Euro - the Common Currency for 21st Century Europe
|
|
The euro was launched on 1/ 1/1999 as a virtual currency by eleven of the 15 European Union member countries. On 1/1/2002 with the introduction of euro notes and coins in 12 EU members the European Monetary Union (EMU) was completed. The
12 European countries that have adopted the euro: |
The introduction of euro notes and coins in 12 European countries is having tremendous effects. It is the first time in the history of the world that an area of more than 300 million inhabitants, with an economic wealth second only to the United States, has joined willingly into a monetary union. The euro is the official currency in the 12 eurogroup countries. The euro is already coexisting alongside the US dollar as world currency status.
The euro is managed by the European Central Bank, which has its seat in Frankfurt, Germany.
The euro is the direct outcome of a greater process; i.e. the gradual European integration process started in the 1950s and that is now enbodied by the European Union (EU). The treaty establishing the EU became effective November 1, 1993. The EU includes fifteen countries: the 12 eurogroup countries plus Denmark, Sweden, and United Kingdom. The EU is also enlarging, it will include 10 new members from Central Europe by 2004.
The EU and its common currency, euro, represent a big opportunity for US companies globally focused and already present in the European markets.
|
|
This
is the symbol for the euro.
This symbol - €
- is present in all computer keyboards within the European
Union, much like the US
dollar sign. |
The introduction of the euro is having many repercussions, for instance France, Germany, and Italy, which are member of the G8, are participating in G8 meetings as a single voice, representing the whole 12 eurogroup countries.
Francesco
Scordato - February 2003