to join the euro; however, the United Kingdom and Denmark negotiated exemptions from that requirement for themselves. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located The Kingdom of Denmark ( ˈd̥ænmɑɡ̊ (archaic ˈd̥anmɑːɡ̊ commonly known as Denmark, is a country in the Scandinavian region of northern Europe ^[8] Sweden turned down the euro in a 2003 referendum, and has circumvented the requirement to join the euro area by not meeting the membership criteria. "Sverige" redirects here For other uses see Sweden (disambiguation and Sverige (disambiguation. In addition, three European microstates (Vatican City, Monaco, and San Marino), although not EU members, have adopted the euro due to currency unions with member states. A microstate or ministate is a sovereign state having a very small population or very small land area but usually both Vatican City, officially the State of the Vatican City (Stato della Città del Vaticano is a Landlocked sovereign City-state whose territory For other uses see Monaco (disambiguation Monaco, officially the Principality of Monaco ( French: Principauté de Monaco; Monégasque The Most Serene Republic of San Marino (Serenissima Repubblica di San Marino is a country in the Apennine Mountains. Andorra, Montenegro, and Kosovo have adopted the euro unilaterally, while not being EU members either (see Eurozone. Andorra, officially the Principality of Andorra ( Catalan: Principat d'Andorra) is a small Landlocked country in western Montenegro ( British English) Montenegrin / Serbian: PLEASE DO NOT CHANGE THE LANGUAGES WITHOUT CONSENSUS ON THE TALK PAGE! )

Characteristics

Coins and banknotes

The ECB is in charge of the Eurozone's monetary policy

Main articles: euro coins and euro banknotes

The euro is divided into 100 cents (sometimes referred to as eurocents, especially when distinguishing them other currencies or the former currency in a particular country). The European Central Bank (ECB is one of the world's most important Central banks responsible for Monetary policy covering the 15 member countries of the Linguistic Euro banknotes are the Banknotes of the Euro, the currency of the Eurozone (see European Union) In many national currencies, the cent is a monetary unit that equals 1/100 of the basic monetary unit All circulating euro coins (including the €2 commemorative coins) have a common side showing the denomination (value) with the old 15 EU-countries in the background. main - title €2 commemorative coins keywords numismatics coin review - status From 2007 or 2008 on (depending on the country where the coin is issued) that "old" map is replaced by a map of Europe, thus also showing non-EU-members like Norway. The coins also have a national side showing an image specifically chosen by the country that issued the coin. Euro coins from any country may be freely used in any nation which has adopted the euro.

The euro coins are €2, €1, €0.50, €0.20, €0.10, €0.05, €0.02, and €0.01. See also €2 commemorative coins 2 Euro coins (€2 are made of an inner Coin and an outer ring 1 Euro coins (€1 or 1€ are made of two Alloys the inner part of Cupronickel, the outer part of nickel Brass. 50 cent Euro coins (€050 are made of copper Alloy ( Nordic gold) 20 cent Euro coins (€020 are made of copper Alloy ( Nordic gold) 5 cent euro coin (€005 is the third lowest domination of the Euro coins. 2 cent euro coin (€002 is the second lowest domination of the Euro coins. 1 cent euro coin (€001 is the smallest and lowest domination of the Euro coins. In the Netherlands, some, and in Finland, by law, cash transactions are rounded to the nearest five cents, to avoid the use of €0.01 and €0.02. The Netherlands ( Dutch:, ˈnedərlɑnt is the European part of the Kingdom of the Netherlands, which consists of the Netherlands the Netherlands Finland, officially the Republic of Finland ( is a Nordic country situated in the Fennoscandian region of northern Europe. 1 cent euro coin (€001 is the smallest and lowest domination of the Euro coins. 2 cent euro coin (€002 is the second lowest domination of the Euro coins. (See also Linguistic issues concerning the euro. Several linguistic issues have arisen in relation to the spelling of the words Euro and cent in the many languages of the member states )

Coins have a common side, and a national side designed by the respective national authorities.

Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin — as Greece did for the 2004 Summer Olympics. main - title €2 commemorative coins keywords numismatics coin review - status The 2004 Summer Olympic Games, officially known as the Games of the XXVIII Olympiad, was an International Multi-sport event which was celebrated These two-euro coins are legal tender throughout the Eurozone. Coins with various other denominations have been issued as well, but these are not intended for general circulation. These later coins are only legal tender in the nation which issued them.

All euro banknotes have a common design for each denomination on both sides. Euro banknotes are the Banknotes of the Euro, the currency of the Eurozone (see European Union) Notes are issued in €500, €200, €100, €50, €20, €10, €5. The design for each of them has a common theme of European architecture in various artistic periods. The front (or recto) of the note features windows or gateways while the back (or verso) has bridges. Care has been taken so that the architectural examples do not represent any actual existing monument, so as not to induce jealousy and controversy in the choice of which monument should be depicted. Some of the highest denominations such as the €500 are not issued in a few countries, though they remain legal tender throughout the Eurozone.

Payments clearing, electronic funds transfer

All intra-Eurozone transfers shall be considered domestic and bear the corresponding domestic transfer costs. Euro Enlargement of the This is true for retail payments, although several ECB payment methods can be used. Credit/debit card charging and ATM withdrawals within the Eurozone are also charged as domestic. The ECB has not standardised paper-based payment orders, such as cheques; these are still domestic-based.

The ECB has set up a clearing system, TARGET, for large euro transactions. In Banking and Finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled (see settlement TARGET ( T rans-European A utomated R eal-time G ross Settlement E xpress T ransfer System was an interbank payment system for ^[9]

Currency sign

Main article: Euro sign

The official construction of the euro logo, which was specified to be printed in Pantone Yellow on a Reflex Blue background

A special euro currency sign (€) was designed after a public survey had narrowed the original ten proposals down to two. The euro sign (€ is the Currency sign used for the Euro, the official currency of the European Union (EU The euro sign (€ is the Currency sign used for the Euro, the official currency of the European Union (EU Pantone Inc is a corporation headquartered in Carlstadt, New Jersey, USA The euro sign (€ is the Currency sign used for the Euro, the official currency of the European Union (EU The European Commission then chose the final design. The eventual winner was a design created by the Belgian Alain Billiet. Alain Billiet (b 1951 Bruges, Belgium) is the alleged designer of the Euro sign (€ The official story of the design history of the euro sign is disputed by Arthur Eisenmenger, a former chief graphic designer for the EEC, who claims to have created it as a generic symbol of Europe. Arthur Eisenmenger is a former chief Graphic designer for the European Community. The European Community (EC is one of the Three pillars of the European Union (EU created under the Maastricht Treaty (1992 ^[10]

The glyph is, according to the European Commission, "a combination of the Greek epsilon, as a sign of the weight of European civilization; an E for Europe; and the parallel lines crossing through standing for the stability of the euro". The European Commission (formally the Commission of the European Communities) is the executive branch of the European Union. Epsilon (uppercase Ε, lowercase ε; Έψιλον is the fifth letter of the Greek alphabet, corresponding phonetically to a Close-mid front unrounded

The European Commission also specified a euro logo with exact proportions and foreground/background colour tones. ^[11] While the Commission intended the logo to be a prescribed glyph shape, font designers made it clear that they intended to design their own variants instead. ^[12]

Placement of the currency sign relative to the numeric amount varies from nation to nation. There are no official standards on where to place the euro sign. ^[13]

Another advantage to the final chosen symbol is that a similar symbol is easily created on a typewriter lacking the euro sign, by typing a capital 'C', backspacing and overstriking it with the equal ('=') sign. A typewriter is a mechanical or Electromechanical device with a set of "keys" that when pressed cause characters to be printed on a medium In typography overstrike is a method of printing characters that are missing from the printer's Character set.

Economic and monetary union

History (1990–present)

Main article: Economic and Monetary Union of the European Union

Yielded currencies of the Eurozone  v • d • e 

Currency	Abbr.	Rate	Fixed on	EMU III
Austrian schilling	ATS	13. In economics a Monetary union is a situation where several countries have agreed to share a single currency amongst themselves 7603	1998-12-31	1999
Belgian franc	BEF	40. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. The franc ( Dutch: frank - French: franc - German: Franken) was the currency of Belgium until 2002 when the 3399	1998-12-31	1999
Dutch gulden	NLG	2. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. 20371	1998-12-31	1999
Finnish markka	FIM	5. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. The markka ( Finnish) or mark ( Swedish) was the Currency of Finland from 1860 until February 28, 2002, when 94573	1998-12-31	1999
French franc	FRF	6. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. The franc (represented by the franc sign ₣ or more commonly just F) is a former Currency of France. 55957	1998-12-31	1999
German mark	DEM	1. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. 95583	1998-12-31	1999
Irish pound	IEP	0. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. The Irish pound ( English) or punt Éireannach ( Irish) was the Currency of Ireland until 2002 787564	1998-12-31	1999
Italian lira	ITL	1936. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. The lira (plural lire) was the Currency of Italy between 1861 and 2002 27	1998-12-31	1999
Luxembourg franc	LUF	40. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. The franc ( French, Frang Franken was the Currency of Luxembourg between 1854 and 1999 (except during the period 1941 and 1944 3399	1998-12-31	1999
Portuguese escudo	PTE	200. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. The escudo was the Currency of Portugal prior to the introduction of the Euro on 1 January 1999 and was removed from circulation on 482	1998-12-31	1999
Spanish peseta	ESP	166. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. The peseta ( ISO 4217 code ESP standard abbreviation Pta Pts or Ptas 386	1998-12-31	1999
Greek drachma	GRD	340. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. Drachma, pl drachmas or drachmae (δραχμή pl δραχμές or δραχμαί (until 1982 is the name of An ancient currency unit found in many 750[14]	2000-06-19	2001
Slovenian tolar	SIT	239. 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. Events 1179 - The Norwegian Battle of Kalvskinnet outside Nidaros. The tolar was the Currency of Slovenia from 1991 until the introduction of the Euro on December 31, 2006. 640[15]	2006-07-11	2007
Cypriot pound	CYP	0. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 911 - Signing of the Treaty of Saint-Clair-sur-Epte between Charles the Simple and Rollo of Normandy. The pound, also known as the lira ( Greek: λίρα / plural λίρες and Turkish: lira, from the Latin 585274[16]	2007-07-10	2008
Maltese lira	MTL	0. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 48 BC - Battle of Dyrrhachium, Julius Caesar barely avoids a catastrophic defeat to Pompey in Macedonia. The lira (lira maltija plural liri, ISO 4217 code: MTL) was the currency of Malta until December 31 2007 429300[17]	2007-07-10	2008

The euro was established by the provisions in the 1992 Maastricht Treaty on European Union that was used to establish an economic and monetary union. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 48 BC - Battle of Dyrrhachium, Julius Caesar barely avoids a catastrophic defeat to Pompey in Macedonia. Maastricht ( Dutch; Limburgish and city dialect Mestreech; French: Maestricht or Maëstricht; Spanish: The Maastricht Treaty (formally the Treaty on European Union, TEU) was signed on 7 February 1992 in Maastricht, the Netherlands after final An economic and monetary union is a Single market with a common currency In order to participate in the new currency, member states had to meet strict criteria such as a budget deficit of less than three per cent of their GDP, a debt ratio of less than sixty per cent of GDP, low inflation, and interest rates close to the EU average. Convergence criteria (also known as the Maastricht criteria are the criteria for European Union member states to enter the third stage of European Economic and Monetary A budget deficit occurs when an Entity (often a Government) spends more Money than it takes in In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time Interest is a fee paid on borrowed capital Assets lent include Money, Shares, Consumer goods through Hire purchase, major assets In the Maastricht Treaty, the United Kingdom and Denmark were granted exemptions from moving to the stage of monetary union which would result in the introduction of the euro.

Economists who helped create or contributed to the euro include Robert Mundell, Wim Duisenberg, Robert Tollison, Neil Dowling, Fred Arditti and Tommaso Padoa-Schioppa. Robert Alexander Mundell CC (born October 24, 1932) is a professor of economics at Columbia University. Willem Frederik Duisenberg, commonly known as Wim Duisenberg, (9 July 1935 &ndash 31 July 2005 was a Dutch Banker and Politician. Robert D Tollison (born 1942 is an American economist who specializes in Public choice theory. Tommaso Padoa-Schioppa (born July 23, 1940) is an Italian banker and economist who was Italy's Minister of Economy and Finance from May 2006 until (For macro-economic theory, see below. Macroeconomics is a branch of Economics that deals with the performance structure and behavior of a national or regional Economy as a whole )

Due to differences in national conventions for rounding and significant digits, all conversion between the national currencies had to be carried out using the process of triangulation via the euro. The definitive values in euro of these subdivisions (which represent the exchange rates at which the currency entered the euro) are shown at right. In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how

The rates were determined by the Council of the European Union, based on a recommendation from the European Commission based on the market rates on 31 December 1998, so that one ECU (European Currency Unit) would equal one euro. Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) The European Currency Unit ( ₠; ECU) (the word ECU pronounced either /eky/ /ɛkʊ/ or /əː'siː'uː was a basket of the currencies of the European Community (The European Currency Unit was an accounting unit used by the EU, based on the currencies of the member states; it was not a currency in its own right. ) Council Regulation 2866/98 (EC), of 31 December 1998, set these rates. Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally the pound sterling) that day. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency

The procedure used to fix the irrevocable conversion rate between the drachma and the euro was different, since the euro by then was already two years old. Drachma, pl drachmas or drachmae (δραχμή pl δραχμές or δραχμαί (until 1982 is the name of An ancient currency unit found in many While the conversion rates for the initial eleven currencies were determined only hours before the euro was introduced, the conversion rate for the Greek drachma was fixed several months beforehand, in Council Regulation 1478/2000 (EC), of 19 June 2000. Events 1179 - The Norwegian Battle of Kalvskinnet outside Nidaros. 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar.

The currency was introduced in non-physical form (travellers' cheques, electronic transfers, banking, etc. ) at midnight on 1 January 1999, when the national currencies of participating countries (the Eurozone) ceased to exist independently in that their exchange rates were locked at fixed rates against each other, effectively making them mere non-decimal subdivisions of the euro. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) The euro thus became the successor to the European Currency Unit (ECU). The European Currency Unit ( ₠; ECU) (the word ECU pronounced either /eky/ /ɛkʊ/ or /əː'siː'uː was a basket of the currencies of the European Community The notes and coins for the old currencies, however, continued to be used as legal tender until new notes and coins were introduced on 1 January 2002. Legal tender or forced tender is Payment that by Law, cannot be refused in settlement of a Debt ( Debtor cannot successfully be sued New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar.

The Ecofin presenting the denominations 22 September 2001

The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until 28 February 2002. Events 66 - Emperor Nero creates the Legion I Italica. 1236 - The Lithuanians Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. Events 202 BC - coronation ceremony of Liu Bang as Emperor Gaozu of Han takes place initiating four centuries of the Han Dynasty 's rule See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. The official date on which the national currencies ceased to be legal tender varied from member state to member state. The earliest date was in Germany; the Mark officially ceased to be legal tender on 31 December 2001, though the exchange period lasted two months. Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. The final date was 28 February 2002, by which all national currencies ceased to be legal tender in their respective member states. Events 202 BC - coronation ceremony of Liu Bang as Emperor Gaozu of Han takes place initiating four centuries of the Han Dynasty 's rule See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. However, even after the official date, they continued to be accepted by national central banks for periods ranging from several years to forever in Austria, Germany, Ireland, and Spain. The earliest coins to become non-convertible were the Portuguese escudos, which ceased to have monetary value after 31 December 2002, although banknotes remain exchangeable until 2022. Events 406 – Vandals, Alans and Suebians cross the Rhine, beginning an invasion of Gallia. See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar.

Slovenia joined the Eurozone on 1 January 2007, followed by Malta and Cyprus on 1 January 2008. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common ^[18]

Eurozone

Main article: Eurozone

Andorra Bulgaria Czech   Rep. Denmark E U R O Z O N E Estonia Hungary Kosovo Latvia Lithuania Monaco Mont. Poland Romania San Marino Slovakia Sweden United Kingdom Vatican      Eurozone      ERM II members      unilaterally adopted      other EU members      special adoption agreement

• The euro is the sole currency in Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia and Spain. Euro Enlargement of the Andorra, officially the Principality of Andorra ( Catalan: Principat d'Andorra) is a small Landlocked country in western The state of Bulgaria (България transliterated bg-Latn ''Balgaria'' The country preserves the traditions (in ethnic name language and alphabet of the First Bulgarian The Czech Republic ( ˈt͡ʃɛskaː ˈrɛpuˌblɪka short form in Česko ˈt͡ʃɛskɔ also called Czechia, The Kingdom of Denmark ( ˈd̥ænmɑɡ̊ (archaic ˈd̥anmɑːɡ̊ commonly known as Denmark, is a country in the Scandinavian region of northern Europe Euro Enlargement of the Estonia, officially the Republic of Estonia ( Eesti or Eesti Vabariik) is a Country in Northern Europe in the Baltic region Hungary (Magyarország 'mɔɟɔrorsaːg) officially in English the Republic of Hungary ( Magyar Köztársaság, literally Magyar (Hungarian Republic Latvia ( Latvija officially the Republic of Latvia (Latvijas Republika is a Country in Northern Europe in the Baltic region. Lithuania, officially the Republic of Lithuania (Lietuvos Respublika is a Country in Eastern often referred to as Northern Europe or in the For other uses see Monaco (disambiguation Monaco, officially the Principality of Monaco ( French: Principauté de Monaco; Monégasque Montenegro ( British English) Montenegrin / Serbian: PLEASE DO NOT CHANGE THE LANGUAGES WITHOUT CONSENSUS ON THE TALK PAGE! Poland (Polska officially the Republic of Poland Romania ( dated: Rumania, Roumania The Most Serene Republic of San Marino (Serenissima Repubblica di San Marino is a country in the Apennine Mountains. Slovakia (long form Slovak Republic; Slovak:, long form, is a Landlocked country in Central Europe with a population of over five million "Sverige" redirects here For other uses see Sweden (disambiguation and Sverige (disambiguation. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located Vatican City, officially the State of the Vatican City (Stato della Città del Vaticano is a Landlocked sovereign City-state whose territory Euro Enlargement of the The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979 as part of the European Monetary System (EMS Euro Enlargement of the Please update other articles as well to avoid contradiction within Wikipedia e Euro Enlargement of the These 15 countries together are frequently referred to as the Eurozone or the euro area. Euro Enlargement of the More informally, "euroland" or the "eurogroup". Outside of the area covered by the map, the euro is the legal currency of the French overseas possessions of French Guiana, Réunion, Saint-Pierre et Miquelon, Guadeloupe, Martinique, Saint-Barthélemy, Saint Martin, Mayotte, and the uninhabited Clipperton Island and the French Southern and Antarctic Lands; the Portuguese autonomous regions of the Azores and Madeira; and the Spanish Canary Islands. French Guiana (Guyane française officially fr ''Guyane'' is an Overseas department (French département d'outre-mer, or DOM) of France Réunion ( French: Réunion or formally La Réunion; previously Île Bourbon) is an island located in the Indian Ocean, east of The Territorial Collectivity of Saint Pierre and Miquelon (Collectivité territoriale de Saint-Pierre-et-Miquelon is a group of small islands in the North Atlantic Ocean, the Guadeloupe is an island group or Archipelago located in the eastern Caribbean Sea at, with a land area of 1628 square kilometres (629  sq Martinique is an Island in the eastern Caribbean Sea, having a land area of 1128 km² Saint Barthélemy (Saint-Barthélemy officially the Collectivity of Saint Barthélemy (French Collectivité de Saint-Barthélemy) is an Overseas collectivity Clipperton Island ( French: Île de Clipperton or Île de la Passion) is a nine-square-kilometre coral Atoll in the Eastern Pacific The French Southern and Antarctic Lands (Terres australes et antarctiques françaises abbreviated TAAF) full name Territory of the French Southern and Antarctic Lands The Azores ( Açores ɐˈsoɾɨʃ or) is a Portuguese Archipelago in the Atlantic Ocean, about 1500 km (950  mi) from History See also History of Madeira Pre-Portuguese times Pliny mentions certain Purple Islands the position of which with reference to the The Canary Islands ( English pronunciation kəˈnæriː ˈaɪləndz Spanish: Islas Canarias, ˈizlas kaˈnarjas are a Spanish
• By virtue of some bilateral agreements,^[19] the European microstates of Monaco, San Marino, and Vatican City mint their own euro coins on behalf of the European Central Bank. A microstate or ministate is a sovereign state having a very small population or very small land area but usually both For other uses see Monaco (disambiguation Monaco, officially the Principality of Monaco ( French: Principauté de Monaco; Monégasque The Most Serene Republic of San Marino (Serenissima Repubblica di San Marino is a country in the Apennine Mountains. Vatican City, officially the State of the Vatican City (Stato della Città del Vaticano is a Landlocked sovereign City-state whose territory The European Central Bank (ECB is one of the world's most important Central banks responsible for Monetary policy covering the 15 member countries of the They are, however, severely limited in the total value of coins they may issue.
• Andorra, Montenegro, Kosovo, and Akrotiri and Dhekelia adopted the foreign euro as their legal currency for movement of capital and payments without participation in the ESCB or the right to mint coins. Andorra, officially the Principality of Andorra ( Catalan: Principat d'Andorra) is a small Landlocked country in western Montenegro ( British English) Montenegrin / Serbian: PLEASE DO NOT CHANGE THE LANGUAGES WITHOUT CONSENSUS ON THE TALK PAGE! The European System of Central Banks ( ESCB) is composed of the European Central Bank (ECB and the national Central banks (NCBs of all 27 European Andorra is in the process of entering a monetary agreement similar to that of the microstates above.
• Several possessions and former colonies of EU states have currencies pegged to the euro. These are French Polynesia, New Caledonia, Wallis and Futuna (the CFP franc); Cape Verde; the Comoros; and fourteen nations of Central and West Africa (the CFA franc). French Polynesia ( French: Polynésie française, Tahitian: Pōrīnetia Farāni) is a French Overseas collectivity in the For the former North American fur-trading district see New Caledonia (Canada, and for the Scottish colony in Panama see Darien scheme. Wallis and Futuna, officially the Territory of Wallis and Futuna Islands ( French: Wallis et Futuna or Territoire des îles Wallis et Futuna, The CFP franc (called the franc in everyday use is the Currency used in the French overseas possessions of French Polynesia, New Caledonia The Republic of Cape Verde ( Portuguese: Cabo Verde, 'kabu 'veɾdɨ is a Republic located on an Archipelago in the Macaronesia The Comoros (ˈkɒməroʊz; جزر القمر Juzur al-Qumur) officially the Union of the Comoros (Union des Comores الإتّحاد القمريّ The CFA franc (in French: franc CFA, "céfa" or just franc colloquially is a currency used in twelve formerly French -ruled See Currencies related to the euro. Currently there are several currencies pegged to the Euro, some with fluctuation bands around a central rate and others with no fluctuations allowed around the central rate
• Although not legal tender in Denmark and the United Kingdom, the euro is accepted in some stores throughout both countries, particularly international stores in large cities, and shops in Northern Ireland near the border with the Republic of Ireland, where the euro is the official currency. The Kingdom of Denmark ( ˈd̥ænmɑɡ̊ (archaic ˈd̥anmɑːɡ̊ commonly known as Denmark, is a country in the Scandinavian region of northern Europe The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located Northern Ireland (Tuaisceart Éireann Ulster Scots: Norlin Airlann) is a Country within the United Kingdom, lying in the northeast of Similarly, the euro is widely accepted in Switzerland, even by official boards, such as the Swiss Railways. The Railways of Switzerland include Standard gauge (ie1435 milimetres (4 ft 8½ ins) and narrow gauge (usually, occasionally less ^[20]

Future prospects

Main articles: Eurozone and Enlargement of the eurozone

Pre-2004 EU members

From Greece's participation in 2001 until the EU enlargement in 2004, Denmark, Sweden and the United Kingdom were the only EU member states outside the monetary union. Euro Enlargement of the Please update other articles as well to avoid contradiction within Wikipedia e Greece (Ελλάδα transliterated: Elláda, historically, Ellás,) officially the Hellenic Republic (Ελληνική Δημοκρατία Enlargement of the European Union is the process of expanding the European Union (EU through the accession of new member states. The Kingdom of Denmark ( ˈd̥ænmɑɡ̊ (archaic ˈd̥anmɑːɡ̊ commonly known as Denmark, is a country in the Scandinavian region of northern Europe "Sverige" redirects here For other uses see Sweden (disambiguation and Sverige (disambiguation. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located The situation for the three older member states also looks different from that of the newer EU members; the three countries have no clear roadmap for adopting the euro:

• Denmark negotiated a number of opt-out clauses from the Maastricht treaty after it had been rejected in a first referendum. The Kingdom of Denmark ( ˈd̥ænmɑɡ̊ (archaic ˈd̥anmɑːɡ̊ commonly known as Denmark, is a country in the Scandinavian region of northern Europe The Edinburgh Agreement or Edinburgh Decision is a December 1992 agreement reached at a European Council meeting in Edinburgh, Scotland, that The Maastricht Treaty (formally the Treaty on European Union, TEU) was signed on 7 February 1992 in Maastricht, the Netherlands after final The Danish Maastricht Treaty referendum of 1992 was a Referendum in which Danish voters rejected ratification of the Maastricht Treaty. On 28 September 2000, another referendum was held in Denmark regarding the euro resulting in a 53. Events 48 BC - Pompey the Great is assassinated on orders of King Ptolemy of Egypt after landing in Egypt. 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. The Danish euro referendum of September 28, 2000 was a Referendum on whether Denmark should join the third stage of the European Monetary 2% vote against joining. However, Danish politicians have suggested that debate on abolishing the four opt-out clauses may be re-opened. One or more Referendums on abolishing one or more of Denmark 's opt-outs from European Union legislation in four specific areas (as specified in the Edinburgh In addition, Denmark has pegged its krone to the euro (€1 = DKK 7. The krone ( sign: kr; code: DKK) is the Currency of Denmark, including the autonomous provinces of Greenland 46038 ± 2. 25%) as the krone remains in the ERM. The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979 as part of the European Monetary System (EMS Although not part of the European Union, both Greenland and the Faroe Islands use the Danish krone (the Faroes in the form of the Faroese króna), and so also fall within the ERM. Greenland (Kalaallit Nunaat meaning "Land of the Greenlanders" Grønland is a self-governing Danish Province located between the The Faroe Islands or Faeroe Islands or simply Faroe(s or Faeroes (Føroyar meaning " Sheep Islands" Færøerne Old Norse The króna (plural krónur) is the Currency of the Faroe Islands.
• Sweden: Sweden is obliged to join the euro by the 1994 Act of Accession, when it meets the economic conditions. "Sverige" redirects here For other uses see Sweden (disambiguation and Sverige (disambiguation. Although the other conditions are met, the krona has never been part of ERM II, rendering Sweden ineligible. In 2003, a public referendum rejected euro membership, and Sweden has no plans to adopt the euro. The EU has made it clear that it will tolerate this with respect to Sweden, giving Sweden a de facto opt-out, but not those member states that joined in 2004 or 2007.
• The United Kingdom has an opt-out from eurozone membership under the Maastricht treaty and is not obliged to join the euro. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located While the government is in favour of membership provided the economic conditions are right (requiring that "five economic tests" be met), the question has never been put to referendum. The five economic tests are the criteria defined by the United Kingdom Government that are to be used to assess the UK's readiness to join the Eurozone and adopt the ^[21] The United Kingdom was forced to withdraw the pound sterling from the ERM (the precursor to ERM II) on Black Wednesday (16 September 1992) due a mismatch between its benchmark currency parity and its economic performance, and the pound is not part of ERM II. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979 as part of the European Monetary System (EMS In British Politics and Economics, Black Wednesday refers to the events of 16 September 1992 when the Conservative Events 1400 - Owain Glyndŵr is declared Prince of Wales by his followers Year 1992 ( MCMXCII) was a Leap year starting on Wednesday (link will display full 1992 Gregorian calendar)

Post-2004 EU members

Remaining currencies on track to be migrated  v • d • e 

Currency	Abbr.	Rate	Conv goal
Slovak koruna	SKK	30. The Slovak koruna (slovenská koruna is the currency of Slovakia since February 8, 1993. 1260[22]	2009-01-01
Lithuanian litas	LTL	3. This article is about the year For the film see 2009 Lost Memories. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC The litas ( ISO currency code LTL symbolized as Lt plural litai or litų) is the currency of Lithuania. 45280	2010-01-01
Estonian kroon	EEK	15. For the film see 2010 The Year We Make Contact. For the book see 2010 Odyssey Two. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC The kroon ( sign: KR; code: EEK) is the Currency of Estonia. It is subdivided into 100 senti (singular sent 6466	2011-01-01
Bulgarian lev	BGN	1. 2011 ( MMXI) will be a Common year starting on Saturday of the Gregorian calendar. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC The lev (лев plural bg лева левове / ''leva levove'' is the Currency of Bulgaria. 95583[23]	2012-01-01
Polish złoty	PLN	—	2012-01-01
Latvian lats	LVL	0. 2012 ( MMXII) will be a Leap year starting on Sunday of the Gregorian calendar. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC The złoty (/ˈzwɔtɨ/, plural for numbers ending in 2 3 and 4 (except 12 13 and 14 złote /ˈzwɔtɛ/ plural for all other numbers złotych /ˈzwɔtɨx/ 2012 ( MMXII) will be a Leap year starting on Sunday of the Gregorian calendar. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC For common abbreviations see LAT (disambiguation The lats (plural lati, ISO 4217 currency code LVL or 428 is the 702804	2012-01-01
Czech koruna	CZK	—	2012-01-01
Hungarian forint	HUF	—	2012-01-01
Romanian leu	RON	—	2014-01-01
Swedish krona	SEK	—	—

As of 2008, nine new EU member states have a currency other than the euro; however, all of these countries are required by their Accession Treaties to join the euro. 2012 ( MMXII) will be a Leap year starting on Sunday of the Gregorian calendar. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC 2012 ( MMXII) will be a Leap year starting on Sunday of the Gregorian calendar. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC The forint ( Currency code HUF) is the Currency of Hungary. It is divided into 100 Fillér, although fillér coins have not been 2012 ( MMXII) will be a Leap year starting on Sunday of the Gregorian calendar. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC The leu ( plural lei; ISO 4217 code RON numeric code 946 is the currency of Romania. 2014 ( MMXIV) will be a Common year starting on Wednesday of the Gregorian calendar. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC Some of the following countries have already joined the European Exchange Rate Mechanism, ERM II. The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979 as part of the European Monetary System (EMS They and the others have set themselves the goal of joining the euro (EMU III) as follows:

• 1 January 2009 for Slovakia^[24][25]
• 1 January 2010 for Lithuania^[26]
• 1 January 2011 for Estonia,^[27]
• 1 January 2012 or later for Bulgaria,^[28] Hungary, Latvia,^[29] Czech Republic, Poland and Romania. In economics a Monetary union is a situation where several countries have agreed to share a single currency amongst themselves New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC This article is about the year For the film see 2009 Lost Memories. Slovakia (long form Slovak Republic; Slovak:, long form, is a Landlocked country in Central Europe with a population of over five million New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC For the film see 2010 The Year We Make Contact. For the book see 2010 Odyssey Two. Lithuania, officially the Republic of Lithuania (Lietuvos Respublika is a Country in Eastern often referred to as Northern Europe or in the New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC 2011 ( MMXI) will be a Common year starting on Saturday of the Gregorian calendar. Estonia, officially the Republic of Estonia ( Eesti or Eesti Vabariik) is a Country in Northern Europe in the Baltic region New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC 2012 ( MMXII) will be a Leap year starting on Sunday of the Gregorian calendar. The state of Bulgaria (България transliterated bg-Latn ''Balgaria'' The country preserves the traditions (in ethnic name language and alphabet of the First Bulgarian Hungary (Magyarország 'mɔɟɔrorsaːg) officially in English the Republic of Hungary ( Magyar Köztársaság, literally Magyar (Hungarian Republic Latvia ( Latvija officially the Republic of Latvia (Latvijas Republika is a Country in Northern Europe in the Baltic region. The Czech Republic ( ˈt͡ʃɛskaː ˈrɛpuˌblɪka short form in Česko ˈt͡ʃɛskɔ also called Czechia, Poland (Polska officially the Republic of Poland Romania ( dated: Rumania, Roumania

The entry of Lithuania and Estonia as planned for 1 January 2007 was postponed due to unacceptably high inflation rates in those countries. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Some of these currencies do not float against the euro, and a subset of those were unilaterally pegged to the euro before joining ERM II. See European Exchange Rate Mechanism, currencies related to the euro, and individual currency articles for more details. The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979 as part of the European Monetary System (EMS Currently there are several currencies pegged to the Euro, some with fluctuation bands around a central rate and others with no fluctuations allowed around the central rate

The Czech Republic had originally aimed for entry into the ERM II in either 2008 or 2009, but the current government has officially dropped the 2010 target date, saying it will clearly not be able to meet the economic criteria. The new stated goal is 2012. ^[30]

Similarly, Latvia had aimed to join the euro in 2008 but inflation rates of over 11% have resulted in a delay as the country does not meet the current criteria under council rules. The government's official target is now 1 January 2012 although the head of the Bank of Latvia has suggested that 2013 may be a more realistic date. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC 2012 ( MMXII) will be a Leap year starting on Sunday of the Gregorian calendar. ^[31]

The Polish Finance Minister declared that he believed that a public declaration of a target entry date for Polish entry would be an "improper strategy". ^[32]

Other sources question the realism of even the revised Czech, Lithuanian and Estonian targets. ^[33]

The Fifth Report on the Practical Preparations for the Future Enlargement of the Euro Area^[34] stated on 16 July 2007 that only Cyprus, Malta (both of which adopted the euro in January 2008), Slovakia (2009) and Romania (2014) had currently set official target dates for adopting the euro. Events 622 - The beginning of the Islamic calendar. 1054 - Three Roman legates fractured relations between the Western and Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century.

On May 7, 2008, the European Central Bank confirmed that Slovakia is ready to join the eurozone from January 1, 2009. This to be rubber-stamped by the Eurozone's leaders at a 19-20 June summit, with the conversion rate set to be adopted on 8 July. ^[35]

Estonia, Latvia, Lithuania and Slovakia have already finalised the design for their respective coins' obverse sides. Estonian euro coins feature only a single design for all eight coins Latvian euro coins feature three separate designs The design of the national side was made public in July 2006 on the home page of the National Bank of Latvia. Lithuanian euro coins share a similar national side for all eight coins and are expected to be issued from 2010 on Slovak euro coins feature three separate designs for the three series of coins

Economics of the euro

Optimal currency area

Main article: Optimum currency area

In economics, an optimum currency area (or region) (OCA, or OCR) is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency. In Economics, an optimum currency area ( OCA) also known as an optimal currency region ( OCR) is a geographical region in which it would maximize There are two models, both proposed by Robert A. Mundell: the stationary expectations model and the international risk sharing model. Robert Alexander Mundell CC (born October 24, 1932) is a professor of economics at Columbia University. In Economics, an optimum currency area ( OCA) also known as an optimal currency region ( OCR) is a geographical region in which it would maximize In Economics, an optimum currency area ( OCA) also known as an optimal currency region ( OCR) is a geographical region in which it would maximize Mundell himself advocates the international risk sharing model and thus concludes in favour of the euro. In Economics, an optimum currency area ( OCA) also known as an optimal currency region ( OCR) is a geographical region in which it would maximize ^[36]

Transaction costs and risks

The most obvious benefit of adopting a single currency is removing from trade the cost of exchanging currency, theoretically allowing businesses and individuals to consummate previously unprofitable trades. On the consumer side, banks in the Eurozone must charge the same for intra-member cross-border transactions as purely domestic transactions for electronic payments (e. g. credit cards, debit cards and cash machine withdrawals). A credit card is part of a system of Payments named after the small Plastic card issued to users of the system A debit card (also known as a bank card) is a plastic card which provides an alternative payment method to Cash when making purchases This article is about the song For the article about cash dispensing machines see Automated teller machine.

The absence of distinct currencies also removes exchange rate risks. In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how The risk of unanticipated exchange rate movement has always added an additional risk or uncertainty for companies or individuals looking to invest or trade outside their own currency zones. Companies that hedge against this risk will no longer need to shoulder this additional cost. In Finance, a hedge is an investment that is taken out specifically to reduce or cancel out the Risk in another investment The reduction in risk is particularly important for countries whose currencies have traditionally fluctuated a great deal, particularly the Mediterranean nations.

Financial markets on the continent are expected to be far more liquid and flexible than they were in the past. Market liquidity is a Business, Economics or Investment term that refers to an Asset 's ability to be easily converted through an act of buying The reduction in cross-border transaction costs will allow larger banking firms to provide a wider array of banking services that can compete across and beyond the Eurozone.

Price parity

Another effect of the common European currency is that differences in prices—in particular in price levels—should decrease because of the 'law of one price'. The law of one price is an Economic law stated as "In an Efficient market all identical goods must have only one price Differences in prices can trigger arbitrage, i. In Economics and Finance, arbitrage is the practice of taking advantage of a price differential between two or more Markets striking a combination of matching e. speculative trade in a commodity across borders purely to exploit the price differential. Speculation, in a financial context is making an investment that increases the overall risk in a portfolio A commodity is anything for which there is demand but which is supplied without qualitative differentiation across a market Therefore, prices on commonly traded goods are likely to converge, causing inflation in some regions and deflation in others during the transition. Some evidence of this has been observed in specific markets. ^[37]

Macroeconomic stability

Low levels of inflation are the hallmark of stable and modern economies. Because a high level of inflation acts as a tax (seigniorage) and theoretically discourages investment, it is generally viewed as undesirable. Seigniorage (ˈseɪnjərɪdʒ '''''sei'''nY'Ridj'') also spelled seignorage or seigneurage, is the net Revenue derived from the issuing of In spite of the downside, many countries have been unable or unwilling to deal with serious inflationary pressures. Some countries have successfully contained them by establishing largely independent central banks. One such bank was the Bundesbank in Germany; as the European Central Bank is modelled on the Bundesbank, it is independent of the pressures of national governments and has a mandate to keep inflationary pressures low. The Deutsche Bundesbank ( German for German Federal Bank) is the Central bank of the Federal Republic of Germany and as such part of the Member countries that join the bank commit to lower inflation, hoping to enjoy the macroeconomic stability associated with low levels of expected inflation. The ECB (unlike the Federal Reserve in the United States of America) does not have a second objective to sustain growth and employment.

Many national and corporate bonds denominated in euro are significantly more liquid and have lower interest rates than was historically the case when denominated in legacy currencies. In Finance, a bond is a Debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and Interest While increased liquidity may lower the nominal interest rate on the bond, denominating the bond in a currency with low levels of inflation arguably plays a much larger role. In finance and economics nominal interest rate or nominal rate of interest refers to the rate of Interest before adjustment for inflation (in contrast with the A credible commitment to low levels of inflation and a stable debt reduces the risk that the value of the debt will be eroded by higher levels of inflation or default in the future, allowing debt to be issued at a lower nominal interest rate.

A new reserve currency

The euro is a major global reserve currency, sharing that status with the U. A reserve currency (or anchor currency) is a Currency which is held in significant quantities by many governments and institutions as part of their Foreign S. dollar (USD). The U. S. dollar still continues to enjoy its status as the primary reserve of most commercial and central banks. ^[38]

Since its introduction, the euro has been the second most widely-held international reserve currency after the U. A reserve currency (or anchor currency) is a Currency which is held in significant quantities by many governments and institutions as part of their Foreign S. dollar. The euro inherited this status from the German mark, and since its introduction, it has increased its standing, mostly at the expense of the dollar. The increase of 4. 4% in 2002 is due to the introduction of euro banknotes and coins in January 2002.

The possibility of the euro's becoming the first international reserve currency is now widely debated among economists. ^[39] Former Federal Reserve Chairman Alan Greenspan gave his opinion in September 2007 that the euro could indeed replace the U. Alan Greenspan (born March 6 1926 in New York City) is an American Economist and was from 1987 to 2006 the Chairman of the Federal Reserve of S. dollar as the world's primary reserve currency. He said it is "absolutely conceivable that the euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency. "^[40] Additionally, there has been suggestion that recent weakness of the US dollar might encourage parties to increase their reserves in euro at the expense of the dollar. ^[41] In the second term of 2007, euro as a reserve currency has reached a record level of 25. 6% (a +0. 8% increase from the year before)- at the expense of US dollar which dropped to 64. 8% (a drop of 1. 3% from the year before). ^[42] By the end of 2007, shares of euro increased to 26. 4% as the dollar slumped to its lowest level since records began in 1999, 63. 8%. ^[43]

A currency is attractive for international transactions when it demonstrates stability, a well-developed financial market to trade the currency, and acceptability to others. The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic The European Central Bank (ECB is one of the world's most important Central banks responsible for Monetary policy covering the 15 member countries of the While the euro has made substantial progress, a few challenges undermine the ascension of the euro as a major reserve currency. Persistent excessive budget deficits of some member nations, economically weak new members, conservatism of financial markets, and inertia or path dependence are important factors keeping the euro as a junior international currency to the U. Path-dependence explains how the set of decisions one faces for any given circumstance is limited by the decisions one has made in the past even though past circumstances may no longer S. dollar. However, at the same time, the USD has increasingly suffered from a double deficit and has its own concerns. An economy is deemed to have a double deficit (also known as a twin deficit) if it has a Current account deficit and a fiscal deficit

As the euro becomes a new reserve currency, Eurozone governments will enjoy substantial benefits. Since money is an interest-free loan to the issuing government by the holder of the currency, foreign reserves act as a subsidy to the country minting the currency (see Seigniorage). Seigniorage (ˈseɪnjərɪdʒ '''''sei'''nY'Ridj'') also spelled seignorage or seigneurage, is the net Revenue derived from the issuing of However, reserve status also holds risks, as the currency may become overvalued, hurting European exporters and potentially exposing the European economy to influence by external factors who hold large quantities of euros.

Criticism

2003 demonstration against Swedish adoption of the euro

Some European nationalist parties oppose the euro as part of a more general opposition to the European Union. Euroscepticism Euro (disambiguation --> has become a general term for opposition to the process A significant group of these include the members of the Independence and Democracy bloc in the European Parliament. The Independence/Democracy Group in the European Parliament was set up on 20 July 2004. The European Parliament ( Europarl or EP) is the only directly elected parliamentary institution of the European Union (EU Additionally the Green Party of England and Wales is opposed for anti-globalisation reasons but the rest of the European Green Party bloc in the European Parliament do not share their stances. The Green Party of England and Wales (GPEW (Plaid Werdd Cymru a Lloegr is the principal Green political party in England and Wales. " Anti-globalization " is a term that encompasses a number of related ideas The European Green Party (or European Greens or EGP) is the Green Political party at European level.

In their view, the countries that participate in the EMU have surrendered their sovereign abilities to conduct monetary policy. The European Central Bank is required to pursue a policy that might be at odds with national interests and there is no guarantee of extra-national assistance from their more fortunate neighbours should local conditions necessitate some sort of economic stimulus package. The European Central Bank (ECB is one of the world's most important Central banks responsible for Monetary policy covering the 15 member countries of the Many critics of the EMU believe the benefits to joining the organisation are outweighed by the loss of sovereignty over local policy that accompanies membership.

The euro is underpinned by the Stability and Growth Pact, which is designed to ensure even fiscal policy across the Eurozone. The Stability and Growth Pact (SGP is an agreement by European Union member states related to their conduct of Fiscal policy, to facilitate and maintain Economic The SGP has been criticised for removing the ability of national governments to stimulate their own economies to a certain extent, in the only way left to them now that monetary policy is determined supranationally. The failure of some member states to observe the SGP, and its inherent problems have led to minor reforms, and further reforms are likely.

Exchange rate

Flexible exchange rates

The ECB targets interest rates rather than exchange rates and in general does not intervene on the foreign exchange rate markets, because of the implications of the Mundell-Fleming Model which suggest that a central bank cannot maintain interest rate and exchange rate targets simultaneously because increasing the money supply results in a depreciation of the currency. The European Central Bank (ECB is one of the world's most important Central banks responsible for Monetary policy covering the 15 member countries of the The Mundell-Fleming model is an economic model first set forth by Robert Mundell and Marcus Fleming. In Economics, money supply, or money stock, is the total amount of money available in an Economy at a particular point in time Depreciation is a term used in Accounting, Economics and Finance to spread the cost of an Asset over the span of several years In the years following the Single European Act, the EU has liberalised its capital markets, and as the ECB has chosen monetary autonomy, the exchange rate regime of the euro is flexible, or floating. The Single European Act (SEA was the first major revision of the Treaty of Rome that formally established the single European market and the European Political Cooperation The European Central Bank (ECB is one of the world's most important Central banks responsible for Monetary policy covering the 15 member countries of the The exchange rate regime is the way a country manages its Currency in respect to foreign currencies and the Foreign exchange market. Floating rate may also refer to a Floating interest rate applied to a Loan or other lending product This explains why the exchange rate of the euro vis-à-vis other currencies is characterised by strong fluctuations. Most notable are the fluctuations of the euro versus the U. S. dollar, another free-floating currency. However this focus on the dollar-euro parity is partly subjective. It is taken as a reference because the euro competes with the dollar's role as reserve currency. The effect of this selective reference is misleading, as it gives observers the impression that a rise in the value of the euro versus the dollar is the effect of increased global strength of the euro, while it may be the effect of an intrinsic weakening of the dollar itself.

Exchange rate evolution of the euro compared to USD, JPY and GBP. Exchange rate at start is put to 1.
Green: in Jan-1999: €1 = $1. 18 ; in Apr-2008: €1 = $1. 57
Red: in Jan-1999: €1 = ¥133 ; in Apr-2008: €1 = ¥161
Blue: in Jan-1999: €1 = £0. 71 ; in Apr-2008: €1 = £0. 79

Against other major currencies

After the introduction of the euro, its exchange rate against other currencies fell heavily, especially against the U. S. dollar. At its introduction in 1999, the euro was traded at US$1. 18/€, but by October 26, 2000, it had fallen to an all-time low of $0. Events 740 - An Earthquake strikes Constantinople, causing much damage and death 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. 8228/€. After the appearance of the coins and notes in January 1, 2002 and the replacement of all national currencies, the euro then began steadily appreciating, and soon reached parity with the U. New Year See also New Year The Ancient Romans began their consular year on January 1st since 153 BC See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. S. dollar on July 15, 2002. Events 1099 - First Crusade: Christian soldiers take the Church of the Holy Sepulchre in Jerusalem after the final See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Since December 2002, the euro has not fallen below parity with the U. S. dollar but began an unprecedented ascendency. On 23 May 2003, the euro surpassed its initial ($1. Events 1430 - Siege of Compiègne: Joan of Arc is captured by the Burgundians while leading an army to relieve Compiègne Year 2003 ( MMIII) was a Common year starting on Wednesday of the Gregorian calendar. 18) trading value for the first time. At the end of 2004, it reached a peak of $1. "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " 3668 (€0. 7316/$) as the U. S. dollar fell against all major currencies, fuelled by the so-called double deficit in the US accounts. An economy is deemed to have a double deficit (also known as a twin deficit) if it has a Current account deficit and a fiscal deficit The dollar temporarily recovered in 2005, rising to $1. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. 18 (€0. 85/$) in July 2005, and was stable throughout the second half of 2005. The steep increase in U. S. interest rates during 2005 had much to do with this trend. But on November 2005 the dollar again began to fall steadily until the present day hitting one record low after another. On 23 April 2008, the U. Events 215 BC - A temple is built on the Capitoline Hill dedicated to Venus Erycina to commemorate the Roman defeat at 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common S. dollar fell to an all-time low of $1. 5940 (€0. 6273/$) against the euro. ^[44] On 16 April 2008, the pound sterling fell to an all-time low of £0. Events 1178 BC - A Solar eclipse may have marked the return of Odysseus, legendary King of Ithaca, to his kingdom 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency 80610 (€1. 2405/£) against the euro. ^[45]

• Current and historical exchange rates against 29 other currencies (European Central Bank)
• Current dollar/euro exchange rates (BBC)
• Historical exchange rate from 1971 until now

Worldwide use of the euro and the U. S. dollar:      Eurozone      External adopters of the euro      Currencies pegged to the euro      Currencies pegged to the euro w/ narrow band      United States      External adopters of the US dollar      Currencies pegged to the US dollar      Currencies pegged to the US dollar w/ narrow band

Currencies pegged to the euro

Main article: Currencies related to the euro

There are a number of non-EU currencies that were pegged to a European currency and are now currencies related to the euro: the Cape Verdean escudo, the Bosnia and Herzegovina convertible mark, the CFP franc, the CFA franc and the Comorian franc. Euro Enlargement of the Currently there are several currencies pegged to the Euro, some with fluctuation bands around a central rate and others with no fluctuations allowed around the central rate A fixed exchange rate, sometimes called a pegged exchange rate, is a type of Exchange rate regime wherein a Currency 's value is matched to the value of The escudo is the Currency of Cape Verde (Portuguese Cabo Verde a former Portuguese colony The konvertibilna marka ( Bosnian, Croatian and Latin-written Serbian, конвертибилна марка in Cyrillic-written Serbian, "convertible The CFP franc (called the franc in everyday use is the Currency used in the French overseas possessions of French Polynesia, New Caledonia The CFA franc (in French: franc CFA, "céfa" or just franc colloquially is a currency used in twelve formerly French -ruled The franc ( French: franc comorien; Arabic: فرنك قمري ( ISO 4217 currency code KMF is the official Currency of Comoros

In total, the euro is the official currency in 15 states inside the European Union, and 5 states/territories outside the European Union. In addition, 23 states and territories have currencies that are directly pegged to the euro including 14 countries in mainland Africa, 3 EU members that will ultimately join the euro, 3 French Pacific territories, 2 African island countries and another Balkan country, Bosnia and Herzegovina. Bosnia and Herzegovina ( Latin script: Bosna i Hercegovina, Cyrillic script: Босна и Херцеговина is a country on the Balkan

In the United Kingdom, although not a member of the Eurozone, many high-street banks report that as much as 90% of their international trade is conducted in euro. It is common therefore for them to use the euro as their 'core' currency on international business systems, only converting to Sterling for local accountancy purposes. ^[46]

Linguistic issues

Main article: Linguistic issues concerning the euro

The formal titles of the currency are "euro" for the major unit and "cent" for the minor (one hundredth) unit and for official use in most Eurozone languages, these names are invariant in the plural. Several linguistic issues have arisen in relation to the spelling of the words Euro and cent in the many languages of the member states ^[47] These styles are often in conflict with the structures of the national languages. For English language texts, however, there is a recommendation from the Directorate-General for Translation, the EU's translation service, that the natural plurals 'euros' and 'cents' should be used in non-legal documents intended for the general public. The Directorate-General for Translation ( DGT) located in Brussels and Luxembourg, provides translation of written text into and out of the ^[48]

See also

Previous currency unions

• Latin Monetary Union (1865–1927)
• Scandinavian Monetary Union (1873–1914)
• Sterling Area (1931-1972)

Other existing common currencies

• Central African CFA franc, a currency used by six independent states. The Latin Monetary Union ( LMU) was a 19th century attempt to unify several European currencies into a single currency that could be The Scandinavian Monetary Union (Skandinaviska myntunionen Skandinaviske møntunion Skandinaviske myntunion was a Monetary union formed by Sweden and Denmark The sterling area came into existence at the outbreak of the second world war. The Central African CFA franc ( French: franc CFA or simply franc, ISO 4217 code XAF) is the currency of six independent states
• East Caribbean dollar, a currency used by eight of the nine members of the Organisation of Eastern Caribbean States. The East Caribbean dollar ( Currency code XCD) is the Currency of eight of the nine members of the Organisation of Eastern Caribbean States The Organisation of Eastern Caribbean States ( OECS) created in 1981 is an inter-governmental organisation dedicated to economic harmonisation and integration protection of
• West African CFA franc, a currency used by eight independent states. The West African CFA franc ( French: franc CFA or simply franc, ISO 4217 code XOF) is the currency of eight independent states spanning
• Common currency

Future planned and potential common currencies

• Afro (currency), planned to be implemented in Africa before 2028. In economics a monetary union is a situation where several countries have agreed to share a single currency (also known as a unitary or common currency The Afro is the proposed official currency of the African Union.
• Amero, one of the possible names of the currency for an academically speculated North American currency union. The North American Currency Union is a theorized Economic and monetary union of the three principal countries of North America, namely Canada, the It is hypothetical and not considered by governments of involved nations.
• Eco, a planned West African currency to be used by 5 or 6 nations by 2009. For the philosopher Umberto Eco see Umberto Eco. The Eco (1 Eco = 100 Cents is the proposed name for the Common currency that the West African Monetary
• Khaleeji, a planned common currency of the 6 nations of the Cooperation Council for the Arab States of the Persian Gulf to be produced by 2010. The concept The Khaleeji ( is a proposed Common currency of the member states of the GCC or Cooperation Council for the Arab States of the Gulf The Cooperation Council for the Arab States of the Gulf ( CCASG; مجلس التعاون لدول الخليج العربية also known as the Gulf Cooperation Council

Notes and references

Further reading

External links

Official websites

• The euro – Europa
  • English style guidePDF (621 KB)
• European Central Bank
  • Security features
  • Exchange rates

Other

• Ron Wise's World Paper Money - Euro ^{Mirror site}
• The Global History of Currencies - Europe
• Global Financial Data currency histories table ( Microsoft Excel format)
• The Euro Information Site – ibiblio
• Dollar falls to record euro low Mar 17 2008
• The symbolic power of the euro
• The €uro Collection Forum