Euro 9472 225999474 2008-07-16T11:30:21Z Shanes 94147 Reverted edits by [[Special:Contributions/79.68.31.20|79.68.31.20]] ([[User talk:79.68.31.20|talk]]) to last version by 91.55.83.42 <!-- If you wish to update the future adoption dates of euro... Please update other articles as well to avoid contradiction within Wikipedia e.g: *[[Eurozone]] *Enlargement of the eurozone *Template:Euro topics *(The pre-euro national currency article) *(The national euro coin article) Thank you. --> {{otheruses}} {{redirect4|Euros|EUR}} {{for|the football championship commonly referred to as "Euro"|UEFA European Football Championship}} {{Infobox Currency | currency_name_in_local = <!-- Please only include official languages of the European Central Bank --> евро <small>{{bg icon}}</small><br />ευρώ <small>{{gr icon}}</small><br />euró <small>{{hu icon}}</small><br />eoró <small>{{ga icon}}</small><br /><!-- at http://ga.wikipedia.org/wiki/Euro#Ceisteanna_Gramada.C3.AD it states that the EC translation department prefers this as the "natural" form-->ewro <small>{{mt icon}}</small><br />evro <small>{{sl icon}}</small> | image_1 = Euro_banknotes.png | image_2 = Euro coins version II.png | image_title_1 = [[Euro banknotes|Banknotes]] | image_title_2 = [[Euro coins|Coins]] | iso_code = EUR (num. 978) | using_countries = {{Collapsible list |title = {{flagicon|European Union}} 15 [[Eurozone]] members |{{flag|Austria}}|{{flag|Belgium}}|{{flag|Cyprus}}|{{flag|Finland}}|{{flag|France}}|{{flag|Germany}}|{{flag|Greece}}|{{flag|Ireland}}|{{flag|Italy}}|{{flag|Luxembourg}}|{{flag|Malta}}|{{ flag|Netherlands}}|{{flag|Portugal}}|{{flag|Slovenia}}|{{flag|Spain}} }} {{Collapsible list |title = [[Eurozone#With formal agreements|5 with formal agreement]] |{{flagicon|Mayotte}} ''[[Mayotte]]'' |{{flag|Monaco}} |{{flagicon|Saint Pierre and Miquelon}} ''[[Saint Pierre and Miquelon]]'' |{{flag|San Marino}} |{{flag|Vatican City}} }} | unofficial_users = {{Collapsible list | title = [[Eurozone#Without formal agreements|5 without formal agreement]] |{{flagicon|UK}} [[Akrotiri and Dhekelia|''Akrotiri'' and ''Dhekelia'']]<br /> {{AND}}<br /> {{flag|Kosovo}}<br /> {{MNE}}<br /> {{flagicon|France}} [[Saint-Martin]]}} | inflation_rate = 4.0% | inflation_source_date = [http://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=122.ICP.M.U2.N.000000.4.ANR European Central Bank], June 2008 | inflation_method = [[Harmonised Index of Consumer Prices|HICP]] | pegged_by = {{Collapsible list |title = 10 currencies |frame_style = border:none; padding: 0; |[[Bosnia and Herzegovina convertible mark|Bosnia & Herz. convertible mark]] |[[Bulgarian lev]] |[[Cape Verdean escudo]] |[[Central African CFA franc]] |[[CFP franc]] |[[Comorian franc]] |[[Danish krone]] (±2.25%) |[[Estonian kroon]] |[[Lithuanian litas]] |[[West African CFA franc]] }} | subunit_ratio_1 = 1/100 | subunit_name_1 = [[Cent (currency)|cent]] | subunit_inline_note_1 = actual usage [[Linguistic issues concerning the euro|varies depending on language]] | symbol = [[Euro sign|€]] | plural = See [[Linguistic issues concerning the euro|Euro linguistic issues]] | plural_subunit_1 = See article | frequently_used_coins = [[1 cent euro coins|1]], [[2 cent euro coins|2]], [[5 cent euro coins|5]], [[10 cent euro coins|10]], [[20 cent euro coins|20]], [[50 cent euro coins|50]] cent, [[1 euro coins|€1]], [[2 euro coins|€2]]<br /><small>unless otherwise stated as rarely used</small> | rarely_used_coins = 1 and 2 cent<br /><small>(applies to [[Finland]] and [[The Netherlands]]) <!-- Finland actually stopped producing 1 and 2 cent coins, whereas Belgium and the Netherlands still use them a lot, they just find them unhandy. There are still a lot of belgian things priced with an amount of cents ending in something else than 5 or 0 cents --> </small> | coin_article = Euro coins | frequently_used_banknotes = €5, €10, €20, €50 | rarely_used_banknotes = €100, €200, €500 | banknote_article = Euro banknotes | issuing_authority = [[European Central Bank]] | issuing_authority_website = www.ecb.eu | printer = {{Collapsible list | title = printers | frame_style = border:none; padding: 0; |[[Istituto Poligrafico e Zecca dello Stato]] |[[Banco de Portugal]] |[[Bank of Greece]] |[[Banque de France]] |[[Bundesdruckerei]] |[[Central Bank and Financial Services Authority of Ireland]] |[[De La Rue]] |[[Fábrica Nacional de Moneda y Timbre]] |[[François-Charles Oberthur]] |[[Giesecke & Devrient]] |[[Joh. Enschedé|Royal Joh. Enschedé]] |[[National Bank of Belgium]] |[[Oesterreichische Banknoten- und Sicherheitsdruck GmbH]] |[[Setec Oy]] }} | printer_override_with_original_text = Y | printer_website = {{Collapsible list |title = websites |frame_style = border:none; padding: 0; |[http://www.ipzs.it/ Istituto Poligrafico e Zecca dello Stato] |[http://www.bportugal.pt/ Banco de Portugal - Imprensa Nacional / Casa da Moeda] |[http://www.bankofgreece.gr/ Bank of Greece] |[http://www.banque-france.fr/ Banque de France] |[http://www.bundesdruckerei.de/ Bundesdruckerei] |[http://www.centralbank.ie/ Central Bank and Financial Services Authority of Ireland] |[http://www.delarue.com/ De La Rue] |[http://www.fnmt.es/ Fábrica Nacional de Moneda y Timbre] |[http://www.oberthur.com/ François-Charles Oberthur] |[http://www.gi-de.com/ Giesecke & Devrient] |[http://www.joh-enschede.nl Royal Joh. Enschedé] |[http://www.nbb.be/ National Bank of Belgium] |[http://www.oebs.at Oesterreichische Banknoten- und Sicherheitsdruck GmbH] |[http://www.setec.com/ Setec Oy] }} }} The '''euro''' ([[currency sign]]: '''[[Euro sign|€]]'''; [[ISO 4217|currency code]]: '''EUR''') is the official [[currency]] of the [[European Union]] (EU). Fifteen [[European Union member state|member states]] have adopted it, known collectively as the [[Eurozone]] ([[Austria]], [[Belgium]], [[Cyprus]], [[Finland]], [[France]], [[Germany]], [[Greece]], [[Republic of Ireland|Ireland]], [[Italy]], [[Luxembourg]], [[Malta]], [[the Netherlands]], [[Portugal]], [[Slovenia]], [[Spain]]). The currency is also used in [[Eurozone#With formal agreements|five further countries]] with formal agreements and [[Eurozone#Without formal agreements|six other countries]] without such agreements. Hence it is the single currency for over 320 million Europeans.<ref>{{cite web|url=http://www.eurodesigncontest.eu/emu.cfm?lang=en|title=www.eurodesigncontest.eu/emu.cfm?lang=en<!--INSERT TITLE-->}}</ref> Including areas using currencies [[Fixed exchange rate|pegged]] to the euro, the euro directly affects close to 500 million people worldwide.<ref>Number is a sum of ''estimated'' populations (as stated in their respective articles) of: all Eurozone members; all users of euro not part of Eurozone (whether officially agreed upon or not); all areas which use a currency pegged to the euro, and only the euro. - Please see detailed summation in article [[Eurozone]]</ref> With more than €610 [[1000000000 (number)|billion]] in circulation as of December 2006 (equivalent to US$802 billion at the exchange rates at the time), the euro is the currency with the highest combined value of cash in circulation in the world, having surpassed the [[United States dollar|U.S. dollar (USD)]].<ref>{{cite web |last = Atkins |first = Ralph |title = Euro notes cash in to overtake dollar |publisher = Financial Times |date=2006-12-27 |url = http://www.ft.com/cms/s/18338034-95ec-11db-9976-0000779e2340.html |accessdate = 2007-05-04}}</ref> <ref>Although, this is likely affected by the fact that the Euro's value comes from the collective economies of almost an entire continent</ref>. Taking official estimates of 2007 GDP, the [[Eurozone]] is the largest economy in the world by March 2008 after the USD/EUR exchange rate surpassed 1.56.<ref name="ciaeconomicranks">{{cite web|url= https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.html |title=CIA - The World Factbook -- Rank Order - GDP (purchasing power parity) | publisher=CIA | date=2008-03-20 | accessdate=2008-04-06}}</ref><ref name="eueconreuters">{{cite web|url= http://www.reuters.com/article/newsOne/idUSL1491971920080314 |title=Weak dollar costs U.S. economy its No. 1 spot | U.S. | Reuters | publisher=Reuters | date=2008-03-14 | accessdate=2008-03-16}}</ref><ref name="eueconytimes">{{cite web|url= http://www.nytimes.com/reuters/news/news-economy-world-biggest.html |title=Weak Dollar Costs U.S. Economy Its World No. 1 Spot | publisher=New York Times | date=2008-03-14 | accessdate=2008-03-16}}</ref><ref name="eueconabout">{{cite web|url= http://useconomy.about.com/b/2008/02/12/us-no-longer-worlds-largest-economy.htm |title=U.S. No Longer World's Largest Economy | publisher=About.com | accessdate=2008-03-16}}</ref> The euro was introduced to world financial markets as an [[accounting]] currency in 1999 and launched as physical [[coin]]s and [[banknote]]s on [[1 January]] [[2002]]. It replaced the former [[European Currency Unit]] (ECU) at a ratio of 1:1. The euro is managed and administered by the [[Frankfurt]]-based [[European Central Bank]] (ECB) and the [[Eurosystem]] (composed of the [[central bank]]s of the euro zone countries). As an independent central bank, the ECB has sole authority to set [[monetary policy]]. The Eurosystem participates in the printing, minting and distribution of [[euro banknotes|notes]] and [[euro coins|coins]] in all member states, and the operation of the Eurozone payment systems. While all [[European Union]] (EU) member states are eligible to join if they comply with [[Convergence criteria|certain monetary requirements]], not all EU members have chosen to adopt the currency. All nations that have joined the EU since the 1993 implementation of the [[Maastricht Treaty]] have pledged to adopt the euro in due course. Maastricht obliged current members to join the euro; however, the [[United Kingdom]] and [[Denmark]] negotiated exemptions from that requirement for themselves.<ref>{{cite web |title = The €uro: Our Currency |publisher = Economic and Financial Affairs |url = http://ec.europa.eu/economy_finance/euro/transition/transition_main_en.htm |accessdate = 2007-05-04}}</ref> [[Sweden]] turned down the euro in a 2003 referendum, and has circumvented the requirement to join the euro area by not meeting the membership criteria. In addition, three European [[microstate]]s ([[Vatican City]], [[Monaco]], and [[San Marino]]), although not EU members, have adopted the euro due to currency unions with member states. [[Andorra]], [[Montenegro]], and [[Kosovo]] have adopted the euro unilaterally, while not being EU members either (see [[#Eurozone|Eurozone]].) ==Characteristics== ===Coins and banknotes=== [[Image:European Central Bank 041107.jpg|thumb|151px|The [[European Central Bank|ECB]] is in charge of the Eurozone's monetary policy]] {{main|euro coins|euro banknotes}} The euro is divided into 100 [[Cent (currency)|cents]] (also referred to as ''euro cents'', especially when distinguishing them from other currencies). All circulating euro coins (including the [[€2 commemorative coins]]) have a ''common side'' showing the denomination (value) with the old 15 EU-countries in the background. This common side was designed by [[Luc Luycx]]. From 2007 or 2008 on (depending on the country where the coin is issued) that "old" map is replaced by a map of Europe, thus also showing non-EU-members like Norway. The coins also have a ''national side'' showing an image specifically chosen by the country that issued the coin. Euro coins from any country may be freely used in any nation which has adopted the euro. The coin denominations are are [[2 euro coins|€2]], [[1 euro coins|€1]], [[50 cent euro coins|50 cent]], [[20 cent euro coins|20 cent]], [[10 cent euro coins|10 cent]], [[5 cent euro coins|5 cent]], [[2 cent euro coins|2 cent]] and [[1 cent euro coins|1 cent]]. In the [[Netherlands]], some, and in [[Finland]], by law, cash transactions are rounded to the nearest five cents, to avoid the use of the two smallest coins.{{Fact|date=July 2008}} [[Image:Euro coins.jpg|thumb|left|Coins have a common side, and a national side designed by the respective national authorities.]] [[€2 commemorative coins|Commemorative coins]] with €2 face value have been issued with changes to the design of the national side of the coin — as Greece did for the [[2004 Summer Olympics]]. These coins are legal tender throughout the Eurozone. Coins with various other denominations have been issued as well, but these are not intended for general circulation. These later coins are only legal tender in the nation which issued them.{{Fact|date=July 2008}} The design for the [[euro banknotes]] have common designs on both sides. Notes are issued in €500, €200, €100, €50, €20, €10, €5. Each banknote has its own colour and is dedicated to an artistic period of European architecture. The front (recto) of the note features windows or gateways while the back (verso) has bridges. Care has been taken so that the architectural examples do not represent any actual existing monument, so as not to induce jealousy or controversy in the choice of monuments. Some of the highest denominations such as the €500 are not issued in all countries, though they remain legal tender throughout the Eurozone. ===Payments clearing, electronic funds transfer=== All intra-[[Eurozone]] transfers shall be considered domestic and bear the corresponding domestic transfer costs. This is true for retail payments, although several ECB payment methods can be used. Credit/debit card charging and ATM withdrawals within the Eurozone are also charged as domestic. The ECB has not standardised paper-based payment orders, such as cheques; these are still domestic-based. The ECB has set up a [[Clearing (finance)|clearing system]], [[TARGET]], for large euro transactions.<ref>{{cite web |url=http://www.ecb.int/paym/target/html/index.en.html |title=TARGET |publisher=European Central Bank |accessdate=2007-10-25}}</ref> ===Currency sign=== {{main|Euro sign}} [[Image:Euro Construction.svg|thumb|The official construction of the [[euro sign|euro logo]], which was specified to be printed in [[Pantone]] Yellow on a Reflex Blue background]] A special [[euro sign|euro currency sign]] (€) was designed after a public survey had narrowed the original ten proposals down to two. The European Commission then chose the design created by the Belgian [[Alain Billiet]]. The official story of the design history of the euro sign is disputed by [[Arthur Eisenmenger]], a former chief graphic designer for the [[European Community|EEC]], who claims to have created it as a generic symbol of Europe.<ref>{{cite web|url=http://observer.guardian.co.uk/print/0,3858,4325292-102275,00.html |title=Inventor who coined euro sign fights for recognition |work=The Observer |publisher=Guardian Unlimited |first=Kate |last=Connolly |location=Berlin |date=2001-12-23 }}</ref> {{rquote|left|Inspiration for the € symbol itself came from the [[Epsilon|Greek epsilon]] (Є) – a reference to the cradle of European civilisation – and the first letter of the word Europe, crossed by two parallel lines to ‘certify’ the stability of the euro.|[[European Commission]]<ref>http://ec.europa.eu/economy_finance/the_euro/notes_coins8958_en.htm</ref>}} The European Commission also specified a euro logo with exact proportions and foreground/background colour tones.<ref>{{cite web|url=http://ec.europa.eu/economy_finance/euro/notes_and_coins/symbol_en.htm |title=The €uro: Our Currency |work=europa.eu |accessdate=2007-10-25}}</ref> While the Commission intended the logo to be a prescribed glyph shape, font designers made it clear that they intended to design their own variants instead.<ref>{{cite journal|first=Jürgen |last=Siebert |url=http://www.fontshop.com/features/fontmag/002/02_euro/ |title=The Euro: From Logo to Letter |journal=Font Magazine |issue=2 |year=2002 }}</ref> [[Typewriter]]s lacking the euro sign, can create it by typing a capital 'C', backspacing and [[Overstrike|overstriking]] it with the equal ('=') sign. Placement of the currency sign relative to the numeric amount varies from nation to nation, and there are no official recommendation on the issue.<ref>{{cite web|url=http://www.delidn.ec.europa.eu/en/references/references_5.htm#Q12 |title=Frequently Asked Questions | work=europa.eu |accessdate=2007-10-25}}</ref> ==Economic and monetary union== ===History (1990–present)=== {{main|Economic and Monetary Union of the European Union}} {{for|earlier monetary history in Europe|European Monetary System}} {{for|transition to the euro|Introduction of the euro}} {{Euro adoption past}} The euro was established by the provisions in the 1992 [[Maastricht]] [[Treaty on European Union]] that was used to establish an [[economic and monetary union]]. In order to participate in the new currency, member states had to meet [[convergence criteria|strict criteria]] such as a [[budget deficit]] of less than three per cent of their [[Gross Domestic Product|GDP]], a debt ratio of less than sixty per cent of GDP, low [[inflation]], and [[interest]] rates close to the EU average. In the Maastricht Treaty, the United Kingdom and Denmark were granted exemptions from moving to the stage of monetary union which would result in the introduction of the euro. Economists who helped create or contributed to the euro include [[Robert Mundell]], [[Wim Duisenberg]], [[Robert Tollison]], [[Neil Dowling]], [[Fred Arditti]] and [[Tommaso Padoa-Schioppa]]. (For [[macro-economic theory]], see [[#Optimal currency area|below]].) Due to differences in national conventions for rounding and significant digits, all conversion between the national currencies had to be carried out using the process of triangulation via the euro. The ''definitive'' values in euro of these subdivisions (which represent the [[exchange rate]]s at which the currency entered the euro) are shown at right. The rates were determined by the Council of the European Union, based on a recommendation from the European Commission based on the market rates on [[31 December]] [[1998]], so that one ECU ([[European Currency Unit]]) would equal one euro. (The European Currency Unit was an accounting unit used by the EU, based on the currencies of the member states; it was not a currency in its own right.) Council Regulation 2866/98 (EC), of [[31 December]] [[1998]], set these rates. They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally the [[pound sterling]]) that day. The procedure used to fix the irrevocable conversion rate between the [[drachma]] and the euro was different, since the euro by then was already two years old. While the conversion rates for the initial eleven currencies were determined only hours before the euro was introduced, the conversion rate for the Greek drachma was fixed several months beforehand, in Council Regulation 1478/2000 (EC), of [[19 June]] [[2000]]. The currency was introduced in non-physical form (travellers' cheques, electronic transfers, banking, etc.) at midnight on [[1 January]] [[1999]], when the national currencies of participating countries (the Eurozone) ceased to exist independently in that their exchange rates were locked at fixed rates against each other, effectively making them mere non-decimal subdivisions of the euro. The euro thus became the successor to the [[European Currency Unit]] (ECU). The notes and coins for the old currencies, however, continued to be used as [[legal tender]] until new notes and coins were introduced on [[1 January]] [[2002]]. [[Image:Ecofin euro presentation.jpg|thumb|The [[Economic and Financial Affairs Council|Ecofin]] presenting the denominations [[22 September]] [[2001]]]] The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until [[28 February]] [[2002]]. The official date on which the national currencies ceased to be legal tender varied from member state to member state. The earliest date was in Germany; the [[German mark|Mark]] officially ceased to be legal tender on [[31 December]] [[2001]], though the exchange period lasted two months. The final date was [[28 February]] [[2002]], by which all national currencies ceased to be legal tender in their respective member states. However, even after the official date, they continued to be accepted by national central banks for periods ranging from several years to forever in Austria, Germany, Ireland, and Spain. The earliest coins to become non-convertible were the Portuguese escudos, which ceased to have monetary value after [[31 December]] [[2002]], although banknotes remain exchangeable until 2022. Slovenia joined the Eurozone on [[1 January]] [[2007]], followed by Malta and Cyprus on [[1 January]] [[2008]].<ref>{{cite web|url=http://money.cnn.com/2008/01/01/news/international/bc.apfn.eu.fin.cyprus.malta.euro.ap/index.htm|title=CNNMoney.com}}</ref> ===Eurozone=== {{main|Eurozone}} {{Eurozone Labelled Map}} * The euro is the sole currency in Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia and Spain. These 15 countries together are frequently referred to as the [[Eurozone]] or the euro area, and, more informally, "euroland" or the "eurogroup". Outside of the area covered by the map, the euro is the legal currency of the French overseas possessions of [[French Guiana]], [[Réunion]], [[Saint-Pierre et Miquelon]], [[Guadeloupe]], [[Martinique]], [[Saint-Barthélemy]], [[Saint Martin (France)|Saint Martin]], [[Mayotte]], and the uninhabited [[Clipperton Island]] and the [[French Southern and Antarctic Lands]]; the Portuguese autonomous regions of the [[Azores]] and [[Madeira]]; and the Spanish [[Canary Islands]]. * By virtue of some bilateral agreements,<ref>{{cite web |url=http://europa.eu/scadplus/leg/en/lvb/l25040.htm |title=Agreements on monetary relations (Monaco, San Marino, the Vatican and Andorra) | accessdate=2007-05-11 }}</ref> the European [[microstate]]s of [[Monaco]], [[San Marino]], and [[Vatican City]] mint their own euro coins on behalf of the [[European Central Bank]]. They are, however, severely limited in the total value of coins they may issue. * [[Andorra]], [[Montenegro]], [[Kosovo]], and [[Akrotiri and Dhekelia]] adopted the foreign euro as their legal currency for movement of capital and payments without participation in the [[European System of Central Banks|ESCB]] or the right to mint coins. Andorra is in the process of entering a monetary agreement similar to that of the microstates above. * Several possessions and former colonies of EU states have currencies pegged to the euro. These are [[French Polynesia]], [[New Caledonia]], [[Wallis and Futuna]] (the [[CFP franc]]); [[Cape Verde]]; the [[Comoros]]; and fourteen nations of Central and West Africa (the [[CFA franc]]). See [[Currencies related to the euro]]. * Although not legal tender in [[Denmark]] and the [[United Kingdom]], the euro is accepted in some stores throughout both countries, particularly international stores in large cities, and shops in [[Northern Ireland]] near the border with the Republic of Ireland, where the euro is the official currency. Similarly, the euro is widely accepted in Switzerland, even by official boards, such as the [[Rail transport in Switzerland|Swiss Railways]].<ref>{{cite web|url=http://mct.sbb.ch/mct/en/reisemarkt/services/bahnhof/billettautomat.htm|title=SBB - More at the station - Automatic ticket machine<!-- Bot generated title -->}}</ref> ===Future prospects=== {{main|Eurozone|Enlargement of the eurozone}} ====Pre-2004 EU members==== From [[Greece]]'s participation in 2001 until the [[EU enlargement]] in 2004, [[Denmark]], [[Sweden]] and the [[United Kingdom]] were the only EU member states outside the monetary union. The situation for the three older member states also looks different from that of the newer EU members; the three countries have no clear roadmap for adopting the euro: * [[Denmark]] negotiated a number of [[Edinburgh Agreement|opt-out clauses]] from the [[Maastricht treaty]] after it had been rejected in a [[Danish Maastricht Treaty referendum, 1992|first referendum]]. On [[28 September]] [[2000]], [[Danish euro referendum, 2000|another referendum]] was held in Denmark regarding the euro resulting in a 53.2% vote against joining. However, Danish politicians have suggested that debate on [[Danish European Union opt-outs referendum|abolishing the four opt-out clauses]] may be re-opened. In addition, Denmark has pegged its [[Danish krone|krone]] to the euro (€1 = DKK 7.46038 ± 2.25%) as the krone remains in the [[European Exchange Rate Mechanism|ERM]]. Although not part of the European Union, both [[Greenland]] and the [[Faroe Islands]] use the Danish krone (the Faroes in the form of the [[Faroese króna]]), and so also fall within the ERM. * [[Sweden]]: Sweden is obliged to join the euro by the 1994 Act of Accession, when it meets the economic conditions. Although the other conditions are met, the [[Swedish krona|krona]] has never been part of ERM II, rendering Sweden ineligible. In 2003, a public referendum rejected euro membership, and Sweden has no plans to adopt the euro. The EU has made it clear that it will tolerate this with respect to Sweden, giving Sweden a ''de facto'' opt-out, but not those member states that joined in 2004 or 2007.{{Fact|date=January 2008}} * The [[United Kingdom]] has an opt-out from eurozone membership under the Maastricht treaty and is not obliged to join the euro. While the government is in favour of membership provided the economic conditions are right (requiring that "[[five economic tests]]" be met), the question has never been put to referendum.<ref name="ukeuroref">{{cite news | title = Sluggish Europe proves Brown's case on currency | url = http://www.guardian.co.uk/business/2004/dec/20/politics.theeuro | work = The Guardian | publisher = Guardian News and Media Limited | date = 2004-12-20 | accessdate = 2008-02-07 }}</ref> The United Kingdom was forced to withdraw the [[pound sterling]] from the [[European Exchange Rate Mechanism|ERM]] (the precursor to ERM II) on [[Black Wednesday]] ([[16 September]], [[1992]]) due a mismatch between its benchmark currency parity and its economic performance, and the pound is not part of ERM II. ====Post-2004 EU members==== <!-- If you wish to update the future adoption dates of euro... Please update other articles as well to avoid contradiction within Wikipedia e.g: * Eurozone * Enlargement of the eurozone * Template:Euro topics * (The pre-euro national currency article) * (The national euro coin article) Thank you. --> {{Euro adoption future}} As of 2008, nine new EU member states have a currency other than the euro; however, all of these countries are required by their Accession Treaties to join the euro. Some of the following countries have already joined the [[European Exchange Rate Mechanism]], ERM II. They and the others have set themselves the goal of joining the euro ([[Economic and Monetary Union of the European Union|EMU III]]) as follows: * [[1 January]] [[2009]] for [[Slovakia]]<ref>{{cite web|url=http://www.nbs.sk/INDEXA.HTM |title=Government approved the National Euro Changeover Plan |publisher=Bank of Slovakia |date=2005-07-07}}</ref><ref>{{cite web|url=http://news.bbc.co.uk/2/hi/europe/7388802.stm |title=Slovakia given euro green light|publisher=BBC|date=2008-05-07}}</ref> * [[1 January]] [[2010]] for [[Lithuania]]<ref>{{cite web |url=http://www.lb.lt/eng/euro/index.htm |title=Adoption of the euro in Lithuania |publisher=Bank of Lithuania |accessdate=2007-02-03}}</ref> * [[1 January]] [[2011]] for [[Estonia]],<ref>{{cite news | title=Alcohol and tobacco tax to rise in Estonia next year | url=http://www.hs.fi/english/article/Alcohol+and+tobacco+tax+to+rise+in+Estonia+next+year/1135227499218 | publisher=Helsingin Sanomat | date=[[2007-05-25]] | accessdate=2007-07-30 }}</ref> * [[1 January]] [[2012]] or later for [[Bulgaria]],<ref>{{cite news | url=http://www.sofiaecho.com/article/bulgarias-budget-of-reform/id_26395/catid_23 | title= Bulgaria's budget of reform | publisher=[[The Sofia Echo]] | date=[[2007-11-30]] | accessdate=2008-02-06}}</ref> [[Hungary]], [[Latvia]],<ref>{{cite web| url=http://www.forbes.com/markets/feeds/afx/2006/12/04/afx3226263.html |title=Latvia might adopt Euro between 2010 and 2012 - Minister |publisher=[[Forbes]] |date=2006-12-04 |accessdate=2007-01-01}}</ref> [[Czech Republic]], [[Poland]] and [[Romania]]. The entry of Lithuania and Estonia as planned for [[1 January]] [[2007]] was postponed due to unacceptably high inflation rates in those countries. Some of these currencies do not float against the euro, and a subset of those were unilaterally pegged to the euro before joining ERM II. See [[European Exchange Rate Mechanism]], [[currencies related to the euro]], and individual currency articles for more details. The Czech Republic had originally aimed for entry into the ERM II in either 2008 or 2009, but the current government has officially dropped the 2010 target date, saying it will clearly not be able to meet the economic criteria. The new stated goal is 2012.<ref>{{cite web |url=http://www.praguemonitor.com/en/29/czech_business/1766/ |title=Finance Ministry sees 2012 as realistic for euro adoption |publisher=Prague Daily Monitor |date=2007-02-22 |accessdate=2007-02-28}}</ref> Similarly, Latvia had aimed to join the euro in 2008 but inflation rates of over 11% have resulted in a delay as the country does not meet the current criteria under council rules. The government's official target is now [[1 January]] [[2012]] although the head of the Bank of Latvia has suggested that 2013 may be a more realistic date.<ref>{{cite web|url=http://www.baltictimes.com/news/articles/19151/|title=Bank targets 2013 as Latvia’s ‘E-day’<!-- Bot generated title -->}}</ref> The Polish Finance Minister declared that he believed that a public declaration of a target entry date for Polish entry would be an "improper strategy".<ref>{{cite web|url=http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=56d0bd50-a0ab-40dc-b574-7120622552db|title=Polish Fin Min: Setting Euro Target Date Improper Strategy}}</ref> Other sources question the realism of even the revised Czech, Lithuanian and Estonian targets.<ref>{{cite web |url=http://www.finance.cz/zpravy/finance/147532-poll-euro-entry-seen-delayed-for-some-slovakia-still-2009/ |title=Analysts Poll - Euro entry seen delayed for some countries |publisher=www.finance.cz |accessdate=2008-01-25}}</ref> The ''Fifth Report on the Practical Preparations for the Future Enlargement of the Euro Area''<ref>{{cite web|url=http://eur-lex.europa.eu/LexUriServ/site/en/com/2007/com2007_0434en01.pdf |format=PDF |title=Fifth Report on the Practical Preparations for the Future Enlargement of the Euro Area |date=2007-07-16 |publisher=Commission of the European Communities |accessdate=2007-10-25}}</ref> stated on [[16 July]] [[2007]] that only Cyprus, Malta (both of which adopted the euro in January 2008), Slovakia (2009) and Romania (2014) had currently set official target dates for adopting the euro. On [[May 7]] [[2008]], the European Central Bank stated that Slovakia is ready to join the eurozone from [[January 1]] [[2009]]. This was confirmed by the Eurozone's leaders at the 19-20 June summit, with the conversion rate set adopted on [[July 8]] [[2008]] with value 30.126.<ref> {{citeweb|url=http://euobserver.com/9/26096is/ |title=Slovakia confirmed as ready for Euro|publisher=euobserver.com|accessdate=2008-05-07}}</ref> [[Estonian euro coins|Estonia]], [[Latvian euro coins|Latvia]], [[Lithuanian euro coins|Lithuania]] and [[Slovak euro coins|Slovakia]] have already finalised the design for their respective coins' obverse sides. ==Economics of the euro== {{expert}} ===Optimal currency area=== {{main|Optimum currency area}} In economics, an optimum currency area (or region) (OCA, or OCR) is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency. There are two models, both proposed by [[Robert A. Mundell]]: the [[Optimum currency area#OCA with stationary expectations|stationary expectations model]] and the [[Optimum currency area#OCA with international risk sharing|international risk sharing model]]. Mundell himself advocates the [[Optimum currency area#OCA with international risk sharing|international risk sharing model]] and thus concludes in favour of the euro.<ref>A Plan for a European Currency, 1973 by Mundell</ref> ===Transaction costs and risks=== The most obvious benefit of adopting a single currency is removing from trade the cost of exchanging currency, theoretically allowing businesses and individuals to consummate previously unprofitable trades. On the consumer side, banks in the Eurozone must charge the same for intra-member cross-border transactions as purely domestic transactions for electronic payments (e.g. [[credit card]]s, [[debit card]]s and [[cash machine]] withdrawals). The absence of distinct currencies also removes [[exchange rate]] risks. The risk of unanticipated exchange rate movement has always added an additional risk or uncertainty for companies or individuals looking to invest or trade outside their own currency zones. Companies that [[Hedging|hedge]] against this risk will no longer need to shoulder this additional cost. The reduction in risk is particularly important for countries whose currencies have traditionally fluctuated a great deal, particularly the Mediterranean nations. Financial markets on the continent are expected to be far more [[market liquidity|liquid]] and flexible than they were in the past. The reduction in cross-border transaction costs will allow larger banking firms to provide a wider array of banking services that can compete across and beyond the Eurozone. ===Price parity=== Another effect of the common European currency is that differences in prices—in particular in price levels—should decrease because of the '[[law of one price]]'. Differences in prices can trigger [[arbitrage]], i.e. [[speculation|speculative]] trade in a [[commodity]] across borders purely to exploit the price differential. Therefore, prices on commonly traded goods are likely to converge, causing inflation in some regions and deflation in others during the transition. Some evidence of this has been observed in specific markets. <ref>[http://www.nber.org/papers/w8402 Market Integration and Convergence to the Law of One Price: Evidence from the European Car Market<!-- Bot generated title -->]</ref> ===Macroeconomic stability=== Low levels of inflation are the hallmark of stable and modern economies. Because a high level of inflation acts as a tax ([[seigniorage]]) and theoretically discourages investment, it is generally viewed{{Who|date=April 2008}} as undesirable. In spite of the downside, many countries have been unable or unwilling to deal with serious inflationary pressures. Some countries have successfully contained them by establishing largely independent central banks. One such bank was the [[Bundesbank]] in Germany; as the European Central Bank is modelled on the Bundesbank,{{Fact|date=April 2008}} it is independent of the pressures of national governments and has a mandate to keep inflationary pressures low.{{Fact|date=April 2008}} Member countries that join the bank commit to lower inflation, hoping to enjoy the macroeconomic stability associated with low levels of expected inflation.{{Fact|date=April 2008}} The ECB (unlike the [[Federal Reserve System|Federal Reserve]] in the United States of America) does not have a second objective to sustain growth and employment.{{Fact|date=April 2008}} Many national and corporate [[Bond (finance)|bonds]] denominated in euro are significantly more liquid and have lower interest rates than was historically the case when denominated in legacy currencies.{{Fact|date=February 2007}} While increased liquidity may lower the [[nominal interest rate]] on the bond, denominating the bond in a currency with low levels of inflation arguably plays a much larger role. A credible commitment to low levels of inflation and a stable debt reduces the risk that the value of the debt will be eroded by higher levels of inflation or default in the future, allowing debt to be issued at a lower nominal interest rate. ===A new reserve currency=== The euro is a major global [[reserve currency]], sharing that status with the U.S. dollar (USD). The U.S. dollar still continues to enjoy its status as the primary reserve of most commercial and central banks.<ref>http://www.imf.org/external/np/sta/cofer/eng/cofer.pdf</ref> Since its introduction, the euro has been the second most widely-held international [[reserve currency]] after the U.S. dollar. The euro inherited this status from the [[German mark]], and since its introduction, it has increased its standing, mostly at the expense of the dollar. The increase of 4.4% in 2002 is due to the introduction of euro banknotes and coins in January 2002. The possibility of the euro's becoming the first international reserve currency is now widely debated among economists.<ref>{{cite web | url=http://www.wage.wisc.edu/uploads/Working%20Papers/chinnfrankel_NBER_eurotopcurrency.pdf | title=Will the Euro Eventually Surpass the Dollar As Leading International Reserve Currency? | format=PDF}}</ref> Former [[Federal Reserve]] Chairman [[Alan Greenspan]] gave his opinion in September 2007 that the euro could indeed replace the U.S. dollar as the world's primary reserve currency. He said it is "absolutely conceivable that the euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency."<ref>{{cite web | title=Reuters | work=Euro could replace dollar as top currency - Greenspan | url=http://www.reuters.com/article/bondsNews/idUSL1771147920070917 | accessdate=September 17 | accessyear=2007}}</ref> Additionally, there has been suggestion that recent weakness of the US dollar might encourage parties to increase their reserves in euro at the expense of the dollar.<ref>{{cite web|url=http://www.bloomberg.com/apps/news?pid=20601109&sid=azto7U.TmGX0&refer=exclusive|title="American Gangster's Wad of Euros Signals U.S. Decline"}}</ref> In the second term of 2007, euro as a reserve currency has reached a record level of 25.6% (a +0.8% increase from the year before)- at the expense of US dollar which dropped to 64.8% (a drop of 1.3% from the year before).<ref>{{cite web|url=http://www.bloomberg.com/apps/news?pid=20601101&sid=afEneKf3hgw8&refer=japan|title="Euro Rises on Speculation ECB's Trichet to Signal Higher Rates"}}</ref> By the end of 2007, shares of euro increased to 26.4% as the dollar slumped to its lowest level since records began in 1999, 63.8%.<ref>[http://www.bloomberg.com/apps/news?pid=20601087&sid=aU8cbIuuEr38&refer=home Dollar's Share of Currency Reserves Falls, IMF Says (Update1)] Bloomberg</ref> {{Reserve currencies}} A currency is attractive for international transactions when it demonstrates stability, a well-developed financial market to trade the currency, and acceptability to others. While the euro has made substantial progress, a few challenges undermine the ascension of the euro as a major reserve currency. Persistent excessive budget deficits of some member nations, economically weak new members, conservatism of financial markets, and inertia or [[path dependence]] are important factors keeping the euro as a junior international currency to the U.S. dollar. However, at the same time, the USD has increasingly suffered from a [[double deficit (economics)|double deficit]] and has its own concerns. As the euro becomes a new reserve currency, Eurozone governments will enjoy substantial benefits. Since money is an interest-free loan to the issuing government by the holder of the currency, foreign reserves act as a subsidy to the country minting the currency (see [[Seigniorage]]). However, reserve status also holds risks, as the currency may become overvalued, hurting European exporters and potentially exposing the European economy to influence by external factors who hold large quantities of euros.{{Fact|date=April 2008}} ==Exchange rate== <!-- NOTE TO ANYONE SEEKING TO UPDATE ALL-TIME RECORDS OF EXCHANGE RATES In this article, we only use the official ratings as featured on the ECB website: http://ecb.eu/. These ratings are updated every common day. Unofficial ratings from verious sources, which may be updated more often, are estimates that often feature spectacular, even implausible changes and are hence more likely to offer a new all time record. Please resist the tempation to add them here: a source claiming the dollar has lost 4% of its value in less than one day is meaningless. --> {| class="prettytable" style="float:right" |+ [[United States dollar|U.S. dollars]] per 1 euro 1999-2008 ! bgcolor=ececec rowspan=2|Year ! rowspan=12 | ! colspan=2 style="background:#ececec; line-height: 1.1em" | Lowest ↓ ! rowspan=12 | ! colspan=2 style="background:#ececec; line-height: 1.1em" | Highest ↑ |- ! bgcolor=ececec style="line-height: 1.1em"| Date ! bgcolor=ececec style="line-height: 1.1em"| Rate ! bgcolor=ececec style="line-height: 1.1em"| Date ! bgcolor=ececec style="line-height: 1.1em"| Rate |- ! 1999 | 03 Dec | $1.0015 | 05 Jan | $1.1790 |- ! 2000 | 26 Oct | style="background:yellow" |$0.8252 | 06 Jan | $1.0388 |- ! 2001 | 06 Jul | $0.8384 | 05 Jan | $0.9545 |- ! 2002 | 28 Jan | $0.8578 | 31 Dec | $1.0487 |- ! 2003 | 08 Jan | $1.0377 | 31 Dec | $1.2630 |- ! 2004 | 14 May | $1.1802 | 28 Dec | $1.3633 |- ! 2005 | 15 Nov | $1.1667 | 03 Jan | $1.3507 |- ! 2006 | 02 Jan | $1.1826 | 05 Dec | $1.3331 |- ! 2007 | 12 Jan | $1.2893 | 27 Nov | $1.4874 |- ! 2008 | 21 Jan | $1.4482 | 15 Jul | style="background:yellow" |$1.5990 <!--NOTE TO EDITORS: only the ECB official rate may be cited, not momentary spot rates. --> |- | colspan="7" style="font-size:90%; line-height: 1em; background:#F2F2F2"|Source: [http://www.ecb.eu/stats/exchange/eurofxref/html/eurofxref-graph-usd.en.html Euro exchange rates in USD], [[European Central Bank|ECB]] |} ===Flexible exchange rates=== The ECB targets interest rates rather than exchange rates and in general does not intervene on the foreign exchange rate markets, because of the implications of the [[Mundell-Fleming Model]] which suggest that a central bank cannot maintain interest rate and exchange rate targets simultaneously because increasing the [[money supply]] results in a [[depreciation]] of the currency. In the years following the [[Single European Act]], the EU has liberalised its capital markets, and as the [[European Central Bank|ECB]] has chosen monetary autonomy, the [[exchange rate regime]] of the euro is flexible, or [[Floating exchange rate|floating]]. This explains why the exchange rate of the euro vis-à-vis other currencies is characterised by strong fluctuations. Most notable are the fluctuations of the euro versus the U.S. dollar, another free-floating currency. However this focus on the dollar-euro parity is partly subjective. It is taken as a reference because the euro competes with the dollar's role as reserve currency. The effect of this selective reference is misleading, as it gives observers the impression that a rise in the value of the euro versus the dollar is the effect of increased global strength of the euro, while it may be the effect of an intrinsic weakening of the dollar itself. [[Image:Euro exchange rate to USD, JPY, and GBP.png|thumb|right|350px|Exchange rate evolution of the euro compared to USD, JPY and GBP. Exchange rate at start is put to 1. <br /><span style="color:#0f0">Green:</span> in Jan-1999: €1 = $1.18 ; in Jul-2008: €1 = $1.57 <br /><span style="color:red">Red:</span> in Jan-1999: €1 = ¥133 ; in Jul-2008: €1 = ¥168 <br /><span style="color:#0000f1">Blue:</span> in Jan-1999: €1 = £0.71 ; in Jul-2008: €1 = £0.80]] ===Against other major currencies=== After the introduction of the euro, its exchange rate against other currencies fell heavily, especially against the U.S. dollar. At its introduction in 1999, the euro was traded at US$1.18/€, but by [[October 26]], [[2000]], it had fallen to an all-time low of $0.8228/€. After the appearance of the coins and notes in [[January 1]] [[2002]] and the replacement of all national currencies, the euro then began steadily appreciating, and soon regained parity with the U.S. dollar on [[July 15]], [[2002]]. Since December 2002, the euro has not again fallen below parity with the U.S. dollar but has, instead, begun an unprecedented ascendency. On [[23 May]] [[2003]], the euro surpassed its initial ($1.18) trading value for the first time. At the end of [[2004]], it reached a peak of $1.3668 (€0.7316/$) as the U.S. dollar fell against all major currencies, fuelled by the so-called [[double deficit (economics)|double deficit]] in the US accounts. The dollar temporarily recovered in [[2005]], rising to $1.18 (€0.85/$) in July 2005, and was stable throughout the second half of 2005. The steep increase in U.S. interest rates during 2005 had much to do with this trend. But on November 2005 the dollar again began to fall steadily until the present day hitting one record low after another. On [[15 July]] [[2008]], the U.S. dollar fell to an all-time low of $1.5990 (€0.6254/$) against the euro.<ref>[http://www.ecb.eu/stats/exchange/eurofxref/html/eurofxref-graph-usd.en.html ECB official rates against the U.S. dollar] from ecb.eu</ref> <!--NOTE TO EDITORS: only the ECB official rate may be cited, not momentary spot rates. --> On [[April 16]], [[2008]], the [[pound sterling]] fell to an all-time low of £0.80610 (€1.2405/£) against the euro.<ref>[http://www.ecb.eu/stats/exchange/eurofxref/html/eurofxref-graph-gbp.en.html ECB official rates against the British pound] from ecb.eu</ref> *[http://www.ecb.eu/stats/exchange/eurofxref/html/index.en.html Current and historical exchange rates against 29 other currencies (European Central Bank)] *[http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/currency/13/12/twelve_month.stm Current dollar/euro exchange rates (BBC)] *[http://www.kshitij.com/graphgallery/eurmth.shtml Historical exchange rate from 1971 until now] [[Image:DOLLAR AND EURO IN THE WORLD.svg|300px|thumb|Worldwide use of the euro and the U.S. dollar: {{Legend|#092D98|[[Eurozone]]}} {{Legend|#98b3ff|External adopters of the euro}} {{Legend|#510999|Currencies pegged to the euro}} {{Legend|#CC99FF|Currencies pegged to the euro w/ narrow band}} {{Legend|#099811|United States}} {{Legend|#99FF9E|External adopters of the US dollar}} {{Legend|#999909|Currencies pegged to the US dollar}} {{Legend|#FFFF99|Currencies pegged to the US dollar w/ narrow band}} ]] ===Currencies pegged to the euro=== {{main|Currencies related to the euro}} There are a number of non-EU currencies that were [[Fixed exchange rate|pegged]] to a European currency and are now currencies related to the euro: the [[Cape Verdean escudo]], the [[Bosnia and Herzegovina convertible mark]], the [[CFP franc]], the [[CFA franc]] and the [[Comorian franc]]. In total, the euro is the official currency in 15 states inside the European Union, and 5 states/territories outside the European Union. In addition, 23 states and territories have currencies that are directly pegged to the euro including 14 countries in mainland Africa, 3 EU members that will ultimately join the euro, 3 French Pacific territories, 2 African island countries and another Balkan country, [[Bosnia and Herzegovina]]. {{Exchange Rate|EUR|RUB|header = h3}} In the United Kingdom, although not a member of the Eurozone, many high-street banks report that as much as 90% of their international trade is conducted in euro. It is common therefore for them to use the euro as their 'core' currency on international business systems, only converting to Sterling for local accountancy purposes.<ref> {{cite web |last = Nina |first = Koeppen |title = Euro's Role Slips in World Markets |publisher = The Wall Street Journal |date=[[June 26]], [[2007]] |url = http://online.wsj.com/article/SB118280455990947545.html?mod=sphere_ts |accessdate = 2007-08-08}}</ref> ==Linguistic issues== {{main|Linguistic issues concerning the euro}} The formal titles of the currency are "euro" for the major unit and "cent" for the minor (one hundredth) unit and for official use in most Eurozone languages, these names are invariant in the plural.<ref>{{cite web|url=http://www.ecb.eu/pub/pdf/conrep/cr200705en.pdf|title=European Central Bank, Covergence report May 2007|format=PDF}}</ref> These styles are often in conflict with the structures of the national languages. For English language texts, however, there is a recommendation from the [[Directorate-General for Translation (European Commission)|Directorate-General for Translation]], the EU's translation service, that the natural plurals 'euros' and 'cents' should be used in non-legal documents intended for the general public.<ref>For example, see European Commission, Directorate General for Translation: English Style Guide section 20.8 ''"'''The euro.''' Like 'pound', 'dollar' or any other currency name in English, the word 'euro' is written in lower case with no initial capital and, where appropriate, takes the plural 's' (as does 'cent')."'' [http://ec.europa.eu/translation/writing/style_guides/english/style_guide_en.pdf European Commission Directorate-General for Translation - English Style Guide].</ref> <!-- advice to editors: this paragraph is intended to be just a summary. If you wish to add material, please consider using the "Linguistic issues" article to do so.--> ==See also== {{Euro topics}} ==Notes and references== {{reflist|2}} ==Further reading== {{refbegin}} *Baldwin, Richard and Charles Wyplosz, ''The Economics of European Integration'', New York: McGraw Hill, 2004. *European Commission, ''High Level Task Force on Skills and Mobility - Final Report'', [[14 December]] [[2001]]. {{refend}} ==External links== {{commons|euro}} ===Official websites=== *[http://ec.europa.eu/economy_finance/the_euro/index_en.htm?cs_mid=2946 The euro] – [[Europa (web portal)|Europa]] **{{PDFlink|[http://ec.europa.eu/comm/translation/writing/style_guides/english/style_guide_en.pdf English style guide]|621&nbsp;KB}} *[http://www.ecb.eu/home/html/index.en.html European Central Bank] **[http://www.ecb.int/bc/flash/security/index_en.html Security features] **[http://www.ecb.eu/stats/exchange/eurofxref/html/index.en.html Exchange rates] ===Other=== {{Standard numismatics external links |banknote_world_1_url = Euro |banknote_world_1_name = Euro |dollarization_1_url = |dollarization_1_name = |gfd_1_url = Europe |gfd_1_name = Europe |show_gfd_excel = Y }} *[http://news.bbc.co.uk/2/hi/business/7300231.stm Dollar falls to record euro low [[March 17]], [[2008]]] *[http://p2.forumforfree.com/index.php?mforum=melitikus The €uro Collection Forum] *[http://www.ibiblio.org/theeuro/faq The Euro Information Site] – [[ibiblio]] *[http://www.eurotopics.net/en/magazin/euro-2008-02/euro-debatte-2008-02/ The symbolic power of the euro] {{European Union topics}} {{Currencies of Europe}} {{Currencies of Africa}} {{Currencies of the Americas}} {{Currencies of Asia}} [[Category:Economy of the European Union]] [[Category:Monetary unions]] [[Category:Karlspreis Recipients]] {{Link FA|de}} {{Link FA|ko}} [[af:Euro]] [[am:ዩሮ]] [[ar:يورو]] [[an:Euro]] [[frp:Erô]] [[ast:Euru]] [[az:Avro]] [[bn:ইউরো]] [[zh-min-nan:Euro]] [[be:Еўра]] [[be-x-old:Эўра]] [[bar:Euro]] [[bs:Euro]] [[br:Euro]] [[bg:Евро]] [[ca:Euro]] [[cv:Евро]] [[cs:Euro]] [[cy:Ewro]] [[da:Euro]] [[de:Euro]] [[et:Euro]] [[el:Ευρώ]] [[es:Euro]] [[eo:Eŭro]] [[eu:Euro]] [[fa:یورو]] [[ext:Euru]] [[fo:Euro]] [[fr:Euro]] [[fy:Euro]] [[fur:Euro]] [[ga:Euro]] [[gv:Euro]] [[gd:Euro]] [[gl:Euro]] [[ko:유로]] [[hy:Եւրօ]] [[hi:यूरो]] [[hsb:Euro]] [[hr:Euro]] [[io:Euro]] [[bpy:ইউরো]] [[id:Euro]] [[ia:Euro]] [[ie:Euro]] [[is:Evra]] [[it:Euro]] [[he:אירו]] [[jv:Euro]] [[ka:ევრო]] [[kw:Euro]] [[sw:Euro]] [[ku:Euro]] [[lad:Euro]] [[la:Euro]] [[lv:EUR]] [[lb:Euro]] [[lt:Euras]] [[lij:Euro]] [[li:Euro]] [[ln:Euro]] [[jbo:ronru'u]] [[hu:Euró]] [[mk:Евро]] [[ml:യൂറോ]] [[mt:Ewro]] [[mr:युरो]] [[ms:Euro]] [[nah:Euro]] [[nl:Euro]] [[ja:ユーロ]] [[no:Euro]] [[nn:Euro]] [[nrm:Étchu]] [[oc:Èuro]] [[pap:Euro]] [[pms:Euro]] [[nds:Euro]] [[pl:Euro]] [[pt:Euro]] [[ro:Euro]] [[rm:Euro]] [[qu:Iwru]] [[ru:Евро]] [[se:Euro]] [[sco:Euro]] [[st:Euro]] [[sq:Euro]] [[scn:Euru]] [[simple:Euro]] [[sk:Euro]] [[sl:Evro]] [[sr:Евро]] [[sh:Euro]] [[fi:Euro]] [[szl:Ojro]] [[sv:Euro]] [[tl:Euro]] [[ta:ஐரோ]] [[th:ยูโร]] [[vi:Euro]] [[tg:Евро]] [[tr:Avro]] [[uk:Євро]] [[vec:Euro]] [[fiu-vro:Õuro]] [[wa:Motî:euro]] [[wuu:欧元]] [[yi:יורא]] [[yo:Euro]] [[zh-yue:歐元]] [[diq:Euro]] [[bat-smg:Eurs]] [[zh:欧元]]