euro

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Euro

Originally, the term for a deposit made outside one's home country but denominated in the home country currency. This terminology is confusing now since the new European Currency unit, also called the Euro, was introduced on January 1, 1999.

Euro

The currency of participating member nations of the European Union. The euro was introduced in 1999 and became the official currency of participating nations in 2002. It was intended to remove the exchange rate risk of businesses participating in the EU's common market and free trade association. It has become one of the world's most important currencies. Proponents of the euro state that it is more valuable than the former currencies, while opponents say that it has made goods and services in their home countries more expensive. The euro's ISO 4217 code is EUR. See also: European Central Bank, EURIBOR, Eurozone.

euro

A common currency used by many European countries. The euro was established in 1999 when 11 European countries adopted a common currency in order to facilitate global trade and encourage the integration of markets across national borders. Euro banknotes and coins began circulating in January 2002.

Euro.

The euro is the common currency of the European Monetary Union (EMU). The national currencies of the participating countries were replaced with euro coins and bills on January 1, 2002.

euro (₠)

the common (‘single’) currency of the EUROPEAN UNION (EU), introduced in January 1999 as an integral element in the move towards ECONOMIC AND MONETARY UNION (EMU). Initially, the euro served as a book-keeping ‘unit of account’; in 2002, however, euro banknotes and coins were put into circulation, to replace the individual domestic currencies of EMU members, so the euro is now used as a ‘medium of exchange’ to finance day-to-day transactions in goods, services and financial assets (see MONEY).

Eleven of the 15 countries of EU were founding members of the EMU zone in January 1999: Germany, France, Italy, Spain, Netherlands, Belgium, Austria, Finland, Portugal, Ireland and Luxembourg, with the UK, Sweden, Greece and Denmark adopting a ‘wait and see’ stance. Greece joined the euro-zone in 2001. The UK's position is still to be resolved on the basis of ? ‘tests of fitness’ (see ECONOMIC AND MONETARY UNION entry for details).

The value of the euro against the currencies of nonmembers of the EMU zone ‘floats’ on a day-to-day basis according to supply and demand conditions. For example, the value of the euro against the UK pound was around 71 pence when it was launched in January 1999. After falling to a low of 57 pence in May 2000, the Euro has since recovered and is currently (at March 2005) around 69 pence.

The euro is administered by the EUROPEAN CENTRAL BANK, which is responsible for setting EMU-wide interest rates and determining monetary policy.

Fig. 61 Euro. Euro/£ exchange rate. See entry. Source: The Daily Telegraph .click for a larger image
Fig. 61 Euro. Euro/£ exchange rate. See entry. Source: The Daily Telegraph .

euro (₠)

the common (‘single’) currency of the EUROPEAN UNION (EU), introduced in January 1999 as an integral element in the move towards ECONOMIC AND MONETARY UNION (EMU). Initially, the euro served primarily as a book-keeping ‘unit of account'; in 2002, however, euro bank notes and coins were put into circulation, replacing the individual domestic currencies of EMU members, and the euro was then used as a ‘medium of exchange’ to finance day-to-day transactions in goods, services and financial assets (see MONEY).

Eleven of the 15 countries of the EU were founding members of the EMU zone in January 1999. The value of the euro against each of the individual currencies of the 11 members of EMU was irrevocably fixed at that time, thus serving to fix the cross-exchange rates of one member's currency against all other members’ currencies. These conversion rates ceased in 2002, when domestic currencies themselves were replaced by the euro. The value of the euro against the currencies of nonmembers of the EMU zone ‘floats’ on a day-to-day basis according to supply and demand conditions. For example, the value of the euro against the UK pound was around 71p when it was launched in January 1999. As at April 2005, one euro was worth (UK) 0.69 pence or, expressed in terms of the UK pound, £1 = 1.45₠ (see Fig. 61 ). The euro is administered by the EUROPEAN CENTRAL BANK, which is responsible for setting EMU-wide interest rates and determining monetary policy. Greece joined the eurozone in 2001. See ADJUSTMENT MECHANISM.

References in periodicals archive ?
Total quantity or scope: Of up to 15000000 10 euro cents coin blanks plus an option amount of up to 15 000 000 10 euro cents coin tiles.
Air France-KLM has offered 35 euro cents per share - but even that only values the Italian flag carrier at about 485 million euros ($704.
As announced after last Monday's regular supervisory board meeting, Fraport AG achieved not only its financial goals in fiscal year 2014 but has also increased its dividend recommendation by 10 euro cents to[euro]1.
He also informed that as of Sunday toll can be paid with euro cents to reduce waiting which caused long lines over the past weekend.
Nigmatulin did not hide he was at a loss why Bulgarians are still standing behind Belene project, provided that its cost will push electricity prices up to 14 euro cents, making exports unprofitable, Novinite reports.
972 euros on Thursday, said one European fuel monitoring service, six euro cents less than in ystanbul.
In France, the government and retailers decided earlier today to reduce pump prices by as much as six euro cents a liter through a program that will cost the state EoCUu300 million ($377 million).
The higher quality of the cherries allows Elixir Food to charge a premium of approximately five euro cents per kilo.
Lufthansa Cargo Lufthansa Cargo increased its fuel surcharge by five euro cents up to U0.
The survey by the European Regulators' Group (ERG) shows that the average cost of a roaming text message in the EU between October 2007 and March 2008 was 29 euro cents - 23 pence - but can be as high as 80 cents (63 pence) for travellers from Belgium.
Although the average price is 29 cents per message, the price ranges widely between EU countries, with Belgians shelling out as much as 80 euro cents for texts sent while abroad in the 27-nation bloc.
2 euro cents to 5, whereas CASK ex-fuel fell 14% to 3.