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Transcript of The Euro
Benefits of having a single currency
19 countries are part of the Eurozone.
To join the euro, all countries must have a stable economy meet certain conditions known as 'convergence criteria'.
Joining the Euro
What does it look like?
The euro outside the euro area:
Monaco, San Marino, the Vatican City State and Andorra.
Also: in the Caribbean (Guadeloupe, Martinique and Saint-Barthélémy), in the Indian Ocean (Mayotte and Réunion) and the Atlantic Ocean (Azores, Canaries, Madeira and Saint Pierre and Miquelon) as well as in Ceuta and Melilla on the north coast of Africa and French Guiana in South America.
The Euro coins and banknotes have been in circulation since January 2002 and became legal tender in the 12 countries of the euro area.
The banknotes come in denominations of 5, 10, 20, 50, 100, 200, 500. Each denomination is a different size and color.
• The coins come in denominations of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, one euro and 2 euros.
Denmark*, Sweden* and the United Kingdom** are members of the Union but are not currently participating in the single currency.
Situation in Greece and its effect on the Eurozone.
a) Annual budget deficits must not exceed 3% of GDP.
b) Public debt must be under 60% of GDP.
c) The country must have exchange rate stability
d) Inflation rates must be within 1.5% of the three EU countries with the lowest rate.
e) Long-term interest rates must be within 2% of the three lowest interest rates in the EU.
The European Union's Maastricht Treaty 1992
National target dates for adoption of the euro:
- Romania 01.01.2019
Bulgaria, Croatia, Czech Republic, Hungary, Poland and Sweden do not currently have a target date for adoption of the euro.
Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
The banknote designs:
1. depict the architectural styles of seven periods in Europe’s cultural history (Classical, Gothic, Renaissance, Baroque etc.)
2. show three main architectural elements: windows, gateways and bridges.
3. common to all euro banknotes:
a. the European flag,
b. the initials of the European Central Bank (BCE, ECB, EZB, EKT, EKP),
c. a map of Europe on the back,
d. the word “euro” in Latin and Translated Version script,
e. the 12 stars of the EU,
f. the signature of the current president of the ECB.
The name of the European currency was adopted by the European Council in 1995.
Other suggestions were rejected because of their national connotations.
Alternative names included the “ducat”, “ecu”, “florin”, “franken”, “euromark”.
- Inspired by the Greek letter epsilon, reflecting the cradle of European civilisation.
- The first letter stands for the word Europe.
- The two strong parallel horizontal lines symbolise the stability of the currency.
- The official abbreviation of the euro, EUR, has been registered with the International Organization for Standardization (ISO).
The Euro symbol
The exchange rate
EUR 1 = LTL 3.4528
LTL 1 = EUR 0.2896
• a stable currency
• low inflation and lower interest rates
• price transparency
• no currency exchange costs
• a better performing economy
• greater ease of international trade
• a tangible symbol of European identity
* do not use the euro, and are not required to be a part of the eurozone.
** opposition as high as 75% to adopting the euro.
The European Central Bank was established in Frankfurt, Germany (1998), to manage the new common currency.