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THE EUROPEAN UNION. How do individuals, businesses and economies benefit from using the Euro?. The Euro. In 1999, the euro area was established as a currency in eleven of the then fifteen EU Member States.

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THE EUROPEAN UNION

How do individuals, businesses and economies benefit from using the Euro?

the euro
The Euro
  • In 1999, the euro area was established as a currency in eleven of the then fifteen EU Member States.
  • Of the 28 EU Member States today, seventeen have adopted the euro. Estonia most recently joined in 2011, and Latvia is expected to adopt the euro in 2014.
  • In response to the economic and financial crisis, the EU created a new set of rules on enhanced EU economic governance which entered into force in December 2011.

before the euro a multitude of currencies
Before the Euro: a multitude of currencies
  • Cumbersome inter-state trading
  • Comparing prices more difficult
  • Currency exchange can be unpredictable
  • in contracts/ loans
the euro a single currency for europeans
The Euro: a single currency for Europeans

The 12 countries that introduced the Euro in 2001:

  • Austria
  • Belgium
  • Finland
  • France
  • Germany
  • Greece
  • Italy
  • Ireland
  • Luxembourg
  • Netherlands
  • Portugal
  • Spain
the euro a single currency for europeans1
The Euro: a single currency for Europeans

Can be used everywhere in the 17-country euro area

Coins:one side with national symbols, one side common

Notes:no national side

New Euro countries since 2001:

EU countries using the euro in 2013

EU countries not using the euro

  • Slovenia (2009)
  • Estonia (2011)
  • Cyprus (2006)
  • Malta (2006)
  • Slovakia (2008)
some of the euro s benefits
Some of the Euro’s benefits
  • International
  • trade is
  • facilitated
  • Currency
  • exchange costs
  • are eliminated
  • European Central
  • Bank keeps price
  • inflation low so
  • interest rates also
  • remain low
  • Travelling is made
  • easier
  • Comparing prices
  • is made simpler
european central bank
European Central Bank
  • The European Central Bank (ECB) is the central bank for Europe\'s single currency, the euro.
  • The ECB’s main task is to maintain the euro\'s purchasing power and thus price stability in the euro area.
  • The ECB operates independently from Member State governments.
  • The euro area comprises the 17 European Union countries that have introduced the euro since 1999.

The euro was introduced in 1999

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