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.

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