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PowerPedia:Euro

Lasted edited by Andrew Munsey, updated on June 14, 2016 at 10:13 pm.

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The euro (&euro There was an error working with the wiki: Code[2], There was an error working with the wiki: Code[16], There was an error working with the wiki: Code[17], the There was an error working with the wiki: Code[18], There was an error working with the wiki: Code[19], and There was an error working with the wiki: Code[20], collectively known as the There was an error working with the wiki: Code[21].

The euro is the result of the most significant There was an error working with the wiki: Code[3], facilitating There was an error working with the wiki: Code[22] among the members of the There was an error working with the wiki: Code[23], it is also regarded by its founders as a key part of the project of European political integration.

There was an error working with the wiki: Code[24], There was an error working with the wiki: Code[25], and the There was an error working with the wiki: Code[26], which formerly used the French There was an error working with the wiki: Code[27] or the Italian There was an error working with the wiki: Code[28] as their currency now use the euro as their currency and are licensed to mint their own euro coins in small amounts even though they are not EU states. The euro is also used for payment of debt in other non-EU states such as There was an error working with the wiki: Code[29], There was an error working with the wiki: Code[30] and There was an error working with the wiki: Code[31].

The euro is administered by the There was an error working with the wiki: Code[4] operating in member states. The ECB (headquartered in There was an error working with the wiki: Code[5], There was an error working with the wiki: Code[6] and There was an error working with the wiki: Code[7], and the operation of the Eurozone payment system.

Characteristics

:Main articles: There was an error working with the wiki: Code[32], There was an error working with the wiki: Code[33]

The euro sign is a stylised letter "There was an error working with the wiki: Code[34]" resembling the letter "There was an error working with the wiki: Code[35]" with a doubled middle bar, following the convention of many other There was an error working with the wiki: Code[36]s. (geometry)]]

The euro is divided into 100 There was an error working with the wiki: Code[8]. In the English language, the form "cent" is officially required to be used in legislation in the singular and in the plural, though the natural plural cents is recommended for use in material aimed at the general public. (For more information on language and the euro, see the relevant section below.)

All There was an error working with the wiki: Code[9] often have a picture of their reigning monarch, other countries usually have their national symbols. All the different coins can be used in all the participating member states: for example, a euro coin bearing an image of the Spanish king is legal tender not only in Spain, but also in all the other nations where the euro is in use. There are two-euro, one-euro, fifty-cent, twenty-cent, ten-cent, five-cent, two-cent and one-cent coins, though the latter two are not generally used in Finland or the Netherlands (but are still legal tender).

There was an error working with the wiki: Code[37] have a common design for each denomination on both sides. Notes are issued in the following amounts: &euro500, &euro200, &euro100, &euro50, &euro20, &euro10, and &euro5. Some higher denominations are not issued in some countries, though again, are legal tender.

There is a eurowide clearing system for large transactions, set up prior to the launch of the euro - TARGET. For retail payments, several arrangements are used and the general rule is that a intra-eurozone transfer shall cost the same as a domestic one. Credit card charging and ATM withdrawals within the eurozone also are charged as if they were domestic. Paper based payment orders, such as cheques, are still domestic based.

Countries using the euro

At present the member states officially using the euro are There was an error working with the wiki: Code[10], There was an error working with the wiki: Code[38], There was an error working with the wiki: Code[39], There was an error working with the wiki: Code[40], There was an error working with the wiki: Code[41] and There was an error working with the wiki: Code[42]. Overseas territories of some Eurozone countries, such as There was an error working with the wiki: Code[43], There was an error working with the wiki: Code[44], There was an error working with the wiki: Code[45], and There was an error working with the wiki: Code[46], also use the euro. These countries together are frequently referred to as the "There was an error working with the wiki: Code[47]", "Euroland" or more rarely as "Eurogroup".

There was an error working with the wiki: Code[48], There was an error working with the wiki: Code[49], and There was an error working with the wiki: Code[50] previously used currencies that were replaced by the euro, and now mint their own euro coins by virtue of agreements concluded with EU member states (There was an error working with the wiki: Code[51] in the case of San Marino and Vatican City, and There was an error working with the wiki: Code[52] in the case of There was an error working with the wiki: Code[48]), on behalf of the There was an error working with the wiki: Code[54].

There was an error working with the wiki: Code[11] in the case of Montenegro and Kosovo). They have now adopted the euro as their de facto currencies, without having entered into any legal arrangements with the EU that explicitly permit them to do so. In October There was an error working with the wiki: Code[55], Andorra began negotiating a monetary agreement with the European Union that would allow the country to issue euro coins as Monaco, San Marino, and the Vatican City do.

Many of the foreign currencies that were pegged to European currencies are now There was an error working with the wiki: Code[12]. For example, the There was an error working with the wiki: Code[56] used to be pegged to the Portuguese escudo, but is now pegged to the euro. Bosnia-Herzogovina uses a convertible mark which was pegged to the Deutsche mark but is now pegged to the euro. Similarly the There was an error working with the wiki: Code[57], There was an error working with the wiki: Code[58] and There was an error working with the wiki: Code[59], all once pegged to the French There was an error working with the wiki: Code[60], are now pegged to the euro. The euro is widely accepted in Cape Verde already on an informal basis, and in November 2004, during a meeting in Portugal, the prime minister of There was an error working with the wiki: Code[61] considered formally adopting the euro as his country's currency. Also There was an error working with the wiki: Code[62] resumed using the Portuguese Escudo as legal tender in 1999, when the escudo was already a subdivision of the Euro. There was no changeover as the USD was later introduced as sole legal tender in the territory.

Since December 2002, There was an error working with the wiki: Code[63] has switched from the dollar as its official currency for all foreign transactions to the euro. The euro has since then also replaced the dollar in large parts of the blackmarket and in shops where the dollar was used earlier.

In total, the euro is the official currency in 31 states and territories. Also, 27 states and territories that have a national currency are also pegged to the euro including fourteen West African countries including Senegal and Cameroon, three French overseas territories including French Polynesia and New Caledonia, two African island countries where the currency was formerly pegged to the Portuguese or French currency, three former Communist countries where the currency was pegged to the German mark including Macedonia. Morocco, Cyprus, Denmark, Estonia and Hungary are also pegged to the euro.

The euro and oil

A final and possibly decisive effect is on the pricing of oil. The There was an error working with the wiki: Code[13]' that presently subsidises the United States to subsidise the There was an error working with the wiki: Code[64] instead. Another effect would be that the price of oil in the There was an error working with the wiki: Code[65] would more closely follow the world price. When oil prices skyrocketed to almost 50 USD/barrel in There was an error working with the wiki: Code[66], the oil price in euros didn't change nearly as much because of the concurrent rise in the There was an error working with the wiki: Code[67] of the euro to the US dollar (to an exchange rate of EUR 1.00 = USD 1.33 in December 2004). Similarly, should oil prices lower significantly, together with the USD/EUR exchange rate, the oil price in the Eurozone would not fall as much. On the other hand, if the exchange rate and the oil price move in different directions, oil price changes are magnified. Pricing oil in euros would nullify this dependency of European oil prices on the USD/EUR exchange rate.

The deficit structure of the There was an error working with the wiki: Code[68] relies heavily on the dollar's hegemonic reserve status as a means of securing US debts and deficits. Without this status, the dollar and the US economy might experience what many There was an error working with the wiki: Code[69]n countries experienced during the There was an error working with the wiki: Code[70]. As long as the US dollar was not threatened, the US economy was in no danger of collapse. The individual European currencies offered no threat to the dollar's hegemonic position. In the opinion of some economists the euro may pose a threat to US dollar hegemony, and could under certain circumstances result in a US economic collapse.

External links

Democracy in Europe

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European Central Bank

European Banking Federation

The Euro: Our Currency (Official EU Site)

Dollar/Euro-Chart

Articles

A critical view on

A critical view on

European Monetary Union and the euro

EU and EMU information including coin and banknote images

Britain and European Monetary Union

The euro and standardization (There was an error working with the wiki: Code[14])

A brief commentary by one of the economists instrumental in creating the euro

An experiment that tries to track the way of euro notes across Europe

Similar experiment: eurobilltracker

Eurotracer, another experiment that also studies the meaning of the serial numbers and the spreading of coins

Euro FAQ Wiki

Books

Jay H. Levin, A Guide to the Euro (Houghton Mifflin Company, 2002)

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