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Suisse FR. Wie bewerten Sie diese Seite? Dieser Titel ist im E-Banking nicht handelbar.

The front of the note features windows or gateways while the back has bridges, symbolising links between states in the union and with the future.

While the designs are supposed to be devoid of any identifiable characteristics, the initial designs by Robert Kalina were of specific bridges, including the Rialto and the Pont de Neuilly , and were subsequently rendered more generic; the final designs still bear very close similarities to their specific prototypes; thus they are not truly generic.

The monuments looked similar enough to different national monuments to please everyone. Capital within the EU may be transferred in any amount from one state to another.

All intra-Union transfers in euro are treated as domestic transactions and bear the corresponding domestic transfer costs.

Of the symbol, the Commission stated [23]. The European Commission also specified a euro logo with exact proportions and foreground and background colour tones.

The euro was established by the provisions in the Maastricht Treaty. In the Maastricht Treaty, the United Kingdom and Denmark were granted exemptions per their request from moving to the stage of monetary union which resulted in the introduction of the euro.

For macroeconomic theory, see below. The name "euro" was officially adopted in Madrid on 16 December 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 of one euro in terms of the exchange rates at which the currency entered the euro are shown on the right.

The rates were determined by the Council of the European Union , [note 14] based on a recommendation from the European Commission based on the market rates on 31 December 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.

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 conversion rate between the Greek 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.

The currency was introduced in non-physical form traveller's cheques , electronic transfers, banking, etc. Their exchange rates were locked at fixed rates against each other.

The notes and coins for the old currencies, however, continued to be used as legal tender until new euro notes and coins were introduced on 1 January 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 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, where the mark officially ceased to be legal tender on 31 December , though the exchange period lasted for two months more.

Even after the old currencies ceased to be legal tender, they continued to be accepted by national central banks for periods ranging from several years to indefinitely the latter for Austria, Germany, Ireland, Estonia and Latvia in banknotes and coins, and for Belgium, Luxembourg, Slovenia and Slovakia in banknotes only.

The earliest coins to become non-convertible were the Portuguese escudos , which ceased to have monetary value after 31 December , although banknotes remain exchangeable until Following the U.

The authors conclude that the crisis "is as much political as economic" and the result of the fact that the euro area lacks the support of "institutional paraphernalia and mutual bonds of solidarity of a state".

With all but one Denmark of the remaining EU members obliged to join when economic conditions permit, together with future members of the EU, the enlargement of the eurozone is set to continue.

The euro has been used as a trading currency in Cuba since , [54] Syria since , [55] and Venezuela since In , Zimbabwe abandoned its local currency and used major currencies instead, including the euro and the United States dollar.

Since its introduction, the euro has been the second most widely held international reserve currency after the U.

Over this period, the share held in U. The euro inherited and built on the status of the Deutsche Mark as the second most important reserve currency.

The possibility of the euro becoming the first international reserve currency has been debated among economists.

Outside the eurozone, a total of 22 countries and territories that do not belong to the EU have currencies that are directly pegged to the euro including 14 countries in mainland Africa CFA franc , two African island countries Comorian franc and Cape Verdean escudo , three French Pacific territories CFP franc and three Balkan countries, Bosnia and Herzegovina Bosnia and Herzegovina convertible mark , Bulgaria Bulgarian lev and North Macedonia Macedonian denar.

With the exception of Bosnia, Bulgaria, North Macedonia which had pegged their currencies against the Deutsche Mark and Cape Verde formerly pegged to the Portuguese escudo , all of these non-EU countries had a currency peg to the French Franc before pegging their currencies to the euro.

Pegging a country's currency to a major currency is regarded as a safety measure, especially for currencies of areas with weak economies, as the euro is seen as a stable currency, prevents runaway inflation and encourages foreign investment due to its stability.

Within the EU several currencies are pegged to the euro, mostly as a precondition to joining the eurozone. Since , stamps issued by the Sovereign Military Order of Malta have been denominated in euros, although the Order's official currency remains the Maltese scudo.

In economics, an optimum currency area, or region OCA or OCR , is a geographical region in which it would maximise economic efficiency to have the entire region share a single currency.

There are two models, both proposed by Robert Mundell : the stationary expectations model and the international risk sharing model.

Mundell himself advocates the international risk sharing model and thus concludes in favour of the euro. Before the lates recession it was considered unlikely that a state would leave the euro or the whole zone would collapse.

John Lanchester, writing for The New Yorker , explains it:. The guiding principle of the currency, which opened for business in , were supposed to be a set of rules to limit a country's annual deficit to three per cent of gross domestic product, and the total accumulated debt to sixty per cent of G.

It was a nice idea, but by the two biggest economies in the euro zone, Germany and France, had broken the rules for three years in a row.

The most obvious benefit of adopting a single currency is to remove the cost of exchanging currency, theoretically allowing businesses and individuals to consummate previously unprofitable trades.

For consumers, banks in the eurozone must charge the same for intra-member cross-border transactions as purely domestic transactions for electronic payments e.

Financial markets on the continent are expected to be far more 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.

However, although transaction costs were reduced, some studies have shown that risk aversion has increased during the last 40 years in the Eurozone.

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. 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 eurozone markets. Before the introduction of the euro, some countries had successfully contained inflation, which was then seen as a major economic problem, by establishing largely independent central banks.

The euro has come under criticism due to its regulation, lack of flexibility and rigidity towards sharing member States on issues such as nominal interest rates.

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.

Unfortunately, there is also a cost in structurally keeping inflation lower than in the United States, UK, and China.

The result is that seen from those countries, the euro has become expensive, making European products increasingly expensive for its largest importers.

Hence export from the eurozone becomes more difficult. In general, those in Europe who own large amounts of euros are served by high stability and low inflation.

A monetary union means states in that union lose the main mechanism of recovery of their international competitiveness by weakening depreciating their currency.

When wages become too high compared to productivity in exports sector then these exports become more expensive and they are crowded out from the market within a country and abroad.

This drive fall of employment and output in the exports sector and fall of trade and current account balances. Fall of output and employment in tradable goods sector may be offset by the growth of non-exports sectors, especially in construction and services.

Increased purchases abroad and negative current account balance can be financed without a problem as long as credit is cheap.

A state in a monetary union cannot use weakening of currency to recover its international competitiveness. To achieve this a state has to reduce prices, including wages deflation.

This could result in high unemployment and lower incomes as it was during European sovereign-debt crisis. This may be because of the inclusion of the Financial crisis of — and ongoing integration within the EU.

The euro has most specifically stimulated investment in companies that come from countries that previously had weak currencies.

The introduction of the euro has led to extensive discussion about its possible effect on inflation. In the short term, there was a widespread impression in the population of the eurozone that the introduction of the euro had led to an increase in prices, but this impression was not confirmed by general indices of inflation and other studies.

The study found that consumers based their beliefs on inflation of those cheap goods which are frequently purchased. One of the advantages of the adoption of a common currency is the reduction of the risk associated with changes in currency exchange rates.

It has been found that the introduction of the euro created "significant reductions in market risk exposures for nonfinancial firms both in and outside Europe".

The introduction of the euro seems to have had a strong effect on European financial integration.

According to a study on this question, it has "significantly reshaped the European financial system, especially with respect to the securities markets [ As of January , and since the introduction of the euro, interest rates of most member countries particularly those with a weak currency have decreased.

Some of these countries had the most serious sovereign financing problems. The evidence on the convergence of prices in the eurozone with the introduction of the euro is mixed.

Several studies failed to find any evidence of convergence following the introduction of the euro after a phase of convergence in the early s.

A study suggests that the introduction of the euro has had a positive effect on the amount of tourist travel within the EMU, with an increase of 6.

The ECB targets interest rates rather than exchange rates and in general does not intervene on the foreign exchange rate markets. This is because of the implications of the Mundell—Fleming model , which implies a central bank cannot without capital controls 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 ECB has inflation targeting as its monetary policy , the exchange-rate regime of the euro is floating.

The euro is the second-most widely held reserve currency after the U. After its introduction on 4 January its exchange rate against the other major currencies fell reaching its lowest exchange rates in 3 May vs Pound sterling , 25 October vs the U.

Afterwards it regained and its exchange rate reached its historical highest point in 15 July vs U. With the advent of the global financial crisis the euro initially fell, to regain later.

Despite pressure due to the European sovereign-debt crisis the euro remained stable. Besides the economic motivations to the introduction of the euro, its creation was also partly justified as a way to foster a closer sense of joint identity between European citizens.

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; according to the ECB, all languages should use the same spelling for the nominative singular.

Official practice for English-language EU legislation is to use the words euro and cent as both singular and plural, [] although the European Commission's Directorate-General for Translation states that the plural forms euros and cents should be used in English.

From Wikipedia, the free encyclopedia. This article is about the currency. For other uses, see Euro disambiguation. For other uses, see EUR disambiguation and Euros disambiguation.

Currency of most countries in the European Union. European Union Monetary agreement Unilateral adopters 2. Other partial users 2. Single euro payments area 13 from Main articles: Euro coins and Euro banknotes.

Main article: Single Euro Payments Area. Main article: Euro sign. Main article: History of the euro. This section needs additional citations for verification.

Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Main articles: Eurozone crisis and Greek government-debt crisis.

See also: — Icelandic financial crisis. Further information: Eurozone , International status and usage of the euro , and Enlargement of the eurozone.

San Marino. Eurozone members. Monetary agreement. Unilaterally adopted. Main article: International status and usage of the euro.

External adopters of the euro. Currencies pegged to the euro. Currencies pegged to the euro within narrow band. United States. External adopters of the US dollar.

Currencies pegged to the US dollar. Currencies pegged to the US dollar within narrow band. Further information: Optimum currency area.

Euro exchange rate against U. Main article: Linguistic issues concerning the euro. Money portal European Union portal Numismatics portal.

The Caribbean Netherlands introduced the United States dollar in Official Journal of the European Union. Retrieved 8 September Retrieved 30 May Retrieved 17 July Archived from the original on 7 June The percentages above are the percent of trades involving that currency regardless of whether it is bought or sold, e.

European Communities. Retrieved 1 April European Central Bank. Deutsche Welle. Retrieved 4 November Archived from the original on 15 January Retrieved 29 May Retrieved 11 January Hazlehurst Media SA.

Archived from the original on 20 October European Commission website. Retrieved 2 January Bank for International Settlements.

Retrieved 7 February Retrieved 25 July The Euro vs. Retrieved 27 December Business Insider. Retrieved 8 December Retrieved 23 January European Parliament.

Retrieved 14 February Retrieved 5 March Retrieved 12 March European Commission. Retrieved 29 January Retrieved 18 December The adjustment is done on the basis of data provided by the European Commission.

Retrieved 7 April Retrieved 26 November Archived from the original PDF on 5 December Retrieved 16 November Rules for expressing monetary units".

Archived from the original on 6 March Retrieved 17 December We will never ask for your bank details.

The company traded at Casheuronetuk. The Joint Administrators will conduct an orderly wind down of the business and sale of the assets and start the process of identifying all creditors, in accordance with their statutory obligations.

The Joint Administrators will continue to work closely with the Financial Conduct Authority FCA as the administration process progresses, supporting customers where possible during this period.

All outstanding loans remain subject to the terms agreed with CashEuroNet, QuickQuid, On Stride Financial and Pounds to Pocket and customers should continue to make payments in the usual way.

Those customers with complaints should continue to approach the company in administration. These complaints will then be assessed and if valid dealt with as unsecured creditors of the administration estate.

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Cash Euro - Vergleich Vorjahr

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The best time to buy euros is when the pound is performing strongly relative to the euro because this leads to higher exchange rates and ultimately means you get more for your money.

The amount of euros you receive is calculated by multiplying the exchange rate by the amount of pounds you have, so a higher exchange rate means you get more euros.

It is impossible to say precisely when to buy euros because the exchange rate is constantly changing, but you can use our historical euro exchange rate chart above to determine if now is a good time to buy relative to the past.

Ultimately, don't worry about trying to pick the perfect time to buy because it doesn't make a huge difference to the amount you'll receive unless you're buying tens or hundreds of thousands of pounds worth of euros in which case you'll probably want to use a money transfer service.

There is no evidence to suggest that you are better off buying your euros in Europe. Exchange rates are usually very similar to those on offer here in the UK, but by waiting until you're in Europe you run the risk of being stuck with a poor exchange rate and little or no local competition to buy elsewhere.

Also, you may have to pay additional fees or commission when buying euros in Europe, whereas when you buy in the UK you know exactly how much you are getting up front with no hidden surprises when you come to buy.

If you want to send money to a bank account in Europe or anywhere else in the world , you should use a money transfer service to send the funds for you.

This is particularly useful for large or regular payments where the exchange rate is important, but you can use a money transfer service to send or receive funds between any overseas bank accounts for example to pay for goods in Europe, or receive euros into your UK bank account.

You can also use your bank to make a euro transfer, but the fees and poor exchange rate make this a costly option that should only be used as a last resort.

Thousands of customers order travel money on our website every week and the vast majority experience no issues whatsoever.

However, as with any online order the process is not entirely risk-free and you should exercise caution when sending money to any company, particularly if you pay by bank transfer.

We undertake strict and comprehensive checks on the companies that we feature, and we monitor them all on a regular basis to ensure they continue to meet our high standards.

Having said that, no company is too big to fail and we cannot guarantee the solvency of any of the suppliers who appear on our website.

For this reason, we recommend that you conduct your own due diligence before placing an order with any company.

In the unlikely event that something does go wrong after you've placed an order, your payment method will determine how you are financially protected.

For more information see: Choosing the right payment method. It's important that you understand the different ways that you can pay for your travel money because the payment method you choose determines how you are financially protected if something goes wrong with the supplier.

There is no financial protection if you pay by bank transfer, so if a supplier goes bust with your money you are unlikely to get it back.

We recommend you choose an alternative payment method where one is available such as debit or credit card because they offer more financial protection.

If you pay by debit card your funds are protected in the event of fraud or non-receipt under the card issuer's product and service rules.

If a supplier goes bust you can instruct your bank to make a chargeback request against the supplier's bank which means you have a good chance of recovering your money.

If you pay by credit card you have full legal protection under section 75 of the Consumer Credit Act. Part of the FCA's job is to ensure that companies who offer 'regulated activities' are acting in the best interests of consumers by requiring them to register or become authorised.

Being registered or authorised by the FCA does not guarantee a company's solvency, but authorised companies are required to segregate all customer funds which means you have a better chance of recovering your money if the company goes bust.

Travel Money is not classified as a regulated activity by the FCA which means companies who solely provide travel money are exempt from registering , although they may choose to do so voluntarily.

Get the best euro exchange rate Compare today's best pound to euro exchange rates from the UK's biggest currency suppliers.

What currency do you want to buy? US dollars. Argentine pesos. Australian dollars. Bahamian dollars. Bahraini dinars. Bangladeshi taka.

Barbados dollars. Bermudian dollars. Brazilian reals. Brunei dollars. Bulgarian lev. Canadian dollars.

Cayman Islands dollars. Central Pacific francs. Chilean pesos. Chinese yuan. Colombian pesos. Costa Rica colons. Croatian kuna. Czech koruna.

Danish krone. Dominican pesos. East Caribbean dollars. Egyptian pounds. Fiji dollars. Gambian dalasi.

Guatemalan quetzales. Honduran lempiras. Hong Kong dollars. Hungarian forints. Icelandic krona. Indian rupees. Indonesian rupiahs. Israeli shekels.

Jamaican dollars. Japanese yen. Jordanian dinars. Kenyan shillings. Kuwaiti dinars. Lebanese pounds. Malaysian ringgits. Mauritian rupees.

Mexican pesos. Moroccan dirham. Namibian dollars. New Zealand dollars. Norwegian krone. Omani rials. Pakistani rupees. Papua New Guinean kina.

In the Maastricht Treaty, the United Kingdom and Denmark were granted exemptions per their request from moving to the stage of monetary union which resulted in the introduction of the euro.

For macroeconomic theory, see below. The name "euro" was officially adopted in Madrid on 16 December 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 of one euro in terms of the exchange rates at which the currency entered the euro are shown on the right.

The rates were determined by the Council of the European Union , [note 14] based on a recommendation from the European Commission based on the market rates on 31 December 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.

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 conversion rate between the Greek 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.

The currency was introduced in non-physical form traveller's cheques , electronic transfers, banking, etc. Their exchange rates were locked at fixed rates against each other.

The notes and coins for the old currencies, however, continued to be used as legal tender until new euro notes and coins were introduced on 1 January 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 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, where the mark officially ceased to be legal tender on 31 December , though the exchange period lasted for two months more.

Even after the old currencies ceased to be legal tender, they continued to be accepted by national central banks for periods ranging from several years to indefinitely the latter for Austria, Germany, Ireland, Estonia and Latvia in banknotes and coins, and for Belgium, Luxembourg, Slovenia and Slovakia in banknotes only.

The earliest coins to become non-convertible were the Portuguese escudos , which ceased to have monetary value after 31 December , although banknotes remain exchangeable until Following the U.

The authors conclude that the crisis "is as much political as economic" and the result of the fact that the euro area lacks the support of "institutional paraphernalia and mutual bonds of solidarity of a state".

With all but one Denmark of the remaining EU members obliged to join when economic conditions permit, together with future members of the EU, the enlargement of the eurozone is set to continue.

The euro has been used as a trading currency in Cuba since , [54] Syria since , [55] and Venezuela since In , Zimbabwe abandoned its local currency and used major currencies instead, including the euro and the United States dollar.

Since its introduction, the euro has been the second most widely held international reserve currency after the U.

Over this period, the share held in U. The euro inherited and built on the status of the Deutsche Mark as the second most important reserve currency.

The possibility of the euro becoming the first international reserve currency has been debated among economists. Outside the eurozone, a total of 22 countries and territories that do not belong to the EU have currencies that are directly pegged to the euro including 14 countries in mainland Africa CFA franc , two African island countries Comorian franc and Cape Verdean escudo , three French Pacific territories CFP franc and three Balkan countries, Bosnia and Herzegovina Bosnia and Herzegovina convertible mark , Bulgaria Bulgarian lev and North Macedonia Macedonian denar.

With the exception of Bosnia, Bulgaria, North Macedonia which had pegged their currencies against the Deutsche Mark and Cape Verde formerly pegged to the Portuguese escudo , all of these non-EU countries had a currency peg to the French Franc before pegging their currencies to the euro.

Pegging a country's currency to a major currency is regarded as a safety measure, especially for currencies of areas with weak economies, as the euro is seen as a stable currency, prevents runaway inflation and encourages foreign investment due to its stability.

Within the EU several currencies are pegged to the euro, mostly as a precondition to joining the eurozone.

Since , stamps issued by the Sovereign Military Order of Malta have been denominated in euros, although the Order's official currency remains the Maltese scudo.

In economics, an optimum currency area, or region OCA or OCR , is a geographical region in which it would maximise economic efficiency to have the entire region share a single currency.

There are two models, both proposed by Robert Mundell : the stationary expectations model and the international risk sharing model.

Mundell himself advocates the international risk sharing model and thus concludes in favour of the euro. Before the lates recession it was considered unlikely that a state would leave the euro or the whole zone would collapse.

John Lanchester, writing for The New Yorker , explains it:. The guiding principle of the currency, which opened for business in , were supposed to be a set of rules to limit a country's annual deficit to three per cent of gross domestic product, and the total accumulated debt to sixty per cent of G.

It was a nice idea, but by the two biggest economies in the euro zone, Germany and France, had broken the rules for three years in a row.

The most obvious benefit of adopting a single currency is to remove the cost of exchanging currency, theoretically allowing businesses and individuals to consummate previously unprofitable trades.

For consumers, banks in the eurozone must charge the same for intra-member cross-border transactions as purely domestic transactions for electronic payments e.

Financial markets on the continent are expected to be far more 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.

However, although transaction costs were reduced, some studies have shown that risk aversion has increased during the last 40 years in the Eurozone.

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. 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 eurozone markets. Before the introduction of the euro, some countries had successfully contained inflation, which was then seen as a major economic problem, by establishing largely independent central banks.

The euro has come under criticism due to its regulation, lack of flexibility and rigidity towards sharing member States on issues such as nominal interest rates.

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.

Unfortunately, there is also a cost in structurally keeping inflation lower than in the United States, UK, and China. The result is that seen from those countries, the euro has become expensive, making European products increasingly expensive for its largest importers.

Hence export from the eurozone becomes more difficult. In general, those in Europe who own large amounts of euros are served by high stability and low inflation.

A monetary union means states in that union lose the main mechanism of recovery of their international competitiveness by weakening depreciating their currency.

When wages become too high compared to productivity in exports sector then these exports become more expensive and they are crowded out from the market within a country and abroad.

This drive fall of employment and output in the exports sector and fall of trade and current account balances. Fall of output and employment in tradable goods sector may be offset by the growth of non-exports sectors, especially in construction and services.

Increased purchases abroad and negative current account balance can be financed without a problem as long as credit is cheap. A state in a monetary union cannot use weakening of currency to recover its international competitiveness.

To achieve this a state has to reduce prices, including wages deflation. This could result in high unemployment and lower incomes as it was during European sovereign-debt crisis.

This may be because of the inclusion of the Financial crisis of — and ongoing integration within the EU. The euro has most specifically stimulated investment in companies that come from countries that previously had weak currencies.

The introduction of the euro has led to extensive discussion about its possible effect on inflation.

In the short term, there was a widespread impression in the population of the eurozone that the introduction of the euro had led to an increase in prices, but this impression was not confirmed by general indices of inflation and other studies.

The study found that consumers based their beliefs on inflation of those cheap goods which are frequently purchased.

One of the advantages of the adoption of a common currency is the reduction of the risk associated with changes in currency exchange rates.

It has been found that the introduction of the euro created "significant reductions in market risk exposures for nonfinancial firms both in and outside Europe".

The introduction of the euro seems to have had a strong effect on European financial integration. According to a study on this question, it has "significantly reshaped the European financial system, especially with respect to the securities markets [ As of January , and since the introduction of the euro, interest rates of most member countries particularly those with a weak currency have decreased.

Some of these countries had the most serious sovereign financing problems. The evidence on the convergence of prices in the eurozone with the introduction of the euro is mixed.

Several studies failed to find any evidence of convergence following the introduction of the euro after a phase of convergence in the early s.

A study suggests that the introduction of the euro has had a positive effect on the amount of tourist travel within the EMU, with an increase of 6.

The ECB targets interest rates rather than exchange rates and in general does not intervene on the foreign exchange rate markets.

This is because of the implications of the Mundell—Fleming model , which implies a central bank cannot without capital controls 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 ECB has inflation targeting as its monetary policy , the exchange-rate regime of the euro is floating.

The euro is the second-most widely held reserve currency after the U. After its introduction on 4 January its exchange rate against the other major currencies fell reaching its lowest exchange rates in 3 May vs Pound sterling , 25 October vs the U.

Afterwards it regained and its exchange rate reached its historical highest point in 15 July vs U. With the advent of the global financial crisis the euro initially fell, to regain later.

Despite pressure due to the European sovereign-debt crisis the euro remained stable. Besides the economic motivations to the introduction of the euro, its creation was also partly justified as a way to foster a closer sense of joint identity between European citizens.

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; according to the ECB, all languages should use the same spelling for the nominative singular.

Official practice for English-language EU legislation is to use the words euro and cent as both singular and plural, [] although the European Commission's Directorate-General for Translation states that the plural forms euros and cents should be used in English.

From Wikipedia, the free encyclopedia. This article is about the currency. For other uses, see Euro disambiguation.

For other uses, see EUR disambiguation and Euros disambiguation. Currency of most countries in the European Union.

European Union Monetary agreement Unilateral adopters 2. Other partial users 2. Single euro payments area 13 from Main articles: Euro coins and Euro banknotes.

Main article: Single Euro Payments Area. Main article: Euro sign. Main article: History of the euro.

This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources.

Unsourced material may be challenged and removed. Main articles: Eurozone crisis and Greek government-debt crisis.

See also: — Icelandic financial crisis. Further information: Eurozone , International status and usage of the euro , and Enlargement of the eurozone.

San Marino. Eurozone members. Monetary agreement. Unilaterally adopted. Main article: International status and usage of the euro.

External adopters of the euro. Currencies pegged to the euro. Due to the great number of historic bridges, arches, and gateways throughout the European continent, all the structures represented on the notes are entirely stylised illustrations of the relevant architectural styles, designed to evoke the landmarks within the European Union , [16] representing various European ages and styles.

The euro banknotes bear the signature of the President of the European Central Bank. In the first series, notes printed between November and March show the signature of Jean Claude Trichet , the second President of the ECB, [17] [74] replacing that of the first president, Wim Duisenberg , [17] who was the ECB president when the first euro banknotes and coins were issued, until From , Christine Lagarde 's signature will gradually begin to appear on banknotes entering circulation, becoming the fourth signature to appear on Euro banknotes.

The European Central Bank has described some of the basic security features of the euro notes that allow the general public to recognise the authenticity of their currency at a glance:.

However, in the interest of advanced security of the euro notes, the full list of these features is a closely guarded secret of the European Central Bank and the National Central Banks of the Eurosystem.

Still, between the official descriptions and independent discoveries made by observant users, it is thought that the euro notes have at least eleven different security features, which are:.

The European Central Bank intends to redesign the notes every seven or eight years. A new series, called the "Europa series", has been released from ; the first notes entered circulation on 2 May New production and anti-counterfeiting techniques are employed on the new notes, but the design shares the colours of the first series and the theme of bridges and arches.

The new notes also reflect the expansion of the European Union: every member of the EU is depicted on it. The initial series did not include the recent members Cyprus and Malta Cyprus was off the map to the east and Malta was too small to be depicted.

The Bulgarian Cyrillic alphabet features on the Europa series banknotes, as a result of Bulgaria joining the European Union in The modified 5 euro note features the initials of the European Central Bank in each of the contemporary EU member languages in a column on the left-hand side of the obverse.

The full design of the Europa series 5 euro banknote was revealed on 10 January On 4 May , the European Central Bank announced that the Europa series euro banknote would not be released, due to fears of "facilitating the criminal activity".

The old series will gradually be withdrawn. As in the design process of the first series of euro notes, visually impaired users were consulted during the design phase of the Europa series, and their requirements were included in the final designs.

The European Central Bank closely monitors the circulation and stock of the euro coins and banknotes. It is a task of the Eurosystem to ensure an efficient and smooth supply of euro notes and to maintain their integrity throughout the Eurozone.

As of January , there were about 23, million banknotes in circulation around the Eurozone. The European Central Bank publishes information on the amount of counterfeit banknotes removed from circulation every 6 months.

In July , the European Central Bank said that it removed , counterfeit euro banknotes from circulation in the first half of , which is an increase of According to the central bank , the ratio of counterfeited bank notes is about 10 in one million of real bank notes for the Swiss franc , of 50 in one million for the Euro, of in one million for United States dollar and of in one million for Pound sterling.

Legally, both the European Central Bank and the national central banks NCBs of the Eurozone countries have the right to issue the 7 different euro banknotes.

Since , euro notes have been printed by the National Central Banks of the Eurozone, with each Central Bank being responsible for and bearing the cost of producing a proportion of the notes.

There is a six-character printing code on every banknote which states the printer of the banknote.

These printing codes have an initial letter, followed by three digits, then by a single letter, and ending in a digit, for example, "RA1".

The initial letter identifies the printing facility. So "A" would be the first row and "1" would indicate the first column. Banknotes are printed in sheets.

Different printers use different sheet sizes and sheets of higher denominations, which are larger in size, would have fewer notes printed per sheet.

The printer code does not need to be the same as the country code, i. Oberthur a private printer and the printing works of the Bank of France , and two more in the United Kingdom: Thomas De La Rue another private printer and the Bank of England printing house, although the latter does not produce euro banknotes.

Unlike euro coins , euro notes do not have a national side indicating which country issued them.

The country that issued them is not necessarily where they were printed. The information about the issuing country is encoded within the first character of each note's serial number instead.

The first character of the serial number is a letter which uniquely identifies the country that issues the note.

The W, K and J codes have been reserved for the three EU member states that did not adopt the euro in , while the R prefix is reserved for Luxembourg, which, at present, does not issue euro banknotes.

Although the Slovenian letter had been reserved since the eurozone enlargement in January , the country initially used previously issued banknotes issued from other member states.

The first banknotes bearing the "H" letter, produced in France specifically on behalf of Slovenia, were witnessed no sooner than April In the new series, there are two codes, like in the first series.

They are the printer code in the top right hand corner and the serial number. However, as the code indicates the printer, rather than the issuing NCB , certain letters have been reassigned from NCBs which do not maintain their own printing facilities.

In the first series, H denoted Slovenia. The European Central Bank publishes details about euro notes produced every year. There are several communities of people at European level, an example of which is EuroBillTracker , [] that as a hobby keep track of the euro notes that pass through their hands to keep track and know where they travel or have travelled.

On 18 November the ECB decided definitively that there was insufficient demand across the Eurozone for very-low-denomination banknotes.

From Wikipedia, the free encyclopedia. Main article: History of the euro. Scheller European Central Bank. Retrieved 2 August November Retrieved 15 January Retrieved 6 August Deutsche Welle.

La Banque de France. Retrieved 16 June Financial Times. Archived from the original on 10 May Retrieved 13 February Eurozone Portal.

Archived from the original on 15 July European Commission. Archived from the original on 11 September BBC News.

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