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Euro
евро (Bulgarian)
ευρώ (Greek)
Banknotes Coins
Banknotes Coins
ISO 4217 Code EUR (num. 978)
Official user(s)
Unofficial user(s)
Inflation 0,9%, February 2010
Method HICP
Pegged by
Symbol
Nickname The single currency[1]
Plural See Euro linguistic issues
Coins
Freq. used 1c, 2c, 5c, 10c, 20c, 50c, €1, €2
unless otherwise stated as rarely used
Rarely used 1c and 2c
(applies to Finland and Netherlands)
Banknotes
Freq. used €5, €10, €20, €50
Rarely used €100, €200, €500
Central bank European Central Bank
Website www.ecb.europa.eu
Printer
Website
The euro (sign: ; code: EUR) is the official currency of the European Union (EU), and is currently in use in 16 of the 27 Member States. The states, known collectively as the Eurozone, are Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.[2] The currency is also used in a further five European countries, with and without formal agreements, and is consequently used daily by some 327 million Europeans.[3] .Over 175 million people worldwide use currencies which are pegged to the euro, including more than 150 million people in Africa.^ Including the caption in the alternative text like this isn't useful because it effectively duplicates the caption for users who don't have images, taunting them twice yet not helping them any more than if they had only read or heard the caption once.
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^ Not providing replacement text makes the document more difficult to use for people who are unable to view images, e.g.
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^ The term "JavaScript" is used to refer to ECMA262, rather than the official term ECMAScript, since the term JavaScript is more widely known.
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The euro is the second largest reserve currency and the second most traded currency in the world after the U.S. dollar.[4] .As of October 2009, with more than €790 billion in circulation, the euro is the currency with the highest combined value of banknotes and coins in circulation in the world, having surpassed the U.S. dollar.^ Within each item with the type vcard , there must be no more than one label property item with a type property whose value is pref .
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^ If any URL is in file list more than once, then merge the entries into one entry for that URL, that entry having all the flags that the original entries had.
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^ Within each item with the type vcard , there must be no more than one adr property item with a type property whose value is pref .
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[note 15] Based on IMF estimates of 2008 GDP and purchasing power parity among the various currencies, the Eurozone is the second largest economy in the world.[5]
The name euro was officially adopted on 16 December 1995.[6] The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1. Euro coins and banknotes entered circulation on 1 January 2002.

Contents

Administration

The ECB in Frankfurt, Germany, is in charge of the Eurozone's monetary policy
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.^ In all these algorithms, unless otherwise stated, operations that iterate over a series of elements (whether items, properties, or otherwise) must do so in tree order .
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^ [DOMRANGE] All of the members of the Selection interface are defined in terms of operations on the Range objects represented by this object.
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.The 1992 Maastricht Treaty obliges most EU Member States to adopt the euro upon meeting certain monetary and budgetary requirements, however, not all states have done so.^ The JavaScript specification requires that the ToBoolean() operator convert all objects to the true value, and does not have provisions for objects acting as if they were undefined for the purposes of certain operators.
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^ Implementations, however, are required to follow specific rules when populating a cache based on a cache manifest, to ensure that certain origin-based restrictions are honored.
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The United Kingdom and Denmark negotiated exemptions,[7] while Sweden turned down the euro in a 2003 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 1993 have pledged to adopt the euro in due course.

Characteristics

Coins and banknotes

All euro coins have a common side, and a national side chosen by the issuing bank.
The euro is divided into 100 cents (sometimes referred to as euro-cents, especially when distinguishing them from other currencies). In Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage.[8] .Otherwise, normal English plurals are recommended and used;[9] with many local variations such as for example 'centime' in France.^ Thanks to the many sources that provided inspiration for the examples used in the specification.
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^ For example, creating a td element and storing it in a global variable in a script is conforming, even though td elements are otherwise only supposed to be used inside tr elements.
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^ This can then be used for various purposes, such as generating a client certificate, as mentioned above.
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.All circulating coins have a common side showing the denomination or value, and a map in the background.^ These controls are all expected to be about one line high, and about as wide as necessary to show the widest possible value.
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.For the denominations except the 1-, 2- and 5-cent coins that map only showed the 15 Member States which were members when the euro was introduced.^ Sometimes something can be more clearly stated in graphical form, for example as a flowchart, a diagram, a graph, or a simple map showing directions.
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Beginning in 2007 or 2008 (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 2002 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 which has adopted the euro.
The common (top) and national sides of the €2 coin
The coins are issued in €2, €1, 50c, 20c, 10c, 5c, 2c, and 1c denominations. .In order to avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands (by voluntary agreement) and in Finland (by law).^ If the number is not an integer, it should be rounded to the nearest integer using the IEEE 754 convertToIntegerTiesToEven rounding mode.
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[10]
Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin. These include both commonly issued coins, such as the €2 commemorative coin for the fiftieth anniversary of the signing of the Treaty of Rome, and nationally issued coins, such as the coin to commemorate the 2004 Summer Olympics issued by Greece. These coins are legal tender throughout the Eurozone. .Collector's 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.^ If the string contains any other characters in the range U+0030 DIGIT ZERO to U+0039 DIGIT NINE, but denominator was given a value in the step 6, return nothing and abort these steps.
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^ In general, authors should use these elements only if the absence of those elements would change the meaning of the content.
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^ This is because these attributes are intended for use by the site's own scripts, and are not a generic extension mechanism for publicly-usable metadata.
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[11]
The design for the euro banknotes have common designs on both sides. The design was created by the Austrian designer Robert Kalina.[12] Notes are issued in €500, €200, €100, €50, €20, €10, €5. 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. .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 Neuilly, and were subsequently rendered more generic; the final designs still bear very close similarities to their specific prototypes; thus they are not truly generic.^ They are based on the vocabulary defined in the vCard specification and its extensions, where more information on how to interpret the values can be found.
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^ They are based on the vocabulary defined in the iCalendar specification, where more information on how to interpret the values can be found.
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^ For example, date libraries are likely to implement error handling behavior that differs from what is required in this specification, since error-handling behavior is often not defined in specifications that describe date syntaxes similar to those used in this specification, and thus implementations tend to vary greatly in how they handle errors.
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[13] .Some of the highest denominations such as the €500 are not issued in all countries, though they remain legal tender throughout the Eurozone.^ The method has four arguments, though they are all optional.
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^ User agents may opt to only fetch such resources when they are needed, instead of pro-actively fetching all the external resources that are not applied.
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Payments clearing, electronic funds transfer

All intra-EU transfers in euro are considered as domestic payments and bear the corresponding domestic transfer costs.[14] .This includes all Member States of the EU, even those outside the Eurozone providing the transactions are carried out in euro.^ When a content model includes a part that is "transparent", those parts must not contain content that would not be conformant if all transparent elements in the tree were replaced, in their parent element, by the children in the "transparent" part of their content model, retaining order.
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^ This includes HTML elements in XML documents , even when those documents are in another context (e.g.
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[15] Credit/debit card charging and ATM withdrawals within the Eurozone are also charged as domestic, however paper-based payment orders, like cheques, have not been standardised so these are still domestic-based. The ECB has also set up a clearing system, TARGET, for large euro transactions.[16]

Currency sign

The euro sign; logotype and handwritten.
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 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.[17]
.Inspiration for the € symbol itself came from the Greek epsilon (Є) – a reference to the cradle of European civilisation – and the first letter of the word Europe, crossed by two parallel lines to ‘certify’ the stability of the euro.^ In the following example, a picture representing a company logo for XYZ Corp has been split into two pieces, the first containing the letters "XYZ" and the second with the word "Corp".
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^ U+0066 LATIN SMALL LETTER F, with the first two digits representing the red component, the middle two digits representing the green component, and the last two digits representing the blue component, in hexadecimal.
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The European Commission also specified a euro logo with exact proportions and foreground/background colour tones.[19] .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.^ If an item has no type, and is not part of another item, then if its properties have names that are just plain words, they are not intended to be globally unique, and are instead only intended for limited use.
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[20] Typewriters lacking the euro sign can create it by typing a capital 'C', backspacing and overstriking it with the equal ('=') sign. Placement of the currency sign relative to the numeric amount varies from nation to nation, but for texts in English the symbol (and the ISO-standard "EUR") should precede the text.[21]

Introduction of the euro

Preceding national currencies of the Eurozone   
Currency Code Rate Fixed on Yielded
Austria Austrian schilling ATS &0000000000000013.76030013.7603 01998-12-31 31 December 1998 2002
Belgium Belgian franc BEF &0000000000000040.33990040.3399 01998-12-31 31 December 1998 2002
Netherlands Dutch guilder NLG &0000000000000002.2037102.20371 01998-12-31 31 December 1998 2002
Finland Finnish markka FIM &0000000000000005.9457305.94573 01998-12-31 31 December 1998 2002
France French franc FRF &0000000000000006.5595706.55957 01998-12-31 31 December 1998 2002
Germany German mark DEM &0000000000000001.9558301.95583 01998-12-31 31 December 1998 2002
Republic of Ireland Irish pound IEP &0000000000000000.7875640.787564 01998-12-31 31 December 1998 2002
Italy Italian lira ITL &Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ","Expression error: Unrecognised punctuation character ",".Expression error: Unrecognised punctuation character ","1,936.27 01998-12-31 31 December 1998 2002
Luxembourg Luxembourgian franc LUF &0000000000000040.33990040.3399 01998-12-31 31 December 1998 2002
Portugal Portuguese escudo PTE &0000000000000200.482000200.482 01998-12-31 31 December 1998 2002
Spain Spanish peseta ESP &0000000000000166.386000166.386 01998-12-31 31 December 1998 2002
Greece Greek drachma GRD &0000000000000340.750000340.750 02000-06-19 19 June 2000 2002
Slovenia Slovenian tolar SIT &0000000000000239.640000239.640 02006-07-11 11 July 2006 2007
Cyprus Cypriot pound CYP &0000000000000000.5852740.585274 02007-07-10 10 July 2007 2008
Malta Maltese lira MTL &0000000000000000.4293000.429300 02007-07-10 10 July 2007 2008
Slovakia Slovak koruna SKK &0000000000000030.12600030.1260 02008-07-08 8 July 2008 2009
The euro was established by the provisions in the 1992 Maastricht Treaty. .In order to participate in the currency, Member States are meant 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.^ If the textarea element has a maximum allowed value length , then the element's children must be such that the code-point length of the value of the element's textContent IDL attribute is equal to or less than the element's maximum allowed value length .
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^ If the element does not have a truespeed attribute, or if it does but that attribute is in the false state, and the delay value is less than 60, then let delay be 60 instead.
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^ If the shape attribute represents the rectangle state , and the second number in the list is numerically less than the fourth number in the list, then swap those two numbers around.
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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 Arditti, Neil Dowling, Wim Duisenberg, Robert Mundell, Tommaso Padoa-Schioppa, and Robert Tollison.[citation needed] (For macro-economic theory, see below.) The name euro was devised on 4 August 1995 by Germain Pirlot, a Belgian Esperantist and ex-teacher of French and history,[22] and officially adopted in Madrid on 16 December 1995.[6][23][citation needed]
.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.^ Using a resource When an algorithm fetches a resource, if the fetching occurs asynchronously then the processing of the resource once some or all of the resource is available is a task.
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^ Using the results of this processing, user agents must determine whether the progress bar is an indeterminate progress bar, or whether it is a determinate progress bar, and in the latter case, what its current and maximum values are, all as follows: .
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^ Due to the lossy nature of converting to and from premultiplied alpha color values, pixels that have just been set using putImageData() might be returned to an equivalent getImageData() as different values.
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.The definitive values in euro of these subdivisions (which represent the exchange rates at which the currency entered the euro) are shown at right.^ These values are all case-sensitive — they must be used exactly as shown.
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.The rates were determined by the Council of the European Union,[24] based on a recommendation from the European Commission based on the market rates on 31 December 1998. They were set so that one European Currency Unit (ECU) would equal one euro.^ If the sandboxed plugins browsing context flag is set on the browsing context for which the object element's document is the active document , then the steps above must always act as if they had failed to find a plugin , even if one would otherwise have been used.
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^ If index is equal to −1, then index must be set to the number if items in the rows collection, minus one.
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^ The element with ID "a" in the following example would be the one used to determine if the word "Hello" is checked for spelling errors.
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.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.^ Each unit of related similar-origin browsing contexts can have a first script which is used to obtain, amongst other things, the script's base URL to resolve relative URLs used in scripts running in that unit of related similar-origin browsing contexts .
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^ The default state indicates that the element is to act according to a default behavior, possibly based on the parent element's own spellcheck state.
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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.^ There is no semantic difference, for instance, between the following two examples: .
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^ If the new value is lower, then the last n nodes in the collection must be removed from their parent nodes, where n is the difference between the two numbers (old value minus new value).
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^ The difference between setDragImage() and addElement() is that the latter automatically generates the image based on the current rendering of the elements added, whereas the former uses the exact specified image.
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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.[25]
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. .Their exchange rates were locked at fixed rates against each other, effectively making them mere non-decimal subdivisions of the euro.^ These rules make errors for resources listed in the manifest fatal, while making it possible for other resources to be removed from caches when they are removed from the server, without errors, and making non-manifest resources survive server-side errors.
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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 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.^ Status: Last call for comments When an input element's type attribute is in the Local Date and Time state, the rules in this section apply.
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^ If the shape attribute represents the rectangle state , and the first number in the list is numerically less than the third number in the list, then swap those two numbers around.
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^ Status: Last call for comments When an input element's type attribute is in the Month state, the rules in this section apply.
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The earliest date was in Germany where the mark officially ceased to be legal tender on 31 December 2001, though 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, 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.

Direct and indirect usage

Direct usage

The euro is the sole currency of 16 EU Member States: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. These countries comprise the "Eurozone" or "Euro Area", some 326 million people in total. Estonia is expected to join in 2011, subject to approval from the Council.[26]
.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 further.^ A filled triangle connecting these two opposite corners with a straight line, with the third point of the triangle being the join point, must be rendered at all joins.
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^ When a picture has been sliced into smaller image files that are then displayed together to form the complete picture again, one of the images must have its alt attribute set as per the relevant rules that would be appropriate for the picture as a whole, and then all the remaining images must have their alt attribute set to the empty string.
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^ That second item has two further properties, "name", set to "Jazz Band", and "size", set to "12".
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Outside the EU, the euro is also the sole currency of Montenegro and Kosovo and several European micro states (Andorra, Monaco, San Marino and Vatican City) as well as in three overseas territories of EU states that are not themselves part of the EU (Mayotte, Saint Pierre and Miquelon and Akrotiri and Dhekelia). Together this direct usage of the euro outside the EU affects over 3 million people.
It is also gaining increasing international usage as a trading currency, in Cuba,[27] North Korea and Syria.[28] There are also various currencies pegged to the euro (see below). .In 2009 Zimbabwe announced to abandon its local currency and use major currencies instead including the euro and the United States dollar.^ The default state indicates that the user agent is to use the autocomplete attribute on the element's form owner instead.
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[29]

Usage as reserve currency

Since its introduction, the euro has been the second most widely-held international reserve currency after the U.S. dollar. The share of the euro as a reserve currency has increased from 17.9% in 1999 to 26.5% in 2008, at the expense of the U.S. dollar (its share fell from 70.9% to 64.0% in the same timeframe) and the Yen (it fell from 6.4% to 3.3%). The euro inherited the status of the second most important reserve currency from the German mark.
The euro remains underweight as a reserve currency in advanced economies while overweight in emerging and developing economies: according to the IMF[30] the total of euros held as a reserve in the world at the end of 2008 was equal to USD 1.1 trillion, with a share of 22% of all currency reserves in advanced economies, but a total of 31% of all currency reserves in emerging and developing economies.
The possibility of the euro becoming the first international reserve currency is now widely debated among economists.[31] Former Federal Reserve Chairman Alan Greenspan gave his opinion in September 2007 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."[32] In contrast to Greenspan's 2007 assessment the euro's increase in the share of the worldwide currency reserve basket has slowed considerably since the year 2007 and since the beginning of the worldwide credit crunch related recession.[30]

Currencies pegged to the euro

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 within narrow band      United States      External adopters of the US dollar      Currencies pegged to the US dollar      Currencies pegged to the US dollar within narrow band Note that the Belarusian ruble is pegged to the Euro, Russian Ruble and U.S. Dollar in a currency basket.
Outside the Eurozone, a total of 23 countries and territories which do not belong to the EU have currencies that are directly pegged to the euro including 14 countries in mainland Africa (CFA franc and Moroccan dirham), two African island countries (Comorian franc and Cape Verdean escudo), three French Pacific territories (CFP franc) and another Balkan country, Bosnia and Herzegovina (Bosnia and Herzegovina convertible mark). On 28 July 2009, São Tomé and Príncipe signed an agreement with Portugal which will eventually tie its currency to the euro.[33]
.With the exception of Bosnia and Herzegovina (which pegged their currency against the German mark) and Cape Verde (formerly pegged to the Portuguese escudo) all of these non-EU countries had a currency peg to the French Franc before pegging their currencies to the euro.^ All references are normative unless marked "Non-normative".
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^ Status: Implemented and widely deployed All diagrams, examples, and notes in this specification are non-normative, as are all sections explicitly marked non-normative.
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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 and the Estonian kroon were formerly pegged to the German mark, other EU memberstates have a direct peg due to ERM II: the Danish krone, the Lithuanian litas and the Latvian lats.
In total, over 150 million people in Africa use a currency pegged to the euro, 25 million people outside the Eurozone in Europe and another 500,000 people on Pacific islands.

Economics

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.^ There are two types of gradients, linear gradients and radial gradients, both represented by objects implementing the opaque CanvasGradient interface.
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Mundell himself advocates the international risk sharing model and thus concludes in favour of the euro.[34] .However, even before the creation of the single currency, there were concerns over diverging economies.^ However, if there is an override URL , then any Document created by these steps must have its address set to that URL instead.
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^ Such UI models should be based upon the single undo transaction history described in this section, however, such that to a script there is no detectable difference.
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^ There would be no way to obtain a reference to the nodes created even if the remaining steps were run.
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Thus, it is possible that the monetary union may fail and the Euro disappear [35]

Transaction costs and risks

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.g., credit cards, debit cards and cash machine withdrawals).^ For members that return objects (including function objects), each distinct effective script origin that is not the same as the Window object's Document 's effective script origin must be provided with a separate set of objects.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ User agents must raise a SECURITY_ERR exception whenever any of the members of an HTMLDocument object are accessed by scripts whose effective script origin is not the same as the Document 's effective script origin .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ User agents must raise a SECURITY_ERR exception whenever any of the members of a Window object are accessed by scripts whose effective script origin is not the same as the Window object's Document 's effective script origin , with the following exceptions: .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

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 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.
.Financial markets on the continent are expected to be far more liquid and flexible than they were in the past.^ The following, however, is incorrect usage, as the cite element here is containing far more than the title of the work: .
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^ If the navigation algorithm has so far contacted more than one origin If there is no source browsing context The value must be the string " null ".
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

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.[36]

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. 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,[37] it is independent of the pressures of national governments and has a mandate to keep inflationary pressures low..April 2008" style="white-space:nowrap;">[citation needed] Member countries that join the bank commit to lower inflation, hoping to enjoy the macroeconomic stability associated with low levels of expected inflation.^ Otherwise, the user agent is expected to act as if it had a user-agent-level style sheet rule setting the 'height' property on the element to the textarea effective height .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ The br element is expected to render as if its contents were a single U+000A LINE FEED (LF) character and its 'white-space' property was 'pre'.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ Otherwise, the user agent is expected to act as if it had a user-agent-level style sheet rule setting the 'width' property on the element to the textarea effective width .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

[citation needed] The ECB (unlike the Federal Reserve in the United States of America) does not have a second objective to sustain growth and employment.[citation needed]
.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.^ Duplicates are not prevented; a range may be added more than once in which case it appears in the list more than once, which (for example) will cause stringification to return the range's text twice.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

.February 2007" style="white-space:nowrap;">[citation needed] 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 body element's start tag may be omitted if the element is empty, or if the first thing inside the body element is not a space character or a comment , except if the first thing inside the body element is a script or style element.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

.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.^ The optimum attribute gives the position that is "optimum"; if that is higher than the "high" value then this indicates that the higher the value, the better; if it's lower than the "low" mark then it indicates that lower values are better, and naturally if it is in between then it indicates that neither high nor low values are good.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ If there is no document-wide default language , then language information from a higher-level protocol (such as HTTP), if any, must be used as the final fallback language.
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^ If the attribute is absent, then the allowed value step is the default step multiplied by the step scale factor .
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Evidence on the effect of the introduction of the euro

In conformity with the economic predictions, empirical studies have found that the introduction of the euro has had a positive impact on the movement of goods, financial assets, and people within the Eurozone. In addition, countries which previously had weak currencies have benefited from lower interest rates and their firms now have easier access to capital.

Trade

The consensus from the studies of the effect of the introduction of the euro is that it has increased trade within the euro area by 5% to 10%.[38] On the lower bound, one study suggested an increase of 3%.[39] A recent study estimates this effect to be between 9 and 14%.[40]

Investment

Studies have found a positive effect of the introduction of the euro on investment. Physical investment seems to have increased by 5% in the Eurozone due to the introduction.[41] .Regarding foreign direct investment, a study found that the intra-Eurozone FDI stocks have increased by about 20% during the first four years of the EMU.[42] Concerning the effect on corporate investment, there is evidence that the introduction of the euro has resulted in an increase in investment rates and that it has made it easier for firms to access financing in Europe.^ If of the elements whose corresponding item is item , there are any with a property name equal to the string " about ", and the first such element is a URL property element , and its value is not an item , let subject be the value of that property.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ If there is a property named about whose corresponding item is node and the element of the first such property is a URL property element and has a value that is not an item , add a vCard line with the type " UID " and with the result of escaping the vCard text string that is that property's value as the value to output .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

The euro has most specifically stimulated investment in companies that come from countries that previously had weak currencies. A study found that the introduction of the euro accounts for 22% of the investment rate after 1998 in countries that previously had a weak currency.[43] The effect is however less clear for firms coming from the strong currency countries; the introduction has not been beneficial for most of them.

Inflation

The introduction of the euro has led to extensive 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. .Paradoxically, this impression has not been supported by general indices of inflation, showing no major effect of the introduction of the euro.^ The third argument, features , has no effect and is supported for historical reasons only.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ The object's indices of the supported indexed properties are the numbers in the range zero to length -1 , unless the length is zero, in which case there are no supported indexed properties .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

A study of this paradox has found that it is due to an asymmetric effect of the introduction of the euro on prices: while it had no effect on most goods, it had an effect on cheap goods which have seen their price round up after the introduction of the euro. The study found that consumers based their beliefs on inflation of those cheap goods which are frequently purchased.[44] It has also been suggested that the jump in small prices may be due to the fact that prior to the introduction, retailers made fewer upward adjustments and waited for the introduction of the euro to do so.[45]

Exchange rate risk

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".[46] These reductions in market risk "were concentrated in firms domiciled in the Euro area and in non-Euro firms with a high fraction of foreign sales or assets in Europe". These changes were however "statistically and economically small".

Financial integration

The introduction of the euro seems to have had a strong effect on European financial integration. According to a study on this question, it has "significantly reshaped the European financial system, especially with respect to the securities markets [...] However, the real and policy barriers to integration in the retail and corporate banking sectors remain significant, even if the wholesale end of banking has been largely integrated."[47] Specifically, the euro has significantly decreased the cost of trade in bonds, equity, and banking assets within the Eurozone. .[48] On a global level, there is evidence that the introduction of the euro has led to an integration in terms of investment in bond portfolios, with Eurozone countries lending and borrowing more between each other than with other countries.^ There must never be two or more attributes on the same start tag whose names are an ASCII case-insensitive match for each other.
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^ Within each item with the type vcard , there must be no more than one label property item with a type property whose value is pref .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ Within each item with the type vcard , there must be no more than one email property item with a type property whose value is pref .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

[49]

Effect on interest rates

The introduction of the euro has decreased the interest rates of most members countries, in particular those with a weak currency. As a consequence the market value of firms from countries which previously had a weak currency has very significantly increased.[50] The countries who benefited the most from a decrease in interest rates are Greece, Ireland, Portugal, Spain, and Italy.[51]

Price convergence

The evidence on the convergence of prices in the Eurozone with the introduction of the euro is mixed. Several studies failed to find any evidence of convergence following the introduction of the euro after a phase of convergence in the early 1990s.[52][53] Other studies have found evidence of price convergence,[54][55] in particular for cars.[56] A possible reason for the divergence between the different studies is that the processes of convergence may not have been linear, slowing down substantially between 2000 and 2003, and resurfacing after 2003 as suggested by a recent study (2009).[57]

Tourism

A study has found that the introduction of the euro has had a positive effect on tourism flows within the EMU, with an increase of 6.5%.[58]

Exchange rates

U.S. dollars per 1 euro 1999–2010
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 27 Oct $1.2460 15 Jul $1.5990
2009 04 Mar $1.2555 03 Dec $1.5120
2010 25 Feb $1.3489 13 Jan $1.4563
Source: Euro exchange rates in USD, ECB

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.^ A tool that generates document outlines but increases the nesting level for each paragraph and does not increase the nesting level for each section would not be conforming.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ Activating a link through the browser's interface, rather than in the page itself, does not trigger click events and the like.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

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.

Against other major currencies

After the introduction of the euro, its exchange rate against other currencies fell heavily, especially against the U.S. dollar. From an introduction at US$1.18/€, the euro fell to a low of $0.8228/€ by 26 October 2000. After the appearance of the coins and notes on 1 January 2002 and the replacement of all national currencies, the euro began steadily appreciating, and regained parity with the U.S. dollar, on 15 July 2002. The euro has not fallen below parity with the U.S. dollar since December 2002 but has risen in value.
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 Jul-2008: €1 = $1.57
Red: in Jan-1999: €1 = ¥133 ; in Jul-2008: €1 = ¥168
Blue: in Jan-1999: €1 = £0.71 ; in Jul-2008: €1 = £0.80
.On 23 May 2003, the euro surpassed its initial ($1.18) trading value for the first time.^ When the element is suffering from a step mismatch , the user agent may round the element's value to the nearest local date and time for which the element would not suffer from a step mismatch .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ When the element is suffering from a step mismatch , the user agent may round the element's value to the nearest global date and time for which the element would not suffer from a step mismatch .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ Initially, the volume must be 1.0, but user agents may remember the last set value across sessions, on a per-site basis or otherwise, so the volume may start at other values.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

At the end of 2004, it reached $1.3668 (€0.7316/$) as the U.S. dollar fell against all major currencies. Against the U.S. dollar, the euro temporarily weakened in 2005, falling to $1.18 (€0.85/$) in July 2005, and was stable throughout the third quarter of 2005. In November 2005 the euro again began to rise steadily against the U.S. dollar, hitting one record high after another. On 15 July 2008, the euro rose to an all-time high of $1.5990 (€0.6254/$). In a reversal, in August 2008 the euro began to drop against the U.S. dollar. .In just two weeks the euro fell from its peak to $1.48 and by late October it reached a two and a half year low below $1.25 before moving back above $1.50 by November 2009.[59] On 29 December 2008, the pound sterling fell to an all-time low of £0.97855 (€1.0219/£) against the euro, although its value recovered somewhat in 2009.[60] In February 2010, concerns over the solvency of Greece prompted fears that the monetary union may end, causing a rapid drop in the exchange rate against the dollar.^ If element is a time element Let value be the result of stripping all U+002D HYPHEN-MINUS (-) and U+003A COLON (:) characters from the property's value .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ S! The answer he had been looking for all this time was simply the letter S! How had he not seen that before?
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ Space characters before the root html element, and space characters at the start of the html element and before the head element, will be dropped when the document is parsed; space characters after the root html element will be parsed as if they were at the end of the body element.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

[61]
Current EUR exchange rates
From Google Finance: AUD CAD CHF GBP HKD JPY USD RUB CNY TWD
From Yahoo! Finance: AUD CAD CHF GBP HKD JPY USD RUB CNY TWD
From XE.com: AUD CAD CHF GBP HKD JPY USD RUB CNY TWD
From OANDA.com: AUD CAD CHF GBP HKD JPY USD RUB CNY TWD

Linguistic issues

.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.^ There must be at least one event loop per user agent, and at most one event loop per unit of related similar-origin browsing contexts .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ The title attribute on the HTMLDocument interface should shadow the attribute of the same name on the SVGDocument interface when the user agent supports both HTML and SVG. [SVG] .
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ Here are some examples of appropriate titles, contrasted with the top-level headings that might be used on those same pages.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

[62] .This may contradict normal rules for word formation in some languages; e.g., those where there is no eu diphthong.^ User agents may use the language of the element to determine what spelling and grammar rules to use, or may use the user's preferred language settings.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ Contexts in which this element may be used: As a child of a table element, after any caption , and colgroup elements and before any tbody , tfoot , and tr elements, but only if there are no other thead elements that are children of the table element.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ Radius: 12cm Height: 2cm There is no explicit way to specify units in the meter element, but the units may be specified in the title attribute in free-form text.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

Bulgaria has negotiated an exception; euro in the Cyrillic alphabet is spelled as eвро (evro) and not eуро (euro) in all official documents.[63] .The European Commission's Directorate-General for Translation states clearly that the plural forms euros and cents should be used in English.^ Generally authors should avoid using img elements for purposes other than showing images.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ Markup generators should generally avoid using the image's own file name as the alternative text.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

^ Generally, image maps should be used instead of slicing an image for links.
  • HTML5 25 September 2009 2:33 UTC dev.w3.org [Source type: Reference]

[64]

Notes

  1. ^ Andorra started negotiating a treaty with the EC for becoming a State with issuing rights in 2003 but no treaty was signed since.
  2. ^ By UNMIK administration direction 1999/2
  3. ^ By an internal act (references missing)
  4. ^ Alongside Zimbabwean dollar (suspended indefinitely from 12 April 2009), U.S. dollar, Pound Sterling, South African rand and Botswana pula
  5. ^ Except northern Cyprus that uses Turkish lira
  6. ^ Including overseas departments
  7. ^ Except Campione that uses Swiss franc.
  8. ^ Metropolitan only. Overseas kingdoms uses the Netherlands Antillean guilder.
  9. ^ By monetary agreement between France (acting for the EC) and Monaco
  10. ^ By monetary agreement between Italy (acting for the EC) and San Marino
  11. ^ By monetary agreement between Italy (acting for the EC) and Vatican city
  12. ^ By the third protocol to the Cyprus adhesion Treaty to EU and British local ordinance.
  13. ^ By agreement of the EU Council. Mayotte will become an integral part of France, and hence the EU and the Eurozone, in 2011 then becoming a French department with a 20 year transitional period.
  14. ^ By agreement of the EU Council
  15. ^ As of 30 October 2009 (2009 -10-30):
    Total EUR currency (coins and banknotes) in circulation 771.5 (banknotes) + 21.032 (coins) =792.53 billion EUR * 1.48 (exchange rate) = 1,080 billion USD
    Total USD currency (coins and banknotes) in circulation 859 billion USD

References

  1. ^ Official documents and legislation refer to the euro as "the single currency".
    "Council Regulation (EC) No 1103/97 of 17 June 1997 on certain provisions relating to the introduction of the euro". Official Journal L 162, 19/06/1997 P. 0001 – 0003. European Communities. 1997-06-19. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31997R1103:EN:HTML. Retrieved 2009-04-01. 
    This term is sometimes adopted by the media (Google hits for the phrase)
  2. ^ Rosenberg, Matt. "Euro Countries: 22 Countries use the Euro as their Official Currency". ©2009 About.com, a part of The New York Times Company.. http://geography.about.com/od/lists/a/euro.htm. Retrieved 2009-09-12. 
  3. ^ "What is EMU?". Eurodesigncontest.eu. http://www.eurodesigncontest.eu/emu.cfm?lang=en. Retrieved 23 November 2008. 
  4. ^ "Triennial Central Bank Survey 2007 – BIS – December 2007". BIS. 2007-12-19. http://www.bis.org/publ/rpfxf07t.pdf. Retrieved 2009-07-25. 
  5. ^ "Report for Selected Country Groups and Subjects". Imf.org. 2006-09-14. http://www.imf.org/external/pubs/ft/weo/2008/02/weodata/weorept.aspx?sy=2008&ey=2008&scsm=1&ssd=1&sort=country&ds=.&br=1&c=163&s=PPPGDP&grp=1&a=1&pr.x=63&pr.y=7. Retrieved 5 January 2009.  "Report for Selected Countries and Subjects". Imf.org. 2006-09-14. http://www.imf.org/external/pubs/ft/weo/2008/02/weodata/weorept.aspx?sy=2008&ey=2008&scsm=1&ssd=1&sort=country&ds=.&br=1&c=111&s=PPPGDP&grp=0&a=&pr.x=42&pr.y=7. Retrieved 5 January 2009.  "Report for Selected Country Groups and Subjects". Imf.org. 2006-09-14. http://www.imf.org/external/pubs/ft/weo/2008/02/weodata/weorept.aspx?sy=2008&ey=2008&scsm=1&ssd=1&sort=country&ds=.&br=1&c=163&s=NGDPD&grp=1&a=1&pr.x=42&pr.y=3. Retrieved 5 January 2009. 
  6. ^ a b "Madrid European Council (12/95): Conclusions". European Parliament. http://www.europarl.europa.eu/summits/mad1_en.htm. Retrieved 14 February 2009. 
  7. ^ "The Euro". Economic and Financial Affairs. http://ec.europa.eu/economy_finance/the_euro/index_en.htm?cs_mid=2946. Retrieved 29 January 2009. 
  8. ^ European Commission. "How to use the euro name and symbol". http://ec.europa.eu/economy_finance/the_euro/notes_coins8958_en.htm. Retrieved 16 November 2008. ; European Commission. "spelling of the words "euro" and "cent" In official community languages as used in community legislative acts" (PDF). http://ec.europa.eu/economy_finance/publications/publication6336_en.pdf. Retrieved 26 November 2008. 
  9. ^ European Commission Directorate-General for Translation. "English Style Guide: A handbook for authors and translators in the European Commission" (PDF). http://ec.europa.eu/translation/writing/style_guides/english/style_guide_en.pdf. Retrieved 16 November 2008. ; European Union. "Interinstitutional style guide, 7.3.3. Rules for expressing monetary units". http://publications.europa.eu/code/en/en-370303.htm. Retrieved 16 November 2008. 
  10. ^ European Commission (January 2007). "Euro cash: five and familiar". Europa (web portal). http://ec.europa.eu/economy_finance/een/005/article_4324_en.htm. Retrieved 26 January 2009. 
  11. ^ European Commission (15 February 2003). "Commission communication: The introduction of euro banknotes and coins one year after COM(2002) 747". . http://europa.eu/legislation_summaries/economic_and_monetary_affairs/introducing_euro_practical_aspects/l25058_en.htm. Retrieved 26 January 2009. 
  12. ^ Robert Kalina, designer of the euro banknotes, at work at the Oesterreichische Nationalbank in Vienna.
  13. ^ Schmid, John (2001-08-03). "Etching the Notes of a New European Identity – International Herald Tribune". International Herald Tribune. http://www.iht.com/articles/2001/08/03/euro_ed3_.php?page=2. Retrieved 2009-05-29. 
  14. ^ "Regulation (EC) No 2560/2001 of the European Parliament and of the Council of 19 December 2001 on cross-border payments in euro". EUR-lex – European Communities, Publications office, Official Journal L 344, 28/12/2001 P. 0013 – 0016. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32001R2560:EN:HTML. Retrieved 26 December 2008. 
  15. ^ "Cross border payments in the EU, Euro Information, The Official Treasury Euro Resource". United Kingdom Treasury. http://www.euro.gov.uk/crossborder.asp. Retrieved 26 December 2008. 
  16. ^ the European Central Bank. "TARGET". Archived from the original on 2008-01-21. http://web.archive.org/web/20080121081217/http://www.ecb.int/paym/target/html/index.en.html. Retrieved 25 October 2007. 
  17. ^ Connolly, Kate (2001-12-23). "Inventor who coined euro sign fights for recognition". The Observer. Berlin: Guardian Unlimited. http://observer.guardian.co.uk/print/0,3858,4325292-102275,00.html. 
  18. ^ "European Commission – Economic and Financial Affairs – How to use the euro name and symbol". Ec.europa.eu. 1998-05-03. http://ec.europa.eu/economy_finance/the_euro/notes_coins8958_en.htm. Retrieved 5 January 2009. 
  19. ^ "The €uro: Our Currency". europa.eu. Archived from the original on 2007-10-11. http://web.archive.org/web/20071011043046/http://ec.europa.eu/economy_finance/euro/notes_and_coins/symbol_en.htm. Retrieved 25 October 2007. 
  20. ^ Siebert, Jürgen (2002). "The Euro: From Logo to Letter". Font Magazine (2). http://www.fontshop.com/features/fontmag/002/02_euro/. 
  21. ^ "Position of the ISO code or euro sign in amounts". Interinstitutional style guide. Bruxelles, Belgium: Europa Publications Office. 5 February 2009. http://publications.europa.eu/code/en/en-370303.htm#position. Retrieved 10 January 2010. 
  22. ^ "Germain Pirlot 'uitvinder' van de euro" (in Dutch). De Zeewacht. 2007-02-16. http://www.agendaplus.info/artikeleuro.jpg. Retrieved 2009-02-14. 
  23. ^ This was seen by some as the second diplomatic defeat of the French, who wanted the name Ecu. Also, their candidate for the initial president lost out to the German candidate, Duisenberg.
  24. ^ by means of Council Regulation 2866/98 (EC) of 31 December 1998.
  25. ^ by Council Regulation 1478/2000 (EC) of 19 June 2000.
  26. ^ EU to okay Estonia for euro in H1 2010 -IMF's Belka, Reuters
  27. ^ "Cuba to adopt Euro in foreign trade". BBC News. 1998-11-08. http://news.bbc.co.uk/1/hi/world/americas/210441.stm. Retrieved 2008-01-02. 
  28. ^ "US row leads Syria to snub dollar". BBC News. 2006-02-14. http://news.bbc.co.uk/1/hi/business/4713622.stm. Retrieved 2008-01-02. 
  29. ^ "Zimbabwe: A Critical Review of Sterp". 2009-04-17. http://allafrica.com/stories/200904170690.html. Retrieved 2009-04-30. 
  30. ^ a b "Currency Composition of Official Foreign Exchange Reserves (COFER) – Updated COFER tables include first quarter 2009 data. June 30, 2009" (PDF). http://www.imf.org/external/np/sta/cofer/eng/cofer.pdf. Retrieved 2009-07-08. 
  31. ^ "Will the Euro Eventually Surpass the Dollar As Leading International Reserve Currency?" (PDF). http://www.wage.wisc.edu/uploads/Working%20Papers/chinnfrankel_NBER_eurotopcurrency.pdf. 
  32. ^ "Reuters". Euro could replace dollar as top currency – Greenspan. http://www.reuters.com/article/bondsNews/idUSL1771147920070917. Retrieved 17 September 2007. 
  33. ^ "S.Tomé e Princípe ancora-se ao euro". euobserver.com. (July 28, 2009). http://euobserver.com/9/26096. Retrieved 2009-07-29. 
  34. ^ A Plan for a European Currency, 1973 by Mundell
  35. ^ "The Breakup of the Euro Area". 
  36. ^ "Market Integration and Convergence to the Law of One Price: Evidence from the European Car Market". Nber.org. http://www.nber.org/papers/w8402. Retrieved 5 January 2009. 
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  60. ^ ECB official rates against the British pound from ecb.eu
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  63. ^ SofiaEcho.com, "EVRO" Dispute over Portuguese Foreign Minister.
  64. ^ 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.

Further reading

  • Buti, Marco; Deroose, Servaas; Gaspar, Vitor; Nogueira Martins, João (2010), The Euro, Cambridge: Cambridge University Press, ISBN 9789279098420 .
  • Baldwin, Richard; Wyplosz, Charles (2004), The Economics of European Integration, New York: McGraw Hill, ISBN 0077103947 .

External links

Official websites

Other


Wiktionary

Up to date as of January 14, 2010

Definition from Wiktionary, a free dictionary

A one-Euro coin.
See also euro

Contents

English

Wikipedia-logo.png
Wikipedia has an article on:

Noun

Singular
Euro
Plural
Euros or Euro
Euro (plural Euros or Euro)
  1. Alternative spelling of euro, the currency and coin.

German

Pronunciation

  • IPA: /ˈoʏro/

Noun

Euro m. (plural: Euros or, after a number Euro)
  1. euro (currency)

Simple English

File:Euro coins and
Euro coins and banknotes.

Euro is the currency (money) of the countries in Eurozone. One euro is divided into 100 cent[1] (singular) "cents" should not be used[2]. Because of the number of different languages in the EU, there are different, unofficial, names for this unit (the French call them "centimes" and the Spanish "céntimos", for example)..

It was created in 1999, but until 1 January 2002 it was used only for electronic methods. In 2002, 12 countries of the EU (The European Union) got rid of their national currencies completely and adopted euro notes and coins as their only money. There was a change-over period, called the "transition period" when both the old national money and the euro was accepted, but by 28 February 2002, all 12 countries were using just euros.

In 2007, Slovenia became the 13th country to use the euro. In 2008 Cyprus and Malta became the 14th and 15 countries to use the euro. In 2009 Slovakia became the 16th country to use the euro. In 2011 Estonia became the 17th country to use the euro.

There are 7 different banknotes, each one with a different colour, size and face value: €5 (grey), €10 (red), €20 (blue), €50 (orange), €100 (green), €200 (yellow), €500 (purple).

Coins are of 8 different amounts: €0.01, €0.02, €0.05, €0.10, €0.20, €0.50, €1, €2.

On every banknote, there is a picture of a different European building style. All banknotes are the same throughout the entire Eurozone - there are no different designs for different countries, unlike the euro coins. One side of each coin is the same in all euro countries. The other side is different since each country who mints the coins inserts a symbol relating to that country. Today there are 12 different sets of coins. Any of the coins can be used everywhere throughout the Eurozone despite the country-specific symbol on the back.

The 10 new European countries that entered the EU in May 2004 are planning to also adopt the Euro. First they must meet some conditions to show that they have stable economies.

Symbol

File:Euro
Official Euro symbol with the official colors

The symbol for the euro is the Greek letter epsilon (E) with two horizontal lines: .

Some people see it as the Latin capital letter C with an equal sign (=).

It is also legal to simply write euro. This is especially useful when the symbol cannot be produced, or the result is not satisfactory.

Members of the Eurozone are:

  1. Austria
  2. Belgium
  3. Cyprus
  4. Estonia
  5. Finland
  6. France
  7. Germany
  8. Greece
  9. Ireland
  10. Italy
  11. Luxembourg
  12. Malta
  13. The Netherlands
  14. Portugal
  15. Slovakia
  16. Slovenia
  17. Spain

Even though they are not part of the EU, the euro is also the currency used in:

The countries above form the Economic and Monetary Union (EMU).

Many other countries' currencies are "pegged" (tied) to, although not exactly equal to, the euro:

Other websites

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Wikimedia Commons has images, video, and/or sound related to:

References

  1. European Central Bank website terminology
  2. "European Central Bank, Covergence report May 2007" (PDF). http://www.ecb.int/pub/pdf/conrep/cr200705en.pdf. Retrieved 2008-12-29. "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." 

krc:Евро


Citable sentences

Up to date as of December 10, 2010

Here are sentences from other pages on Euro, which are similar to those in the above article.








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