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. It replaced the former European Currency
Unit (ECU) at a ratio of 1:1.
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). As an
independent central bank, the ECB has sole authority to
set monetary policy. 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.
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.
All nations that have joined the EU since the 1993 implementation
of the Maastricht Treaty have pledged to adopt the euro
in due course. Maastricht obliged current members to join
the euro; however, the United Kingdom and Denmark negotiated
exemptions from that requirement for themselves.[4] 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. 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. Andorra, Montenegro,
and Kosovo have adopted the euro unilaterally, while not
being EU members either (see #Eurozone.)
Characteristics
The
euro is divided into 100 cents (sometimes referred
to as eurocents, especially when distinguishing
them from U.S. cents or the former currency in a particular
country). 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. 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. In the Netherlands some, and in Finland by the law
all cash transactions are rounded to the nearest five
cents, to avoid the use of 0.02, and 0.01. (See also Linguistic
issues concerning the euro.)
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. 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. 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 cost the same as a domestic
one. 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 if they were 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.[5]
Currency
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 European Commission then chose the final design.
The eventual winner was a design created by the Belgian
Alain Billiet. 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.[6]
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 also specified a euro logo with exact
proportions and foreground/background colour tones.[7]
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.[8]
Placement
of the currency sign varies from nation to nation. There
are no official standards on where to place the euro sign.[9]
Another
advantage to the final chosen symbol is that it is easily
created on a typewriter lacking the euro sign, by typing
a capital 'C', backspacing and overstriking it with the
equal ('=') sign.
Economic and monetary union
History
(1990- present)
-
Yielded currencies of the Eurozone
Currency |
Abbr. |
Rate |
Fixed on |
EMU
III |
Austrian schilling |
ATS |
13.7603 |
1998-12-31 |
1999 |
Belgian franc |
BEF |
40.3399 |
1998-12-31 |
1999 |
Dutch gulden |
NLG |
2.20371 |
1998-12-31 |
1999 |
Finnish markka |
FIM |
5.94573 |
1998-12-31 |
1999 |
French franc |
FRF |
6.55957 |
1998-12-31 |
1999 |
German mark |
DEM |
1.95583 |
1998-12-31 |
1999 |
Irish pound |
IEP |
0.787564 |
1998-12-31 |
1999 |
Italian lira |
ITL |
1936.27 |
1998-12-31 |
1999 |
Luxembourg franc |
LUF |
40.3399 |
1998-12-31 |
1999 |
Portuguese escudo |
PTE |
200.482 |
1998-12-31 |
1999 |
Spanish peseta |
ESP |
166.386 |
1998-12-31 |
1999 |
Greek drachma |
GRD |
340.750[10] |
2000-06-19 |
2001 |
Slovenian tolar |
SIT |
239.640[11] |
2006-07-11 |
2007 |
Cypriot pound |
CYP |
0.585274[12] |
2007-07-10 |
2008 |
Maltese lira |
MTL |
0.429300[13] |
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. 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. 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
that helped create or contributed to the euro include
Robert Mundell, Wim Duisenberg, Robert Tollison, Neil
Dowling, Fred Arditti and Tommaso Padoa-Schioppa. (For
macro-economic theory, see below.)
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.
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.
(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. 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
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. 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.
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. The euro thus became the successor
to the European Currency Unit (ECU). 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.
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. 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. The final date was 28 February
2002, by which all national currencies ceased to be legal
tender in their respective member states. 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.
Slovenia
joined the Eurozone on 1 January 2007, followed by Malta
and Cyprus on 1 January 2008.[14]
Eurozone
-
- The
euro is the sole currency in Austria, Belgium, Cyprus,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
Malta, the Netherlands, Portugal, Slovenia and Spain.
These 15 countries together are frequently referred
to as the Eurozone or the euro area. 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.
- By
virtue of some bilateral agreements,[15]
the European microstates of Monaco, San Marino, and
Vatican City mint their own euro coins on behalf of
the European Central Bank. 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 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). See Currencies related to the
euro.
- 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. Similarly, the euro is widely accepted
in Switzerland, even by official boards, such as the
Swiss Railways.[16]
Future
prospects (2008--)
-
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. 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.
On 28 September 2000, another referendum was held in
Denmark regarding the euro resulting in a 53.2% vote
against joining. However, Danish politicians have suggested
that debate on abolishing the four opt-out clauses may
possibly be re-opened in the near future. In addition,
Denmark has pegged its krone to the euro (€1 = DKK
7.46038 ± 2.25%) as the krone remains in the ERM. 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.
- Sweden:
Sweden is obliged to join the euro by the 1994 Act of
Accession, when they meet the economic conditions. 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 as of yet. The EU has
made it clear that it will tolerate this with respect
to Sweden, thereby 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. 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.[17] 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.
Post-2004
EU members
Remaining currencies
on track to be migrated
Currency |
Abbr. |
Rate |
Conv goal |
Slovak koruna |
SKK |
35.4424[18] |
2009-01-01 |
Lithuanian litas |
LTL |
3.45280 |
2010-01-01 |
Estonian kroon |
EEK |
15.6466 |
2011-01-01 |
Bulgarian lev |
BGN |
1.95583[19] |
2012-01-01 |
Polish zloty |
PLN |
|
2012-01-01 |
Latvian lats |
LVL |
0.702804 |
2012-01-01 |
Czech koruna |
CZK |
” |
2012-01-01 |
Hungarian forint |
HUF |
|
2012-01-01 |
Romanian leu |
RON |
|
2014-01-01 |
Swedish krona [20][21][22][23] |
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. Some of
the following countries have already joined the European
Exchange Rate Mechanism, ERM II. They and the others have
set themselves the goal of joining the euro (EMU III)
as follows:
- 1
January 2009 for Slovakia[24]
- 1
January 2010 for Lithuania[25]
- 1
January 2011 for Estonia,[26]
- 1
January 2012 or later for Bulgaria,[27] Hungary, Latvia,[28] Czech Republic, Poland and Romania.
The
entry of Lithuania and Estonia as planned for 1 January
2007 was postponed due to unacceptably high inflation
rates in those countries. 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
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.[29]
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.[30]
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".[31]
Other
sources question the realism of even the revised the Czech,
Lithuanian and Estonian targets.[32]
The Fifth
Report on the Practical Preparations for the Future Enlargement
of the Euro Area[33]
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.
Estonia,
Latvia, Lithuania and Slovakia have already finalised
the design for their respective coins' obverse sides.
Economics
of the euro
Optimal
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. There are two models, both proposed by
Robert A. Mundell: the stationary expectations model and
the international risk sharing model. Mundell himself
advocates the international risk sharing model and thus
concludes in favour of the euro.[34]
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).
The
absence of distinct currencies also removes exchange rate
risks. 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. 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. 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'. Differences in prices
can trigger arbitrage, i.e. speculative trade in a commodity
across borders purely to exploit the price differential.
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. [1]
Macroeconomic
stability
Low
levels of inflation are the hallmark of stable and modern
economies. Because a high level of inflation acts as a
highly regressive tax (seigniorage) and theoretically
discourages investment, it is generally viewed as undesirable.
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. Member countries join the bank to credibly
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.
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. 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.
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 perceived to be a major global reserve currency,
sharing that status with the U.S. dollar (USD). The U.S.
dollar still continues to enjoy its status as the primary
reserve of most commercial and central banks worldwide.
Since
its introduction, the euro has been the second most widely-held
international reserve currency after the U.S. dollar.
The euro inherited this status from the German mark, and
since its introduction, has increased its standing somewhat,
mostly at the expense of the dollar. The steep increase
of 4.4% in 2002 is due to the introduction of euro banknotes
and coins in January 2002.
The
possibility for the euro to become the first international
reserve currency in the near future is now widely debated
among economists.[35] Former Federal Reserve Chairman Alan Greenspan
gave his opinion in September 2007 by stating that the
euro could indeed replace the U.S. dollar as the world's
primary reserve currency. He said that it is "absolutely
conceivable that the euro will replace the dollar as reserve
currency, or will be traded as an equally important reserve
currency."[36] Additionally, there has been some suggestion that the recent
weakness of the US dollar might encourage various parties
to increase their reserves in euro at the expense of the
dollar.[37] 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).[38] 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%.[39]
A
currency is attractive for international transactions
when it demonstrates a proven track record of stability,
a well-developed financial market to trade the currency,
and proven acceptability to others. While the euro has
made substantial progress toward achieving these features,
there are a few challenges that 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 all important factors keeping the
euro as a junior international currency to the U.S. dollar.
However, at the same time, the USD has increasingly suffered
from a double deficit and consequently has its own concerns.
As
the euro becomes a new reserve currency, Eurozone governments
will enjoy substantial benefits. Since money is effectively
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).
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 euro.
Criticism
Some
European nationalist parties oppose the euro as part of
a more general opposition to the European Union. A significant
group of these include the members of the Independence
and Democracy bloc in the European Parliament. 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.
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. 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 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
U.S. dollars per 1 euro 1999-2008
Year |
|
Lowest
↓ |
|
Highest
↑ |
Date |
Rate |
Date |
Rate |
1999 |
03 Dec |
$1.0015 |
05 Jan |
$1.1790 |
2000 |
26 Oct |
$0.8252 |
06 Jan |
$1.0388 |
2001 |
06 Jul |
$0.8384 |
05 Jan |
$0.9545 |
2002 |
28 Jan |
$0.8578 |
31 Dec |
$1.0487 |
2003 |
08 Jan |
$1.0377 |
31 Dec |
$1.2630 |
2004 |
14 May |
$1.1802 |
28 Dec |
$1.3633 |
2005 |
15 Nov |
$1.1667 |
03 Jan |
$1.3507 |
2006 |
02 Jan |
$1.1826 |
05 Dec |
$1.3331 |
2007 |
12 Jan |
$1.2893 |
27 Nov |
$1.4874 |
2008 |
21 Jan |
$1.4482 |
18 Mar |
$1.5771 |
Source: Euro exchange rates in USD, ECB |
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 $0.8228. After the appearance of
the coins and notes in January 2002 and the replacement
of all national currencies, the euro then began steadily
appreciating, and reached shortly after the parity with
the U.S. dollar on July 15, 2002. 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 ($1.18) trading value for
the first time. At the end of 2004, it reached a peak
of $1.3668 (0.7316/$) as the U.S. dollar fell against
all major currencies, fuelled by the so-called double
deficit in the US accounts. But the dollar recovered in
2005, rising to $1.18 (0.85/$) 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. On November 2005 the dollar again began to
fall steadily until the present day hitting one record
low after another. On 18 March 2008, the U.S. dollar fell
to an all-time low of $1.5771 (0.6341/$) against the euro.[40] On 18 March 2008, the pound sterling fell to an all-time
low of £0.78570 (1.2728/£) against the euro.[41]
-
Currencies
pegged 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.
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.
Notes
and references
-
www.eurodesigncontest.eu/emu.cfm?lang=en.
-
Number is a sum of estimated populations (as
stated in their respective articles) of: all Eurozone
members; all users of euro not part of Eurozone (whether
officially agreed upon or not); all areas which use
a currency pegged to the euro, and only the euro.
- Please see detailed summation in article Eurozone
-
Atkins, Ralph (2006-12-27). Euro notes cash in to
overtake dollar. Financial Times. Retrieved on 2007-05-04.
-
The euro: Our Currency. Economic and Financial Affairs. Retrieved
on 2007-05-04.
-
TARGET. European Central Bank. Retrieved on 2007-10-25.
-
Connolly, Kate (2001-12-23). Inventor who coined euro sign fights for recognition. The
Observer. Guardian Unlimited.
-
The euro: Our Currency. europa.eu. Retrieved on 2007-10-25.
-
Siebert, Jargen (2002). "The
Euro: From Logo to Letter". Font Magazine
(2).
-
Frequently Asked Questions. europa.eu. Retrieved on
2007-10-25.
-
Greece failed to meet the criteria
for joining initially, so it did not join the common
currency on 1 January 1999. It was admitted two years
later, on 1 January 2001, with a Greek drachma (GRD)
exchange rate of 340.750.
-
The final exchange rate was agreed on 11 July 2006.
However, this rate was not formally effective until
the tolar was succeeded by the euro on 1 January 2007.
-
The final exchange rate was agreed on 10 July 2007.
However, this rate was not formally effective until
the pound was succeeded by the euro on 1 January 2008.
-
The final exchange rate was agreed on 10 July 2007.
However, this rate was not formally effective until
the lira was succeeded by the euro on 1 January 2008.
- CNNMoney.com.
-
Agreements
on monetary relations (Monaco, San Marino, the Vatican
and Andorra). Retrieved on 2007-05-11.
-
SBB - More at the station - Automatic ticket machine.
- "Sluggish Europe proves Brown's case on currency", The Guardian,
Guardian News and Media Limited, 2004-12-20. Retrieved
on 2008-02-07.
-
The central rate of the Slovak koruna was 38.4550
before 17 March 2007. See Slovak koruna for details.
-
Bulgaria is not officially part of ERM II as of 7
January 2007. But as the Bulgarian lev exchange rate
is fixed to the rate of German mark (and thus to the
euro) country is included in the list.
-
http://www.euro-know.org/dictionary/s.html
-
http://www.golearnforex.net/forex101/currencies.html
-
http://www.riksbank.com/templates/speech.aspx?id=8543
-
http://www.eurointelligence.com/Article3.1018+M5aeed90f848.0.html
-
Government approved the National
Euro Changeover Plan. Bank of Slovakia (2005-07-07).
-
Adoption of the euro
in Lithuania. Bank of Lithuania. Retrieved on
2007-02-03.
-
"Alcohol and tobacco tax to rise in Estonia next year", Helsingin
Sanomat, 2007-05-25. Retrieved on 2007-07-30.
-
"Bulgaria's budget of reform", The Sofia Echo, 2007-11-30.
Retrieved on 2008-02-06.
-
Latvia might adopt Euro between 2010 and 2012 - Minister. Forbes
(2006-12-04). Retrieved on 2007-01-01.
-
Finance Ministry sees 2012 as realistic for euro adoption.
Prague Daily Monitor (2007-02-22). Retrieved on 2007-02-28.
- Bank targets
2013
-
Polish Fin Min: Setting Euro Target Date Improper Strategy.
- Analysts Poll - Euro entry seen delayed for some countries.
www.finance.cz. Retrieved on 2008-01-25.
-
Fifth Report on the Practical Preparations for the Future Enlargement
of the Euro Area (PDF). Commission of the European
Communities (2007-07-16). Retrieved on 2007-10-25.
-
A Plan for a European Currency, 1973 by Mundell
-
Will the Euro Eventually Surpass the Dollar As Leading International
Reserve Currency? (PDF).
-
Reuters. Euro could replace dollar as top currency - Greenspan.
Retrieved on September 17, 2007.
-
"American Gangster's Wad of Euros Signals U.S. Decline".
- "Euro Rises on Speculation ECB's Trichet to Signal Higher Rates".
- Dollar's Share of Currency Reserves Falls, IMF Says (Update1)
Bloomberg
-
ECB official rates against the U.S. dollar from ecb.eu
- ECB official rates against the British pound from ecb.eu
-
Nina, Koeppen (June 26, 2007). Euro's Role Slips in
World Markets. The Wall Street Journal. Retrieved
on 2007-08-08.
- European
Central Bank, CONVERGENCE REPORT MAY 2007 (PDF).
-
For example, see European Commission, Directorate
General for Translation: English Style Guide section
20.8 "The euro. Like 'pound', 'dollar' or
any other currency name in English, the word 'euro'
is written in lower case with no initial capital and,
where appropriate, takes the plural 's' (as does 'cent')."
European Commission Directorate-General for Translation - English
Style Guide.