|
The Eurozone (also called Euro Area, Eurosystem or Euroland) is the subset of European Union member states which have adopted the euro, creating a currency union. The Maastricht Treaty introduced the concept of citizenship of the European Union. ...
Cultural cooperation in the European Union has become a community competency since its inclusion in 1992 in the Maastricht Treaty. ...
The European Union has over 456 million inhabitants and currently has 25 member states. ...
The European Union (EU) was originally created by the six founding states in 1952, but has grown to its current size of 25 member states. ...
Foreign relations of the European Union Foreign relations of Austria Foreign relations of Belgium Foreign relations of Cyprus Foreign relations of the Czech Republic Foreign relations of Denmark Foreign relations of Estonia Foreign relations of Finland Foreign relations of France Foreign relations of Germany Foreign relations of Greece Foreign relations...
Council and Commission. ...
The European Union or EU is a supranational and intergovernmental union of 25 European states. ...
Statistics in the European Union are collected by Eurostat. ...
The euro (plural euro, symbol: €; banking code: EUR) is the official currency of the European Union and single currency for over 300 million Europeans in the following twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain; collectively also known as...
In economics, a monetary union is a situation where several countries have agreed to share a single currency among them, for example, the East Caribbean Dollar. ...
Countries with the Euro as currency
Official members In 1998 11 EU member-states had met the convergence criteria, and the eurozone came into existence with the official launch of the euro on 1 January 1999; Greece qualified in 2000 and was admitted on 1 January 2001, bringing total eurozone membership to its current level of twelve member states: Austria, Belgium, Finland, France (except pacific territories using CFP franc), Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. Their total population is over 307 million people. 1998 (MCMXCVIII) was a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ...
January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ...
This article is about the year 2000. ...
2001: A Space Odyssey. ...
The CFP franc (in French: franc Pacifique or franc CFP ; CFP stood for Colonies françaises du Pacifique (i. ...
 ██ current Eurozone countries Image File history File links Eurozone2006. ...
Image File history File links Eurozone2006. ...
██ ERM II members The European exchange rate mechanisms (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single...
██ non-Eurozone EU members ██ territories outside the Eurozone using the Euro ██ non-EU members with currencies pegged to the Euro. The European Central Bank is responsible for the monetary policy within the eurozone. The ECB building in Frankfurt The European Central Bank (ECB) (French: Banque Centrale Europeénne, German: Europäische Zentralbank) The ECB is one of the worlds largest central banks, being in charge of fiscal and monetary policy for the European Unions official currency, the euro, which is - to...
Nations with formal agreements with the EU Monaco, San Marino, and Vatican City also use the euro, although they are not officially euro members nor members of the EU. (They previously used currencies that were replaced by the euro.) They now mint their own coins, with their own national symbols on the obverse. These countries use the euro by virtue of agreements concluded with EU member states (Italy in the case of San Marino and Vatican City, France in the case of Monaco), on behalf of the European Community. The terms obverse and reverse apply almost exclusively to currency, and most often specifically to coins; they are usually described with less precision as, respectively, the front and back sides, or with regard to a coin tossed to produce a random choice between two things, heads and tails. They can...
The European Community (EC), most important of three European Communities, was originally founded on March 25, 1957 by the signing of the Treaty of Rome under the name of European Economic Community. ...
Nations without formal agreements with the EU Andorra does not have an official currency and hence no specific euro coins. It previously used the French franc and Spanish peseta as de facto legal tender currency. There has never been a monetary arrangement with either Spain or France; however, the EU and Andorra are currently in negotiations regarding the official status of the euro in Andorra. According to Andorran officials, Andorra would have minted its own euro coins for the first time in 2006; as of January 2006, this seems highly unlikely, as the negotiations have been stalling since at least December 2005. The peseta is the former currency of Spain and, (along with the French Franc), of Andorra. ...
2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ...
Likewise, Montenegro and Kosovo, which used to have the German mark as their de facto currency, also adopted the euro without having entered into any legal arrangements with the EU explicitly permitting them to do so. They use the euro instead of the Serbian dinar, mainly for political reasons. Serbia and Montenegro – Serbia – Kosovo (UN administration) – Vojvodina – Montenegro Official language Serbian Capital Podgorica Former Royal Capital Cetinje President Filip Vujanović Prime Minister Milo Äukanović Area – Total – % water 13,812 km² n/a Population – Total (2003) – Density 616,258 48. ...
For other uses, see Kosovo (disambiguation). ...
The Deutsche Mark (DM, DEM) was the official currency of West and, from 1990, unified Germany. ...
The Serbian dinar is the official currency of Serbia, one of the two republics that comprise Serbia-Montenegro. ...
As of 1 December 2002, North Korea has replaced the US dollar with the euro as its official currency for international trading. (Its internal currency, the won, is not convertible and thus cannot be used to purchase foreign goods.) The euro also enjoys popularity domestically, especially among resident foreigners. December 1 is the 335th (in leap years the 336th) day of the year in the Gregorian calendar. ...
For the Cusco album, see 2002 (album). ...
The United States dollar is the official currency of the United States. ...
5000 KPW issued in 2002 The won is the currency of North Korea. ...
Convertibility is the quality of money which is officially backed by government reserves of a precious metal, probably the gold standard. ...
Prior to the 2003 Invasion of Iraq, President Saddam Hussein announced that he intended to sell Iraqi oil for euro, rather than US dollars, since the majority of Iraqi oil trade is with the EU, India and the People's Republic of China, not with the USA. This article covers invasion specifics. ...
Saddam Hussein Abd al-Majid al-Tikriti, (Arabic ), born April 28, 1937 , was the President of Iraq from 1979 until he lost power over Iraq when American troops arrived in Baghdad on April 19, 2003. ...
Non-eurozone EU countries The other 13 countries of the European Union that do not use the euro are: Denmark, Sweden, the United Kingdom, and the ten member states that joined the Union on 1 May 2004; namely Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia. May 1 is the 121st day of the year in the Gregorian calendar (122nd in leap years). ...
2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...
Denmark and the United Kingdom got special derogations in the original Maastricht Treaty of the European Union. Both countries are not legally required to join the euro unless their governments decide otherwise, either by parliamentary vote or referendum. Sweden, however, did not, and is technically obliged to introduce the euro at some point in the future. The Maastricht Treaty (formally, the Treaty on European Union) was signed on 7 February 1992 in Maastricht between the members of the European Community and entered into force on 1 November 1993, under the Delors Commission. ...
A referendum (plural: referendums or referenda) or plebiscite (from Latin plebiscita, a decree of the Concilium Plebis) is a direct vote in which an entire electorate is asked to either accept or reject a particular proposal. ...
Inside ERM II As of 1 May 2004, the ten National Central Banks (NCBs) of the new member countries are party to the second European Exchange Rate Mechanism (ERM II) [1]. The following table shows the dates when each member state became a full participant in the ERM II mechanism. | Date of entry | Country | Notes | | 1 January 1999 |
 Denmark | The Danish krone entered the ERM II in 1999, when the euro was created. Since then, it floats against the euro in ±2.25% range. | | 28 June 2004 |
 Estonia | Estonia had pegged its currency to the German Mark, and then the euro. |
 Lithuania | The Lithuanian litas was pegged to the US dollar until 2 February 2002, when it switched to a euro peg. |
 Slovenia | The Slovenian tolar floats in a ±15% range (1 eur = 239.64 sit) against the euro. (Since entering into ERM II it has floated in the range of ±1%) | | 2 May 2005 |
 Cyprus |
 Latvia | Latvia has a currency board arrangement whose anchor switched from the SDR to the euro on 1 January, 2005. The current lats fluctuation margin is ±1% against the euro. |
 Malta | The Maltese lira entered the ERM II on May 2, 2005, and floats in a ±15% range against the Euro (1 eur = 0.429300 LM). | | 28 November 2005 |
 Slovakia | The koruna now floats in a ±15% range (1 eur = 38.4550 koruna) against the euro. | January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
1999 (MCMXCIX) was a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ...
Image File history File links Flag_of_Denmark. ...
June 28 is the 179th day of the year (180th in leap years) in the Gregorian Calendar, with 186 days remaining. ...
2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...
Image File history File links Flag_of_Estonia. ...
Image File history File links Flag_of_Lithuania. ...
Image File history File links Flag_of_Slovenia. ...
May 2 is the 122nd day of the year in the Gregorian calendar (123rd in leap years). ...
2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ...
Image File history File links Flag_of_Cyprus. ...
Image File history File links Flag_of_Latvia. ...
A currency board is a monetary authority which is required to maintain an exchange rate with a foreign currency. ...
Special Drawing Rights is neither a currency, nor a claim on the International Monetary Fund. ...
January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
Image File history File links Flag_of_Malta. ...
The Maltese lira, known in the Maltese language as the Lira Maltija, is the currency of Malta. ...
November 28 is the 332nd day (333rd on leap years) of the year in the Gregorian Calendar. ...
2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ...
Image File history File links Flag_of_Slovakia. ...
This article deals with the currency of modern Slovakia. ...
Denmark A referendum on joining the euro was held on 28 September 2000, resulting in a 53.2% vote against joining. If Denmark ever joins the euro, Greenland, which is not part of the EU, but of Denmark, would have to hold a separate referendum to decide whether it wants to switch to the euro. The outcome of this possibility is uncertain, as current trends seem to favour independence from Denmark. A referendum (plural: referendums or referenda) or plebiscite (from Latin plebiscita, a decree of the Concilium Plebis) is a direct vote in which an entire electorate is asked to either accept or reject a particular proposal. ...
September 28 is the 271st day of the year in the Gregorian calendar (272nd in leap years). ...
This article is about the year 2000. ...
Slovenia Slovenia aims to adopt the euro on January 1, 2007. According to the European Commission and Austrian finance minister Karl-Heinz Grasser, only Slovenia is on the right track to adopt the euro on this date. January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
2007 (MMVII) will be a common year starting on Monday of the Gregorian calendar. ...
The European Commission (formally the Commission of the European Communities) is the executive body of the European Union. ...
Portrait of Karl-Heinz Grasser Karl-Heinz Grasser is an Austrian politician who currently holds the office of the Austrian Minister of Finance. ...
Estonia Estonia aims to adopt the euro on January 1, 2008 [1]. The previous target date of January 1, 2007 was postponed because Estonia didn't meet the inflation criterion [2]. January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
2008 (MMVIII) will be a leap year starting on Tuesday of the Gregorian calendar. ...
January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
2007 (MMVII) will be a common year starting on Monday of the Gregorian calendar. ...
Lithuania Lithuania aims to adopt the euro on January 1, 2007. Doubts over the entry of Lithuania on January 1, 2007 is also growing among EU leaders and banks. January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
2007 (MMVII) will be a common year starting on Monday of the Gregorian calendar. ...
Cyprus Cyprus aims to adopt the euro on January 1, 2008. January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
2008 (MMVIII) will be a leap year starting on Tuesday of the Gregorian calendar. ...
Latvia Latvia aims to adopt the on January 1, 2008. January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
2008 (MMVIII) will be a leap year starting on Tuesday of the Gregorian calendar. ...
Malta Malta aims to adopt the euro on January 1, 2008. January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
2008 (MMVIII) will be a leap year starting on Tuesday of the Gregorian calendar. ...
Slovakia Slovakia aims to adopt the euro on January 1, 2009. January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
2009 (MMIX) will be a common year starting on Thursday of the Gregorian calendar. ...
Outside ERM II
Czech Republic Since joining the EU in 2004, the Czech Republic has adopted a fiscal and monetary policy that aims to align its macroeconomic conditions with the rest of the European Union. Currently, the most pressing issue is the large Czech fiscal deficit. The Czech Republic aims for entry into the ERM II in 2008, although economic forecasts indicate that it may not be ready until 2009.
Hungary Hungary plans to adopt the euro as its official currency on 1 January 2010, although unofficial assessments suggest it will only happen by 2012 or even 2014. The euro (plural euro, symbol: €; banking code: EUR) is the official currency of the European Union and single currency for over 300 million Europeans in the following twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain; collectively also known as...
January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
2010 (MMX) will be a common year starting on Friday of the Gregorian calendar. ...
2012 (MMXII) will be a leap year starting on Sunday of the Gregorian calendar. ...
2014 (MMXIV) will be a common year starting on Wednesday of the Gregorian calendar. ...
Poland Although Poland is obliged to join the eurozone as euro adoption was 'part of the EU-package', the new Polish president Lech Kaczyński has said he wants to organise a referendum concerning euro adoption. Strictly speaking the Polish people have already voted in favour of euro adoption as the referendum on EU entry, which also implied EMU entry, was for voted in favour (77%). EU commissioner Joaquin Almunia has reminded Poland that it does not have an EMU opt-out which the UK and Denmark do have [3]. Office President of Poland Term of office from December 23, 2005 until December 22, 2010 Profession Lawyer Political party nonpartisan (Law and Justice at the time of election) Spouse Maria KaczyÅ„ska Date of birth June 18, 1949 Place of birth Warsaw, Poland Date of death Place of death , (born...
Joaquín Almunia Joaquín Almunia is the member of the European Commission responsible for Economic and Monetary Affairs (since 26 April 2004). ...
It should be noted, however, that Sweden is technically also obliged to introduce the euro, which is not planned to be reconsidered until 2009 after a referendum in 2003 resulted in a clear "no". It has been warned however, that any move similar to that of Sweden in the new states will not be tolerated, as it has been with Sweden. 2009 (MMIX) will be a common year starting on Thursday of the Gregorian calendar. ...
2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...
Sweden Sweden does not have any derogation by any protocol or treaty. Nevertheless, Sweden decided in 1997 not to join the euro from the beginning, and has not made any effort to fulfill the required criteria for a stable exchange rate.
The first referendum held in Sweden regarding the adoption of the Euro was on November 13, 1994. The adoption of the Euro is integral part of its Treaty of Accession to the European Union. The vote was 53% in favour for joining the EU, and thus the Eurozone. A referendum (plural: referendums or referenda) or plebiscite (from Latin plebiscita, a decree of the Concilium Plebis) is a direct vote in which an entire electorate is asked to either accept or reject a particular proposal. ...
The euro (plural euro, symbol: €; banking code: EUR) is the official currency of the European Union and single currency for over 300 million Europeans in the following twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain; collectively also known as...
November 13 is the 317th day of the year (318th in leap years) in the Gregorian Calendar, with 48 days remaining. ...
1994 (MCMXCIV) was a common year starting on Saturday of the Gregorian calendar, and was designated the International year of the Family. ...
This is a list of referenda related to the European Union. ...
The consultative national referendum on September 14, 2003, resulted in a rejection of adopting the Euro, with the following figures: Yes 42.0%, No 55.9%. Consequently, the decision has been postponed, as all political parties have pledged to uphold the results for the time being. Prime Minister Göran Persson said in September 2004 that the Swedish membership will definitely not happen before the 2010 General Election. [4] [5] Since the introduction of parliamentarism in Sweden six referendums have been held. ...
September 14 is the 257th day of the year in the Gregorian calendar (258th in leap years). ...
2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...
Hans Göran Persson ( (help· info); born January 20, 1949) is a Swedish politician. ...
2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...
The decision of Sweden not to adopt the euro in the near future is generally accepted within the European Union. Sweden joined the EU in 1995, and as such did not have the opportunity to gain an opt-out in the Maastricht treaty, which was already concluded in 1992. In 1995, however, the euro didn't exist, neither physically (2002) nor legally (1999), and maybe because of this the European Commission has not taken any legal action about fullfilling this Swedish commitment so far. The European Commission (formally the Commission of the European Communities) is the executive body of the European Union. ...
United Kingdom The British government under prime minister Tony Blair has committed itself to a triple-approval procedure before joining the euro, involving approval by the Cabinet, Parliament, and the British electorate in a referendum. Anthony Charles Lynton Blair (born 6 May 1953) is the Prime Minister of the United Kingdom of Great Britain and Northern Ireland, First Lord of the Treasury and Minister for the Civil Service, and MP for Sedgefield. ...
In British politics, the Cabinet is comprised of the most senior government ministers, most of them heads of government departments with the title Secretary of State. The Cabinet is actually a committee of the Privy Council and all Cabinet members are also Privy Councillors and therefore have the prefix of...
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative institution in the United Kingdom and British overseas territories (it alone has parliamentary sovereignty). ...
A referendum (plural: referendums or referenda) or plebiscite (from Latin plebiscita, a decree of the Concilium Plebis) is a direct vote in which an entire electorate is asked to either accept or reject a particular proposal. ...
Unlike other European countries, where the euro is seen mostly as an essential building block in a more politically integrated Europe, in the United Kingdom the possible benefits of eurozone membership are seen mostly as principally economic, and an assessment of British membership based on five economic tests was published on June 9, 2003 by Chancellor of the Exchequer Gordon Brown. The five economic tests are the criteria defined by the United Kingdom Government that are to be used to assess the UKs readiness to join the Eurozone and adopt the euro as its currency. ...
June 9 is the 160th day of the year in the Gregorian calendar (161st in leap years), with 205 days remaining. ...
2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...
The Rt. ...
James Gordon Brown, Ph. ...
Though maintaining the Government's positive view on the euro, the report came out against membership because four out of the five tests were not passed.
Chancellor Brown stated [6] in June 2003 that the best exchange rate for the UK to join the single currency would be around 73 pence per euro (a value which the pair had never reached). This rate has not been formalised as an official condition of entry. Above: A variety of coins considered to be lower-value, including an Irish 2p piece and many US pennies. ...
Opinion polls [7] in the UK show a consistent majority of the British public to be against joining the euro. Some perceive loss of political and economic sovereignty, others are unconvinced of the case for change from their familiar currency. However, one of the main reasons for hostility is the perceived failure of the euro in Euroland economies - the UK has enjoyed superior economic performance to major Euroland economies throughout the euro era. The large future unfunded pension liabilities of continental Europe's greying populations (unlike in the UK where pension liabilities are generally well funded, and the UKs population will not decline) are often cited as a major economic argument against joining. A referendum in the near future has been ruled out.
If Britain were to join the euro, it is unclear what would happen in its overseas territories which use the British pound sterling. It is conceivable that the euro would only become the official currency in those regions which technically use the currency identified by the code GBP (i.e., Great Britain and Northern Ireland, South Georgia and the South Sandwich Islands), while the regions using their own currencies with a fixed exchange rate of 1 : 1 to the pound sterling might keep their currencies with a fixed rate to the euro. Those regions would be the Falkland Islands (Falkland Islands pound - FKP), the Isle of Man (Isle of Man pound), Jersey (Jersey pound), Guernsey (Guernsey pound - GGP), and Saint Helena (Saint Helenian pound - SHP). France faced a similar situation on joining solved by areas which used the French franc directly (eg. French Guiana) switching to the euro, and regions which used locally issued francs, pegged to the French franc, maintaining local currencies but switching their pegs to the euro (eg the CFP franc). Note that Gibraltar (Gibraltar pound - GIP) is also within the E.U., and that as they have a separate pegged currency they would be subject to a separate referendum on the euro. Also of interest is that Scotland and Northern Ireland, although part of the UK, do not have an official currency defined in law. Here, each bank prints its own paper money, of different design to both the Bank of England issue and each other, and this money is denominated in pounds sterling. It is unclear whether following a euro change over, these banks would change denominations of their own issues to euro, or cease issuing their own money. See British banknotes. UKP redirects here. ...
The Isle of Man issues its own pound notes and coins fixed at a 1:1 exchange rate to GBP (pounds sterling). ...
The obverse of a Jersey £20 pound note. ...
The Guernsey pound (currency code GGP) is the currency used in Guernsey. ...
The island of Saint Helena issues its own currency, the Pound, which is linked to the Pound Sterling. ...
The CFP franc (in French: franc Pacifique or franc CFP ; CFP stood for Colonies françaises du Pacifique (i. ...
The pound (ISO 4217 currency code: GIP) is the nominally the currency of Gibraltar. ...
The Bank of England is the central bank of the United Kingdom, sometimes known as The Old Lady of Threadneedle Street or The Old Lady. The nearest London Underground station is Bank station. ...
British banknotes are the banknotes of the United Kingdom and British Islands, denominated in pounds sterling (GBP). ...
- See also: Five economic tests.
The five economic tests are the criteria defined by the United Kingdom Government that are to be used to assess the UKs readiness to join the Eurozone and adopt the euro as its currency. ...
Euro adoption by the new members states The ten new member states should be adopting the euro as soon as appropriate guidelines are met. For these new member states, the single currency was "part of the package" of European Union membership – unlike the UK and Denmark, there is no "opt out" permitted. Sweden also has no opt-out, but its government has made no moves towards fulfilling criteria for joining. Convergence criteria, also known as the Maastricht criteria, is the criteria for European Union member states to enter the third stage of European Economic and Monetary Union (EMU) and adopt the euro. ...
The dates these ten states are expected to enter the third stage of the EMU and adopt the euro vary: 1 January 2007 for Lithuania and Slovenia; 1 January 2008 for Estonia, Cyprus, Latvia and Malta; 2009 for Slovakia; 2010 for the Czech Republic, and finally 2012 for Hungary. Poland has still to set a target date for euro adoption. The European Commission is expected to recommend in April 2006 whether the front runners can join at the target date. In economics, a monetary union is a situation where several countries have agreed to share a single currency among them. ...
January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
2007 (MMVII) will be a common year starting on Monday of the Gregorian calendar. ...
January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
2008 (MMVIII) will be a leap year starting on Tuesday of the Gregorian calendar. ...
2009 (MMIX) will be a common year starting on Thursday of the Gregorian calendar. ...
2010 (MMX) will be a common year starting on Friday of the Gregorian calendar. ...
2012 (MMXII) will be a leap year starting on Sunday of the Gregorian calendar. ...
The European Commission (formally the Commission of the European Communities) is the executive body of the European Union. ...
2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ...
Showing the ability to move towards full economic and monetary union is one requisite of "good membership". The ECB and European Commission produce reports every two years analysing the economic and other conditions of non-eurozone EU members, reporting on their suitability for joining the euro. The first to include the 10 new members was published in October 2004 [8]. The German Bundesbank, a major and arguably the most important national bank in the ESCB, is criticising the bloc's rush to enlarge the single currency zone. This article covers the general information on the topic. ...
The European Commission (formally the Commission of the European Communities) is the executive body of the European Union. ...
The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 25 EU Member States. ...
|
Slovenia |
Estonia |
Lithuania |
Malta |
Cyprus | | Target date for euro adoption | January 1, 2007 | January 1, 2008 | January 1, 2007 | January 1, 2008 | January 1, 2008 | | ERM II entry | June 28, 2004 | June 28, 2004 | June 28, 2004 | May 2, 2005 | May 2, 2005 | | Co-ordinating institution | The Coordinating Committee for Technical Preparations, created in July 2004 | The National Changeover Committee, created on Jan 27, 2005 | Commission for the Coordination of the Adoption of the euro in Lithuania, created on May 30, 2005 | Two Committees appointed on June 13, 2005: a Steering Committee and a Euro Changeover Committee reporting to it | Joint coordination by the Minister of Finance and the Central Bank of Cyprus, created on December 29, 2004 | | Approved National Changeover Plan | Masterplan approved in Jan, 2005 [9] | First draft approved on Sept 1, 2005 [10] | First version approved by the government on Sept 27, 2005 | [11] | | | Type of scenario | Big-Bang | Big-Bang | Big-Bang | | Big-Bang | | Dual circulation period | 2 weeks | 2 weeks | 15 days | | 1 month | | Exchange of national currency | Comm. banks until March 1, Central bank indefinitely | Comm. banks at least 6 months, Central bank indefinitely | Commercial banks 60 days, Central bank indefinitely. | | Central bank: banknotes for 10 years and coins for 2 years. | | Dual display of prices | from March 1, 2006 until June 30, 2007 | 6 months before and after €-day | 60 calendar days before until 60 days after €-day | | | | National mint | No | No | Yes | No | No | | National side | Approved | Approved | Approved | Competition launched | Competition launched | | Nr of different coin designs | 8 | 1 | 3 | | 3 | | Need for banknotes and coins | 74 million banknotes, 235 million coins | 150-200 million coins | 118.3 million banknotes, 290 million coins | | | | Law adaptations | Umbrella law | Umbrella law under consideration | Draft law on the adoption of the euro is prepared | | | | Communication strategy | Endorsed by Bank of Slovenia on May 19 and by government on June 2, 2005 | Endorsed by the National Changeover Committee on June 21, 2005 | Endorsed by the government on September 27, 2005 | In process | In process | |
Latvia |
Slovakia |
 Czech Republic |
 Hungary |
 Poland | | Target date for euro adoption | January 1, 2008 | January 1, 2009 | January 1, 20101 | January 1, 2010 | Not yet decided | | ERM II entry | May 2, 2005 | November 28, 2005 | | | | | Co-ordinating institution | The Steering Committee for the preparation and coordination of the euro changeover was established on July 18, 2005 | Ministry of Finance | | Preparatory work is ongoing in the Ministry of Finance and Magyar Nemzeti Bank (Central Bank of Hungary) | Inter-institutional working group MoF-NBP | | Approved National Changeover Plan | Report approved by the government on June 21, 2005. NCP will be approved in November 2005 | Approved on July 6, 2005 [12] | The Czech Republic’s Euro Accession Strategy was approved by the Government in October 2003 [13] | | | | Type of scenario | Big-Bang | Big-Bang | | Big-Bang with possible phase out features | | | Dual circulation period | 2 weeks | 16 days | | 1 month | | | Exchange of national currency | Central bank: indefinitely | Comm. bank: banknotes until end 2009, coins until June 2009. Central bank: banknotes indefinitely, coins for 5 years | | | | | Dual display of prices | October 2007-June 2008 | Compulsory: from one month after fixing of conversion rate till one year after euro adoption. Voluntary: for an additional 6 months | | | | | National mint | No | Yes | Yes | Yes | Yes | | National side | Final stage | Approved | Competition under consideration | Not yet decided | Public survey | | Nr of different coin designs | 4 | 3 | | | | | Need for banknotes and coins | 87 million banknotes and 300 million coins | | 230 million banknotes and 950 million coins | | | | Law adaptations | | Umbrella law and a second and a third group of laws under consideration | | | | | Communication strategy | | | | | | Notes: Image File history File links Flag_of_Slovenia. ...
Image File history File links Flag_of_Estonia. ...
Image File history File links Flag_of_Lithuania. ...
Image File history File links Flag_of_Malta. ...
Image File history File links Flag_of_Cyprus. ...
On January 1, 2007, Slovenia is expected to replace its national currency, the tolar, with the euro. ...
Estonian euro coins feature only a single design for all eight coins: This is a design by Lembit Lõhmus and features a map of Estonia together with the word Eesti (Estonia). ...
Lithuanian euro coins share a single national side for all eight coins. ...
Maltese euro coins have not yet been designed. ...
Cypriot euro coins have not yet been designed. ...
Image File history File links Flag_of_Latvia. ...
Image File history File links Flag_of_Slovakia. ...
Image File history File links Flag_of_the_Czech_Republic. ...
Image File history File links Flag_of_Hungary. ...
Image File history File links Flag_of_Poland. ...
Latvian euro coins have not yet been designed. ...
Slovak euro coins are euro coins supposed to represent Slovakia when the country adopts the euro in 2009. ...
Czech euro coins have not yet been designed. ...
Hungarian euro coins have not yet been designed. ...
Polish euro coins have not yet been designed. ...
Source: European Commission report
Note 1: Preliminary date
Non-EU currencies pegged to the euro Main article: Currencies related to the euro Currently there are several currencies pegged to the euro, some with fluctuation bands around a central rate and others with no fluctuations allowed around the central rate. ...
- In 1999 the Bulgarian currency was redenominated (1 New Lev = 1000 Old Levs) and the value of the lev was fixed to one German mark, therefore its value has since been fixed in relation to the euro.
Although Bulgaria is not a member state yet (member as of January 1, 2007), the Bulgarian National Bank (BNB) and the Bulgarian government have agreed on the introduction of the euro in mid 2009, when the Bulgarian National Bank is expected to become part of the eurozone and will receive the right to issue Bulgarian euro coins. The early accession to the eurozone is due to the extremely tight monetary policy currently in use, which is the result of Bulgaria's agreement with the Monetary Board. Even at this point of time Bulgaria has fulfilled the great majority of eurozone membership criteria. The Lev (lv) (Bulgarian: лев, plural - leva) is the currency of Bulgaria, and it has been used since 1881. ...
The Deutsche Mark (DM, DEM) was the official currency of West and, from 1990, unified Germany. ...
January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ...
2007 (MMVII) will be a common year starting on Monday of the Gregorian calendar. ...
central bank of the Republic of Bulgaria and one of the oldest central banks in the world, established on 25 January 1879. ...
2009 (MMIX) will be a common year starting on Thursday of the Gregorian calendar. ...
central bank of the Republic of Bulgaria and one of the oldest central banks in the world, established on 25 January 1879. ...
The escudo was the official currency of Portugal prior to the introduction of the euro in 1 January 1999 (euro coins and notes were not introduced until 2002). ...
A 50,00 konvertibilnih maraka (Federation of BiH) banknote A 0,50 KM (Republic of Srpska) banknote The Convertible Mark (Bonsian and Croatian: konvertibilna marka, Serbian: конвертибилна марка), (ISO 4217:BAM) is the currency of Bosnia and Herzegovina. ...
The Deutsche Mark (DM, DEM) was the official currency of West and, from 1990, unified Germany. ...
The countries using the CFA franc The CFA franc (in French: franc CFA, or just franc in everyday conversation if no ambiguity is possible) is a currency used in 12 formerly French-ruled African countries, as well as in Guinea-Bissau (former Portuguese colony) and in Equatorial Guinea (former Spanish...
The Comorian franc (ISO 4217 currency code KMF) is the official currency of the nation of Comoros. ...
The CFP franc (in French: franc Pacifique or franc CFP ; CFP stood for Colonies françaises du Pacifique (i. ...
Inflation - mid 1999: 1%
- mid 2000: 2%
- mid 2001: 2.8%
- mid 2002: 1.9%
- mid 2003: 1.9%
- May 2004: 2.5%
- May 2005: 1.9%
Fiscal policy For their mutual assurance and stability of the currency, members of the eurozone have to respect the Stability and Growth Pact, which sets agreed limits on deficits and national debt, with associated sanctions for deviation. The Stability and Growth Pact is an agreement by European Union member states related to their conduct of fiscal policy, to facilitate and maintain Economic and Monetary Union of the European Union. ...
See also |
Feeds |
Contact