The euro (€) is the currency used by the institutions of the European Union (EU), as well as the official currency of the eurozone, made up of 19 of the 28 EU Member States: Germany, [1] Austria, [ 2] Belgium, [3] Cyprus, [4] Slovakia, [5] Slovenia, [6] Spain, [7] Estonia, [8] Finland, [9] France, [10] Greece, [11] Ireland, [12] Italy, [13] Latvia, [14] Lithuania, [15] Luxembourg, [16] Malta, [17] The Netherlands [18] and Portugal. [19] In addition, 4 European microstates have agreements with the European Union for the use of the euro as currency: Andorra, [20] Vatican City, [21] Monaco [22] and San Marino. On the other hand, the euro has been adopted unilaterally by Montenegro and Kosovo. The French overseas departments of French Guiana, Guadeloupe, Martinique, Mayotte and Reunion are an integral part of France and the European Union, so they are included in the eurozone. The French overseas collectives of San Bartolomé, San Martín, San Pedro and Miquelón and the French Southern and Antarctic Lands also use the euro. The euro is widely accepted in Cape Verde. In the United Kingdom they use the euro as currency along with the British Pound in the following territories: Acrotiri and Dhekelia, Gibraltar, Jersey and Bailiwick of Guernsey, all of them located in Europe and bordering the Eurozone.Some 340 million citizens live in the 19 countries of the eurozone. In addition, more than 210 million people around the world use currencies set to the euro, including more than 182 million Africans. [Citation needed] Nine countries of the European Union have not adopted the single currency: Bulgaria, Croatia, Denmark, Hungary, Poland, United Kingdom, Czech Republic, Romania and Sweden. The euro is the second reserve currency as well as the second most traded currency in the world, after the US dollar.
The name "euro" was officially adopted on December 16, 1995 in Madrid. The euro was introduced into the world financial markets as an account currency on January 1, 1999, replacing the former European Monetary Unit (ECU) by a ratio of.
The coins and banknotes entered into circulation on January 1, 2002 in the 12 European Union states that adopted the euro in that year:] Germany, Austria, Belgium, Spain, Finland, France, Greece, Ireland, Italy, Luxembourg, Netherlands and Portugal . In addition, the euro also adopted the European microstates of Vatican City, Monaco and San Marino that year, which had agreements with countries of the European Union, and Andorra in an unofficial way. In 2011, Andorra signed a monetary agreement with the European Union, which entered into force on April 1, 2012, which involved the adoption of the euro by Andorra in an official manner.
On January 1, 2007, Slovenia joined the euro zone. [29] Malta [30] and Cyprus [31] did so on January 1, 2008 and Slovakia on January 1, 2009. [32] Estonia was incorporated on January 1, 2011, [33] being the first country that had formed part of the USSR that became a member of the eurozone. Latvia was incorporated on January 1, 2014. [34] The country that most recently earned its entry into the eurozone was Lithuania on January 1, 2015, the last of the Baltic countries to adopt the common European currency.
Characteristic..
The euro is divided into one hundred cents. [24] While "cent" -plural "cents", in both cases without end-point or tilde-is the official denomination of the euro division in all languages, [35] in the usual language, however, it is translated by the equivalent in each language (in Spanish cent, in Greek λεπτό, in hundredth Italian, etc.) and is pluralized according to the habitual use of the language.
The euro notes - 5, 10, 20, 50, 100, 200 and 500 euros - are identical for all countries. The euro coins - 1, 2, 5, 10, 20 and 50 cents and 1 and 2 euros - have the same front in all countries, but different reverse depending on the country of coinage. However, all euro coins of any country can be used in all countries of the eurozone.
As of 2005, a directive of the European Union allows each year to coin a commemorative two-euro coin - two coins a year since 2013 - in each country of the euro zone. These emissions, whose production is determined by the normal coinage of currency in each country, conserve the common obverse of the euro zone and on the reverse side show the commemorative motif. In the years 2007 and 2009, all the countries of the Eurozone -excluded the European microstates that do not belong to the EU- issued a commemorative coin together with the same commemorative motive on the back of all the countries, although with some modifications: the 50th anniversary of the Treaty of Rome in 2007 and the 10th anniversary of the entry of the euro in 2009. In 2012 all countries issued a commemorative coin to mark the 10th anniversary of euro banknotes and coins. And recently, in 2015, the fourth anniversary was issued joint currency commemorating the 30th anniversary of the European flag. [36] These joint commemorative coins are in addition to those that each state can issue.The design of the common face of the coins is the work of Luc Luycx of the Royal Belgian Coin Factory. The currencies, whatever their national reverse, are valid in any country of the euro zone.
The main reasons for the first series of euro banknotes are: doors and windows, which symbolize the spirit of openness of the European Union; The elimination of borders and integration is represented by bridges on the back of the ticket. In addition, the general theme of the series is "Ages and styles", with a specific architectural style on each ticket.
The design of the tickets is by Robert Kalina of the ÖBS (Central Bank of Austria).
The euro is the successor to the ECU or European Monetary Unit (in English: European Currency Unit). At the Madrid meeting of December 12, 1995, German Chancellor Helmut Kohl said he sounded like Ein Kuh, which in German could be understood as "a cow." For this reason it was determined that the single EU currency was called Euro, having a 1: 1 parity with the ECU. [37] [38] [39] [40]
The euro symbol (€), developed by the European Commission, is inspired by the letter epsilon (ε) of the Greek alphabet. This symbol was chosen as a reference to the initial of Europe, E. The two parallel lines refer to stability within the euro area.
Like all other currencies, the euro is a common name and should be written in lowercase. Its plural is euros. [41] The international code for the euro is EUR and has been registered with the International Organization for Standardization (ISO); It is used for business, commercial and financial purposes.
There is no official symbol for the cent, although the usual translation and abbreviations for each language are often used. In Spanish, cents are used. (plural: cts.) as reminiscent of the peseta cent. In Ireland, the ¢ symbol is sometimes used in stores.
The benefits that they tell us include the following:
- It brings a high degree of price stability. It gives more transparency to prices. There are no fluctuations in the exchange rate between members. More security of the currency attracts more investment. A larger unified market attracts more foreign investment. More investment brings more economic activity and more employment. Brings more integrated financial markets. Eliminates transaction costs among member countries, which include: buying and selling foreign currencies in currency markets eliminates exchange rate fluctuations eliminates cross-border payments in foreign currency, which imply high costs eliminates the need to maintain several accounts in foreign currencies that make the management of accounts more complicated.
Other benefits that may be considered include the following:
- The need to introduce measures to countries that want to enter the Euro club but that are far away, gives them important economic discipline. The value of the Euro remains stronger, benefiting those who travel and companies that have to trade in the foreign currency, since each Euro buys more. The value of the Euro remains stronger and tends to suppress inflation, very good for the economy. The more stable currency and with less inflation results in lower interest levels. It facilitates economic mobility . Expands access to a broader capital base.
And here I leave you some information about the euro, Blessings and stay with God¡!.
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