The euro (€ The Euro sign is the currency sign used for the euro, the official currency of the Eurozone in the European Union (EU). The design was presented to the public by the European Commission on 12 December 1996. The international three-letter code (according to ISO standard ISO 4217) for the euro is EUR) is the official currency In economics, the term currency can refer either to a particular currency, for example the US dollar, or to the coins and banknotes of a particular currency, which comprise the physical aspects of a nation's money supply. The other part of a nation's money supply consists of money deposited in banks , ownership of which can be transferred by means of the European Union The European Union is an economic and political union of 27 member states, located primarily in Europe. Committed to regional integration, the EU was established by the Treaty of Maastricht on 1 November 1993 upon the foundations of the European Economic Community. With over 500 million citizens, the EU generates an estimated 30% share (US$18.4, and is currently in use in 16 of the 27 Member States A Member State of the European Union is any one of the 27 sovereign states that have acceded to the European Union since its de facto inception in 1951 as the European Coal and Steel Community (ECSC). From an original membership of six states, there have been six successive enlargements, the largest occurring on 1 May 2004, when ten states joined. The states, known collectively as the Eurozone The eurozone ( pronunciation ), officially the euro area, is an economic and monetary union (EMU) of 16 European Union (EU) member states which have adopted the euro currency as their sole legal tender. It currently consists of Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal,, are Austria Austria /ˈɔːstriə/ (German: Österreich (help·info)), officially the Republic of Austria (German: Republik Österreich), is a landlocked country of roughly 8.3 million people in Central Europe. It borders Germany and the Czech Republic to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and, Belgium The Kingdom of Belgium /ˈbɛldʒəm/ is a country in northwest Europe. It is a founding member of the European Union and hosts its headquarters, as well as those of other major international organizations, including NATO. Belgium covers an area of 30,528 square kilometres (11,787 sq mi) and has a population of about 10.7 million, Cyprus Cyprus , officially the Republic of Cyprus (Greek: Κυπριακή Δημοκρατία, Kypriakī́ Dīmokratía, [kʲipɾiaˈkʲi ðimo̞kɾaˈtia]; Turkish: Kıbrıs Cumhuriyeti), is a Eurasian island country in the Eastern Mediterranean, south of Turkey and west of Syria and Lebanon. It is the third largest island in the Mediterranean Sea and, Finland Finland (pronounced /ˈfɪnlənd/ ), officially the Republic of Finland Finnish: Suomi; Swedish: Finland (help·info), is a Nordic country situated in the Fennoscandian region of northern Europe. It is bordered by Sweden on the west, Norway on the north and Russia on the east, while Estonia lies to its south across the Gulf of Finland. The capital, France France (pronounced /ˈfræns/ or /ˈfrɑːns/; French pronunciation (help·info): [fʁɑ̃s]), officially the French Republic (French: République française, pronounced: [ʁepyblik fʁɑ̃sɛz]), is a member state of the European Union located in its western region, with several overseas territories and islands located on other continents. France, Germany Germany (pronounced /ˈdʒɜrməni/ ), officially the Federal Republic of Germany (German: Bundesrepublik Deutschland, pronounced [ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant] ( listen)), is a country in Central Europe. It is bordered to the north by the North Sea, Denmark, and the Baltic Sea; to the east by Poland and the Czech Republic; to the south, Greece Greece /ˈɡriːs/ (Greek: Ελλάδα, transliterated: Elláda [e̞ˈlaða] , historically Ἑλλάς, Hellás, IPA: [eˈlas]), also known as Hellas and officially the Hellenic Republic (Ελληνική Δημοκρατία, Ellīnikī́ Dīmokratía, [e̞liniˈkʲi ðimokraˈti.a]), is a country in southeastern Europe, situated on the, Ireland Ireland (pronounced /ˈaɪrlənd/ , locally [ˈaɾlənd]; Irish: Éire, pronounced [ˈeːɾʲə] ( listen)), officially described as the Republic of Ireland (Irish: Poblacht na hÉireann), is a country in north-western Europe. The modern sovereign state occupies about five-sixths of the island of Ireland, which was partitioned on 3 May 1921. It is, Italy Italy /ˈɪtəli/ (Italian: Italia, [iˈta:lja]), officially the Italian Republic (Italian: Repubblica Italiana), is a country located on the Italian Peninsula in Southern Europe and on the two largest islands in the Mediterranean Sea, Sicily and Sardinia. Italy shares its northern, Alpine boundary with France, Switzerland, Austria and Slovenia, Luxembourg Luxembourg (pronounced /ˈlʌksəmbɜrɡ/ ), officially the Grand Duchy of Luxembourg (Luxembourgish: Groussherzogtum Lëtzebuerg, French: Grand-Duché de Luxembourg, German: Großherzogtum Luxemburg), is a small, landlocked country in western Europe, bordered by Belgium, France, and Germany. Luxembourg has a population of under half a million, Malta Malta /ˈmɔːltə/ , officially the Republic of Malta (Maltese: Repubblika ta' Malta), is a developed southern European country and consists of an archipelago situated centrally in the Mediterranean, 93 km south of Sicily and 288 km north-east of Tunisia, with Gibraltar 1,826 km to the west and Alexandria 1,510 km to the east, the Netherlands The Netherlands (pronounced /ˈnɛðərləndz/ ; Dutch: Nederland, pronounced [ˈneːdərlɑnt] ( listen)) is a country in Northwestern Europe, constituting the major portion of the Kingdom of the Netherlands. It is a parliamentary democratic constitutional monarchy. The Netherlands borders the North Sea to the north and west, Belgium to the south,, Portugal Portugal /ˈpɔrtjəɡəl/ , officially the Portuguese Republic (Portuguese: República Portuguesa), is a country located in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of mainland Europe and is bordered by the Atlantic Ocean to the west and south and by Spain to the north and east. The Atlantic archipelagos, Slovakia The Slovak Republic (short form: Slovakia /sloʊˈvɑːkiə/ ; Slovak: Slovensko (help·info), long form Slovenská republika (help·info)) is a landlocked country in Eastern Europe with a population of over five million and an area of about 49,000 square kilometres (19,000 sq mi). Slovakia borders the Czech Republic and Austria to the west,, Slovenia Slovenia /sloʊˈviːniə/ , officially the Republic of Slovenia (Slovene: Republika Slovenija, listen (help·info)) /reˈpublika sloˈveːnija/, is a country in Central Europe touching the Alps and bordering the Mediterranean. Slovenia borders Italy on the west, the Adriatic Sea on the southwest, Croatia on the south and east, Hungary on the and Spain Spain /ˈspeɪn/ (Spanish: España, pronounced [esˈpaɲa] ( listen)), officially the Kingdom of Spain (Spanish: Reino de España), is a member state of the European Union located in southwestern Europe on the Iberian Peninsula.[note 6] Its mainland is bordered to the south and east by the Mediterranean Sea except for a small land boundary with.[2] The currency is also used in a further five European countries, with The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced 12 currencies on 1 January 2002, it inherited their use in territories such as Montenegro and they replaced minor currencies tied to the pre-euro currencies such as in Monaco. Three small states have been given a formal right to use and without The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced 12 currencies on 1 January 2002, it inherited their use in territories such as Montenegro and they replaced minor currencies tied to the pre-euro currencies such as in Monaco. Three small states have been given a formal right to use 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.
The euro is the second largest reserve currency A reserve currency, or anchor currency, is a currency which is held in significant quantities by many governments and institutions as part of their foreign exchange reserves. It also tends to be the international pricing currency for products traded on a global market, such as oil, gold, etc and the second most traded currency in the world after the U.S. dollar The United States dollar is the unit of currency of the United States. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents (200 half-cents prior to 1857).[4] As of October 2009[update], with more than €790 billion in circulation, the euro is the currency with the highest combined value of banknotes and coins in circulation With regards to a particular currency, circulation refers to the total wealth of that currency that is engaged in that currency's economy at a given time. Circulation can also refer to the metaphorical or literal movement of wealth due to transactions between the holders of a currency. The euro, the official currency of the European Union, is in the world, having surpassed the U.S. dollar.[note 16] Based on IMF The International Monetary Fund is an international organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rates and the balance of payments. It is an organization formed with a stated objective of stabilizing international exchange estimates of 2008 GDP The gross domestic product or gross domestic income (GDI) is a basic measure of a country's overall economic output. It is the market value of all final goods and services made within the borders of a country in a year. It is often positively correlated with the standard of living, though its use as a stand-in for measuring the standard of living and purchasing power parity The purchasing power parity theory uses the long-term equilibrium exchange rate of two currencies to equalize their purchasing power. Developed by Gustav Cassel in 1918, it is based on the law of one price: the theory states that, in ideally efficient markets, identical goods should have only one price 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 The European Currency Unit was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro on January 1, 1999, at parity. The ECU itself replaced the European Unit of Account, also at parity, on March 13, 1979. The European Exchange Rate Mechanism (ECU) at a ratio of 1:1. Euro coins Coins are usually metal or a metallic material and sometimes made of synthetic materials, usually in the shape of a disc, and most often issued by a government. Coins are used as a form of money in transactions of various kinds, from the everyday circulation coins to the storage of large numbers of bullion coins. In the present day, coins and and banknotes A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. Along with coins, banknotes make up the cash or bearer forms of all modern money. With the exception of non-circulating high-value or precious metal commemorative issues, coins entered circulation on 1 January 2002. On 1 December 2009 the Treaty of Lisbon The Treaty of Lisbon is a treaty that was signed by the European Union (EU) member states on 13 December 2007, and entered into force on 1 December 2009. It amends the Treaty on European Union (TEU, Maastricht; 1992) and the Treaty establishing the European Community (TEC, Rome; 1957). In this process, the TEC was renamed to Treaty on the entered into force, and with it the euro became the official currency of the European Union.
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Des euros et des dollars AFP
VRS
ue, 19 Jan 2010 04:48:30 GM
From Forexyard.com: Serbia's 2009 . euro. -denominated hard currency reserves rose by 2.4 billion . euros. to 10.6 billion . euros. , mainly fuelled by the country's external borrowing from various multilateral lenders, the central bank said on ...
Q. Left over money from holiday needs to be converted from Euros into British Pound. When will be the best time to change it?
Asked by strings - Wed Nov 11 02:02:12 2009 - - 7 Answers - 0 Comments
A. Personally unless you are absolutely desperate for the money I wouldn't bother changing the Euros back to Pounds. Just put them away for when you next visit a Euro country. The reason is by changing it back you lose out twice. You lose a bit of money on either commission or reduced exchange rate over the ECB base rate when you buy the Euros to begin with, then you lose out again for the same reasons when you change the Euros back to Pounds. So if the idea is to get the most for your money, leave the Euros as they are for your next holiday or whatever.
Answered by 203 - Wed Nov 11 03:03:29 2009
