The single currency [1]. EUR is the official currency of the eurozonewhich consists of 19 of the 28 member states of the European Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. The name euro was officially adopted on 16 December in Madrid. Physical euro coins and banknotes entered into circulation on 1 Januarymaking it the day-to-day operating currency of its original members, and by May had completely replaced the former currencies.

The euro is managed and administered by the Frankfurt -based European Central Bank ECB and the Eurosystem composed of the central banks of the eurozone 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.

The Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteriaalthough not all states have done so. The United Kingdom and Denmark negotiated exemptions, [15] while Sweden which joined the EU inafter the Maastricht Treaty was signed turned down the euro in a referendum, and has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements.

All nations that have joined the EU since have pledged to adopt the euro in due course. Since 5 Januarythe national central banks NCBs and the ECB have issued euro banknotes on a joint basis.

Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated. These liabilities carry interest at the main refinancing rate of the ECB. The euro is divided into cents sometimes referred to as euro centsespecially when distinguishing them from other currencies, and referred to as such on the common side of all cent coins.

In Community legislative acts the plural forms of euro and cent are spelled without the snotwithstanding normal English usage. All circulating coins have a common side showing the denomination or value, and a map in the background. Due to the linguistic plurality in the European Unionthe Latin alphabet version of euro is used as opposed to the less common Greek or Cyrillic and Arabic numerals other text is used on national sides in national languages, but other text on the common side is avoided.

For the denominations except the 1- 2- and 5-cent coins, the map only showed the 15 member states which were members when the euro was introduced. Beginning in or depending on the country the old map is being replaced by a map of Europe also showing countries outside the Union like Norway. The 1- 2- and 5-cent coins, however, keep their old design, showing a geographical map of Europe with the 15 member states of raised somewhat above the rest of the map. All common sides were designed by Luc Luycx.

The coins also have a national side showing an image specifically chosen by the country that issued the coin. Euro coins from any member state may be freely used in any nation that has adopted the euro. To avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands and Ireland [21] [22] by voluntary agreement and in Finland by law. These coins are legal tender throughout the eurozone. Collector coins with various other denominations have been issued as well, but these are not intended for general circulation, and they are legal tender only in the member state that issued them.

The design for the euro banknotes has common designs on both sides. The design was created by the Austrian designer Robert Kalina. Each banknote has its own colour and is dedicated to an artistic period of European architecture.

The front of the note features windows or gateways while the back has bridges, symbolising links between countries and with the future. While the designs are supposed to be devoid of any identifiable characteristics, the initial designs by Robert Kalina were of specific bridges, including the Rialto and the Pont de Neuillyand were subsequently rendered more generic; the final designs still bear very close similarities to their specific prototypes; thus they are not truly generic.

The monuments looked similar enough to different national monuments to please everyone. Capital within the EU may be transferred in any amount from one country to another.

All intra-EU transfers in euro are treated as domestic transactions and bear the corresponding domestic transfer costs. The ECB has also set up a clearing systemTARGETfor large euro transactions.

The European Commission then chose the design created by the Belgian Alain Billiet. The European Commission also specified a euro logo with exact proportions and foreground and background colour tones. Placement of the currency sign relative to the numeric amount varies from nation to nation, but for texts in English the symbol or the ISO -standard "EUR" should precede the amount. There is no official symbol for the cent. The euro was established by the provisions in the Maastricht Treaty.

To participate in the currency, member states are meant to meet strict criteriasuch as a budget deficit of less than three percent of their GDP, a debt ratio of less than sixty percent of GDP both of which were ultimately widely flouted after introductionlow inflation, and interest rates close to the EU average. In the Maastricht Treaty, the United Kingdom and Denmark were granted exemptions per their request 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 Fred ArdittiNeil DowlingWim DuisenbergRobert MundellTommaso Padoa-Schioppa and Robert Tollison. The name "euro" was officially adopted in Madrid on 16 December 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 of one euro in terms of the exchange rates at which the currency entered the euro are shown on the right. The rates were determined by the Council of the European Union[note 19] based on a recommendation from the European Commission based on the market rates on 31 December They were set so that one European Currency Unit ECU 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. 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 conversion rate between the Greek 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.

The currency was introduced in non-physical form traveller's chequeselectronic transfers, banking, etc. Their exchange rates were locked at fixed rates against each other. 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 euro notes and coins were introduced on 1 January 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 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, where the mark officially ceased to be legal tender on 31 Decemberthough the exchange period lasted for two months more. Even after the old currencies ceased to be legal tender, they continued to be accepted by national central banks for periods ranging from several years to forever the latter in Austria, Germany, Ireland, Estonia and Latvia for banknotes and coins; also, Belgium, Luxembourg, Slovenia and Slovakia will accept banknotes forever, but not coins.

The earliest coins to become non-convertible were the Portuguese escudoswhich ceased to have monetary value after 31 Decemberalthough banknotes remain exchangeable until In the EU, especially in countries where sovereign debts have increased sharply due to bank bailouts, a crisis of confidence has emerged with the widening of bond yield spreads and risk insurance on credit default swaps between these countries and other EU members, most importantly Germany.

The authors conclude that the crisis "is as much political as economic" and the result of the fact that the euro area lacks the support of "institutional paraphernalia and mutual bonds of solidarity of a state". As such, "serious discord between French and German monetary decision-makers was [comparable to that of] Although considerable controversy will continue to swirl over Greece and Spain, the real battle lines over the future of the euro will be drawn up between Germany and France", the commentary concluded.

The euro is the sole currency of 19 EU member states: With all but two of the remaining EU members obliged to join, together with future members of the EU, the enlargement of the eurozone is set to continue. The euro has been used as a trading currency in Cuba since[50] and Syria since InZimbabwe abandoned its local currency and used major currencies instead, including the euro and the United States dollar.

Since its introduction, the euro has been the second most widely held international reserve currency after the U. Over this period, the share held in U. The euro inherited and built on the status of the Deutsche Mark as the second most important reserve currency. The euro remains underweight as a reserve currency in advanced economies while overweight in emerging and developing economies: The possibility of the euro becoming the first international reserve currency is now widely debated among economists.

Outside the eurozone, a total of 22 countries and territories that do not belong to the EU have currencies that are directly pegged to the euro including 13 countries in mainland Africa CFA franctwo African island countries Comorian franc and Cape Verdean escudothree French Pacific territories CFP franc and three Balkan countries, Bosnia and Herzegovina Bosnia and Herzegovina convertible markBulgaria Bulgarian lev and Macedonia Macedonian denar.

With the exception of Bosnia, Bulgaria, Macedonia which had pegged their currencies against the Deutsche Mark and Cape Verde formerly pegged to the Portuguese escudoall of these non-EU countries had a currency peg to the French Franc before pegging their currencies to the euro.

Pegging a country's currency to a major currency is regarded as a safety measure, especially for currencies of areas with weak economies, as the euro is seen as a stable currency, prevents runaway inflation and encourages foreign investment due to its stability. Within the EU several currencies have a peg to the euro, in most instances as a precondition to joining the eurozone. The Bulgarian lev was formerly pegged to the Deutsche Mark; one other EU member state has a direct peg due to ERM II: Sincestamps issued by the Sovereign Military Order of Malta have been denominated in euros, although the Order's official currency remains the Maltese scudo.

In economics, an optimum currency area, or region OCA or OCRis a geographical region in which it would maximise economic efficiency to have the entire region share a single currency. There are two models, both proposed by Robert Mundell: Mundell himself advocates the international risk sharing model and thus concludes in favour of the euro.

Before the lates recession the chances of a state leaving the euro, or the chances that the whole zone would collapse, were successful forex managed trading strategy extremely slim.

John Lanchester, writing for The New Yorkerexplains it thus:. The guiding principle of the currency, which opened for business inwere supposed to be a set of rules to limit a country's annual deficit to three per cent of gross domestic product, and the total accumulated debt to sixty per cent of G.

It was a nice idea, but by the two biggest economies in the euro zone, Germany and France, had broken the rules for three years in a row.

The most obvious benefit of adopting a single currency is to remove the cost of exchanging currency, theoretically allowing businesses and individuals to consummate previously unprofitable trades.

For consumers, banks in the eurozone must charge the same for intra-member cross-border transactions as purely domestic transactions for electronic payments e. The absence of distinct currencies also theoretically removes exchange rate risks, although the imposition of transfer restrictions in —13 Cypriot financial crisis means that the situation is not quite so simple.

The risk of unanticipated exchange rate movement has always added an additional risk or uncertainty for companies or individuals that invest or trade outside their own currency zones. Companies that hedge against this risk will no longer need to shoulder this additional cost.

This is particularly important for countries whose currencies had traditionally fluctuated a great deal, particularly the Mediterranean nations [ citation needed ]. Financial markets on the continent are expected to be far more liquid and uob currency exchange rates 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.

However, although transaction costs were reduced, some studies have shown that risk aversion has increased during the last 40 years in the Eurozone.

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 arbitragei. 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 eurozone markets. Low levels of inflation are the hallmark of stable and modern economies. Because a high level of how to earn money google adsense acts as a 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.

One such bank was the Bundesbank in Germany; the European Central Bank was modelled on the Bundesbank. Member countries that join the euro hope to enjoy the macroeconomic stability associated with low levels of inflation. The ECB unlike the Federal Reserve in the United States of America does not have a second objective to sustain growth and westfield australia day trading hours 2013. The Euro has come under criticism due to its imperialistic style regulation, lack of flexibility and [68] rigidity towards sharing member States on issues such as nominal interest rates 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 national 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. Unfortunately, there is also a cost in structurally keeping inflation lower tax haven for forex traders in the United States, UK, and China.

The result is that seen from those countries, the euro has become expensive, making European products increasingly expensive for its largest importers. Hence export from the euro zone becomes more difficult. This is one of the main reasons why economic growth inside the euro zone now lags behind growth in other large economies.

In general, those in Europe who own large amounts of euros are served by high stability and low inflation. Those who now need to earn euros, including those countries who need to pay interest on large debts, are likely better served with a slightly less strong euro leading to more forex sell bangalore. Because with a lower euro, investors would see better chances for companies in southern European countries to grow themselves out of the crisis.

As a result, investing there would become less risky, and that would push interest rates for southern countries more in line with the European average. The contradiction dollar easy forex madeiras is that high macroeconomic stability in the form of ongoing historically low inflation over time leads to economic problems, creating higher interest rates and political and economic instability for the weaker partners.

The euro has most specifically stimulated investment in companies that come from countries that previously had weak currencies. The introduction of princeton livestock market euro has led to share price british american tobacco plc discussion about its possible effect on inflation.

In the short term, there was a widespread impression in the population of the eurozone that the introduction of the euro had led to an increase in prices, but this impression was not confirmed by general indices of inflation and other studies. The study found that consumers based their beliefs on inflation of those cheap goods which are frequently purchased.

One of the advantages of the adoption of a common currency is the reduction of the risk associated with changes in currency exchange rates.

It has been found that the introduction of the euro created "significant reductions in market risk exposures for nonfinancial firms both in and outside of Europe". The introduction of the euro seems to have had a strong correlation forex calculator on European financial integration.

According to a study on this question, it has "significantly reshaped the European financial system, especially with respect to market capitalisation of nifty stocks securities markets [ As of Januaryand since the introduction of the euro, interest rates of most members countries particularly those with a weak currencyhave decreased.

The countries whose interest rates fell most as a result of the adoption of euro sterling rate march 2016 euro are Greece, Ireland, Portugal, Spain, and Italy. These very countries have had the most serious sovereign financing problems. The evidence on the convergence of prices in the eurozone with the introduction of binary options bonus without deposit euro is mixed.

Several studies failed to find any evidence of convergence following the introduction of the euro after a phase of convergence 5 point best auto binary option trading the early s.

A study suggests that the introduction of the euro has had a positive effect on the amount of tourist travel within the EMU, with an increase of 6.

The ECB targets interest rates rather than exchange rates and in general does not intervene on the euro sterling rate march 2016 exchange rate markets. This loi de finance 2016 stock option because of the implications of the Mundell—Fleming modelwhich implies a central bank cannot without capital controls maintain interest rate and exchange rate targets simultaneously, because increasing the money supply results in a depreciation of the currency.

In the years following the Single European Actthe EU has liberalised its capital markets, and as the ECB has chosen monetary autonomy, the exchange-rate regime of super volatility option trading strategies pdf free download euro is flexible, or floating.

The result of the ECB maintaining historically low interest rates and restricting money supply has been that over the last decade the euro has become expensive relative to the currency of Europe's main trading partners. However, inthe euro started on a sharp decline.

The Canadian dollardespite seeing a decline in value against the USDhas seen an increase in value relative to the euro. The euro is the second-most widely held reserve currency after the U.

After its introduction on 4 January its exchange rate against the other major currencies fell reaching its lowest exchange rates in 25 October vs the U. Afterwards it regained and its exchange rate reached its historical highest point in 15 July vs U.

GBP to EUR exchange rate: Pound sterling fights BACK against euro after Eurozone data | Travel News | Travel | rehojuvuyequ.web.fc2.com

With the advent of the global financial crisis the euro initially fell, only forex aeron ea regain later. Despite pressure due to the European sovereign-debt crisis the euro remained stable. 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; according to the ECB, all languages should use the same spelling for the nominative singular.

Official practice for English-language EU legislation is to use the make money with inframercials euro and cent as both singular and plural, [] although the European Commission's Directorate-General for Translation states that the plural forms euros and cents should be used in English. Nobel memorial prize-winning economist James Meade thought that a central bank should not make price stability the objective of aggregate demand management.

When prices are likely to be pushed up by increase of indirect taxes or adverse terms-of-trade shocks, the surge in prices must be cancelled out by decline in domestic money wage costs, as long as such a price stability policy is adopted. Under the ECB's price stabilisation policy, many people in the eurozone have difficulty finding a job. The unemployment rate of Spain is around 25 percent inand an economic forecast says that the figure will not decrease below 20 percent until ELSTAT, the statistics agency of Greece, shows that Greece's unemployment rate was 27 percent in June Due to long-term unemployment, skills of jobless persons have been depreciated and their motivation of finding jobs has been lost, which causes the country's level of unemployment to remain high.

Spain's youth unemployment rate is In Julythe averaged unemployment rate of the eurozone is Likewise, Paul Krugman argued that the existence of a single shared currency across the entire eurozone, in combination with low investment business opportunities in coimbatore money policies of the ECB motivated by insistence of Germany on low inflationplaced much of Southern Europe in a state of permanent high unemployment.

According to Krugman, during the period between the creation of the euro and the financial data entry jobs dublin work from home, countries of Southern Europe experienced abnormally high rates of wage growth due to high influx of investor money.

Returning to full employment at this point requires that the labor costs gap is somehow cancelled out. If Spain and Greece had their own currencies, this would have easily happened through exchange rate adjustment. Since they don't, it can either happen through a decrease in nominal wages in Spain and Greece, also known as "internal devaluation", an extremely difficult and slow process, since nominal wages, in general, exhibit downward rigidityor through an equal increase in nominal wages i.

From Wikipedia, the free encyclopedia. This article is about the currency. For other uses, see Euro disambiguation. For other uses, see EUR disambiguation and Euros disambiguation.

Euro banknotes as of [update]. Other partial users 2. European Central BankMaastricht Treatyand Eurogroup. Euro coins and Euro banknotes. Single Euro Payments Area. History of the euro. Eurozone crisis and Greek government-debt crisis. EurozoneInternational status and usage of the euroand Enlargement of the eurozone.

International status and usage of the euro. External adopters of the euro. Currencies pegged to the euro. Currencies pegged to the euro within narrow band. External adopters of the US dollar. Currencies pegged to the US dollar. Currencies pegged to the US dollar within narrow band. Linguistic issues concerning the euro. European Union portal Numismatics portal. The Caribbean Netherlands introduced the United States dollar in Official Journal of the European Union. Retrieved 30 May Retrieved 17 July Archived from the original on 7 June Retrieved 29 May Total EUR currency coins and banknotes in circulation Euro banknotes, values EUR billions, unless otherwise indicated, not seasonally adjusted " PDF.

Retrieved 13 December Euro coins, values EUR millions, unless otherwise indicated, not seasonally adjusted " PDF.

Federal Reserve Statistical Release. Board of Governors of the Federal Reserve System. Not Seasonally Adjusted Components of M1 Billions of dollarsnot seasonally adjusted, October Retrieved 1 April Retrieved 8 March Retrieved 27 December Retrieved 19 July Retrieved 25 July The Dollar As Leading Reserve Currency" PDF. Munich Personal RePEc Archive, Paper No. Retrieved 8 December Retrieved 14 March Retrieved 14 February Retrieved 5 March The Economic Times Mumbai.

Retrieved 7 March Retrieved 29 January Retrieved 18 December The ECB adjusts the shares every five years and whenever a new country joins the EU. The adjustment is done on the basis of data provided by the European Commission. Retrieved 7 April Retrieved 26 November A handbook for authors and translators in the European Commission" PDF. Retrieved 16 November Rules for expressing monetary units". Retrieved 26 January The introduction of euro banknotes and coins one year after COM ".

Retrieved 26 December Archived from the original on 21 January Retrieved 25 October Archived from the original on 11 October From Logo to Letter". Retrieved 10 January Retrieved 6 August Retrieved 21 May Retrieved 28 April Retrieved 22 June Economy and a Debt Crunch in Europe Jolt Hopes for a Recovery".

The Wall Street Journal. Retrieved 10 May Retrieved 5 May Retrieved 15 April Retrieved 1 October Can the euro zone survive its debt crisis? Retrieved 1 December Retrieved 11 June Retrieved 24 July Retrieved 2 January A Critical Review of Sterp". Retrieved 30 April Retrieved 8 July Retrieved 17 September The American Times United States Emerging Economies Report USEER Report. Retrieved 8 September Retrieved 8 November NBER Working Paper No.

Straw says eurozone 'will collapse ' ". Triennial Central Bank Survey. Bank for International Settlements. Retrieved 22 March Risk aversion in the EurozoneResearch in Economicsvol. Evidence from the European Car Market". Retrieved 5 January The History of the Bundesbank: Lessons for the European Central Bank.

The Euro and European Labour Markets". Journal of Public Policy. Retrieved 2 October Review of International Economics. Review of World Economics. Retrieved 13 July Is there a Positive Effect? The trade effect of the euro in historical perspective". Journal of International Money and Finance. Archived PDF from the original on 22 February Evidence from Corporate Investments" PDF. Archived from the original PDF on 6 July Evidence from ATM Withdrawals" PDF. International Journal of Central Banking.

Retrieved 23 August Journal of Money, Credit and Banking. Retrieved 12 November Quarterly Journal of Economics. Journal of Empirical Finance. Journal of the Japanese and International Economies. Lane 22 August IIIS Discussion Paper No. The origins of the euro crisis". Retrieved 16 September Archived from the original on 17 March Retrieved 13 March Evidence from micro data" PDF.

University of Hamburg, Department Economics and Politics Discussion Papers, Macroeconomics and Finance Series. Retrieved 28 December Euro foreign exchange reference rates". Retrieved 29 December The euro is the single currency of the member states that have adopted it.

To make this singleness apparent, Community law requires a single spelling of the word euro in the nominative singular case in all Community and national legislative provisions, taking into account the existence of different alphabets.

British Pound to Euro Exchange rate history: 15 March (15/03/)

Retrieved 12 January English Style Guide section 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'. Constraining wages is the key".

Find more about Euro at Wikipedia's sister projects. Economic and Monetary Union of the European Union Euro sign Eurozone Linguistic issues.

European Central Bank ECB President European System of Central Banks Eurosystem Ecofin Eurogroup Euro summit. Stability and Growth Pact European Financial Stability Facility European Financial Stabilisation Mechanism European Stability Mechanism Euro Plus Pact Six pack European Fiscal Compact. Economy of Europe Economy of the European Union Eonia Euro calculator Euro Interbank Offered Rate Euribor Single Euro Payments Area SEPA. Proposed eurobonds Reserve currency Petroeuro World currency.

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