Euro (currency sign - €, bank code: EUR) - the official currency of 17 countries "euro" (Austria, Belgium, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Finland , France, Estonia). The currency used in 9 states, 7 of them - are European. Thus, the euro - is the single currency for more than 320 million Europeans. In December 2006, in cash circulation was 610 billion euros, making the currency holder of the highest aggregate amount of cash circulating in the world, ahead of this indicator, the U.S. dollar.
The euro was introduced to world financial markets as an accounting currency in 1999, and January 1, 2002 were introduced in the cash handling banknotes and coins. Euro replaced the European Currency Unit (ECU), which was used in the European Monetary System from 1979 to 1998, in a 1:1 ratio.
Euro is managed and administered by the European Central Bank (ECB), located in Frankfurt, and the European System of Central Banks (ESCB), which consists of the central banks of EU Member States, irrespective of whether they have adopted the euro as their currency. ECB is an independent central bank, and he has the exclusive right to determine monetary policy in the eurozone. ESCB deals with the printing of banknotes and coinage, the distribution of cash in the euro area countries, but also ensures the functioning of payment systems in the euro area.
All members of the European Union have the right to enter the euro zone if they meet certain requirements to monetary policy, and for all new members of the European Union commitment to eventually adopt the euro is a prerequisite for joining the union.
The euro was introduced to world financial markets as an accounting currency in 1999, and January 1, 2002 were introduced in the cash handling banknotes and coins. Euro replaced the European Currency Unit (ECU), which was used in the European Monetary System from 1979 to 1998, in a 1:1 ratio.
Euro is managed and administered by the European Central Bank (ECB), located in Frankfurt, and the European System of Central Banks (ESCB), which consists of the central banks of EU Member States, irrespective of whether they have adopted the euro as their currency. ECB is an independent central bank, and he has the exclusive right to determine monetary policy in the eurozone. ESCB deals with the printing of banknotes and coinage, the distribution of cash in the euro area countries, but also ensures the functioning of payment systems in the euro area.
All members of the European Union have the right to enter the euro zone if they meet certain requirements to monetary policy, and for all new members of the European Union commitment to eventually adopt the euro is a prerequisite for joining the union.
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