Euro (bank code: EUR, currency sign: €, plural euros) is the currency of the Eurozone, including 17 countries of the European Union. It is the second most important reserve currency and the second most traded currency in the world after the U.S. dollar. [1] [2] At the end of 2009, more than 800 billion euros in circulation, it is the currency with higher total value of banknotes and coins in the world, overtaking the U.S. dollar. [3] [4] [5] [6] Estimates for the end of 2008, gross domestic product, taking into account the purchasing power parity of the euro is the second in this world after the United States. [7] [8]
The euro is one of the youngest currencies in the world, appeared officially on January 1, 1999 and came into general use on January 1, 2002 It is the successor of another currency - ECU.
For a single European currency took decades preparation, beginning to accept the Treaty of Rome in 1957, which established the European Economic Community. On economic, monetary and political union are placed with the signing of the Maastricht Treaty in 1992, and with it created and the single European currency. In 1995 the Madrid European Council member states unanimously adopted the name "euro".
With the introduction of the euro has created a special logo (€). Following a public inquiry the original ten proposals were reduced to two, of which the Commission selects the final version - the letter "E" with twice the average horizontal line. Commission a reasoned choice as follows: "Inspiration for the € symbol itself comes from the Greek epsilon (her) - an indication of the cradle of European civilization - and the first letter in the word Europe, crossed by two parallel lines," proving "the stability of the euro." [ 15]
All euro coins have one common side and one national. Face is the same for all countries and the value of the coin depicts the background of the card. For coins of 1, 2 and 5 cents a map of Europe, the fifteen countries of the eurozone in its creation are preceded by nausea, compared to the rest of the map. If other coins first map shows only fifteen, but since 2007 has been added to map a large part of Europe, including countries outside the European Union, Norway.
Tails specific to each country and presents an image chosen by the country of issue. In most cases it is a national symbol and a stylized portrait of the reigning monarch. In this way the coins are distinguished by nationality, but are legal tender in all euro area countries, regardless of which side is issued. Currently there are in circulation Coins of 1, 2, 5, 10, 20 and 50 cents and 1 and 2 euros. In order to avoid the use of coins of 1 and 2 cents in Finland by law, in the Netherlands as practices that price in cash are rounded to 5 cents. [11] This situation and the unwillingness of some stores to accept large bills, was criticized by the European Commission. [12]
Each EU country to join the common currency union must fulfill certain economic criteria, called Maastricht criteria. On January 1, 1999 11 out of 15 EU countries then meet these criteria and adopt the euro and abandon their national currencies. Exchange rates of these currencies is fixed by the European Council of values determined based on market rates on December 31, 1998 and are listed in the table:
Only Greece joined the euro later (January 1, 2001) and the Greek drachma exchange rate is determined on the basis of its value against the euro on June 19, 2000