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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 classic literature ?
The settlers of all the former European colonies had contented themselves with the powers conferred upon them by their respective charters, without looking beyond the seal of the royal parchment for the measure of their rights and the rule of their duties.
The panorama passed before their eyes like a flash, save when the steam concealed it fitfully from the view; the travellers could scarcely discern the fort of Chupenie, twenty miles south-westward from Benares, the ancient stronghold of the rajahs of Behar; or Ghazipur and its famous rose-water factories; or the tomb of Lord Cornwallis, rising on the left bank of the Ganges; the fortified town of Buxar, or Patna, a large manufacturing and trading-place, where is held the principal opium market of India; or Monghir, a more than European town, for it is as English as Manchester or Birmingham, with its iron foundries, edgetool factories, and high chimneys puffing clouds of black smoke heavenward.
The word 'Kanaka' is at the present day universally used in the South Seas by Europeans to designate the Islanders.
Some of them go, with wife and children, to a beer hall and sit quietly and genteelly drinking a mug or two of ale and listening to music; others walk the streets, others drive in the avenues; others assemble in the great ornamental squares in the early evening to enjoy the sight and the fragrance of flowers and to hear the military bands play--no European city being without its fine military music at eventide; and yet others of the populace sit in the open air in front of the refreshment houses and eat ices and drink mild beverages that could not harm a child.
Toward 1856, he announced, in the last letters received from him, his intention to reconnoitre the kingdom of Wadai, which no European had yet penetrated.
Because the document in question is of such immense importance that its publication might very easily--I might almost say probably--lead to European complications of the utmost moment.
She was a European, doubtless, a member of organized society.
There was a certain lieutenant of SPAHIS whom the government had reason to suspect of improper relations with a great European power.
Yonder, between two lines of shrubs, were moving bodies - men, footsore and weary, crawling along with slow, painful movements; one at least of them was a European, and even at that distance Trent could tell that they were in grievous straits.
We were all fond of Dicky, and such a thing has never happened, so far as I am aware, in any European country.
If Americans are to retain the sacred liberties for which their fathers strove, Congress must declare our independence of European dictation by maintaining the price of mules.
These inventions, in fact, left far in the rear the timid instruments of European artillery.

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