The euro (currency sign: ?; banking code: EUR) is the official currency of the European Union (EU), used in 15 member states known collectively as the Eurozone (Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Spain). It is also used in five further countries with formal agreements and six other countries without such agreements. Hence it is the single currency for over 320 million Europeans.^[1] Including areas using currencies pegged to the euro, the euro directly affects close to 500 million people worldwide.^[2] With more than ?610 billion in circulation as of December 2006 (equivalent to US$802 billion at the exchange rates at the time), the euro is the currency with the highest combined value of cash in circulation in the world, having surpassed the U.S. dollar.^{[3] [4]}.

Taking official estimates of 2007 GDP, the Eurozone is the largest economy in the world by March 2008 after the ?/$ exchange rate surpassed 1.56.^[5][6][7][8]

The euro was introduced to world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes on 1 January 2002. It replaced the former European Currency Unit (ECU) at a ratio of 1:1.

The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the euro zone countries). As an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the Eurozone payment systems.

While all European Union (EU) member states are eligible to join if they comply with certain monetary requirements, not all EU members have chosen to adopt the currency. All nations that have joined the EU since the 1993 implementation of the Maastricht Treaty have pledged to adopt the euro in due course. Maastricht obliged current members to join the euro; however, the United Kingdom and Denmark negotiated exemptions from that requirement for themselves.^[9] Sweden turned down the euro in a 2003 referendum, and has circumvented the requirement to join the euro area by not meeting the membership criteria. In addition, three European microstates (Vatican City, Monaco, and San Marino), although not EU members, have adopted the euro due to currency unions with member states. Andorra, Montenegro, and Kosovo have adopted the euro unilaterally, while not being EU members either (see Eurozone.)

Characteristics

Coins and banknotes

The ECB is in charge of the Eurozone's monetary policy

The euro coins are ?2, ?1, ?0.50, ?0.20, ?0.10, ?0.05, ?0.02, and ?0.01. In the Netherlands, some, and in Finland, by law, cash transactions are rounded to the nearest five cents, to avoid the use of ?0.01 and ?0.02. (See also Linguistic issues concerning the euro.)

Coins have a common side, and a national side designed by the respective national authorities.

Commemorative coins with ?2 face value have been issued with changes to the design of the national side of the coin ? as Greece did for the 2004 Summer Olympics. These two-euro coins are legal tender throughout the Eurozone. Coins with various other denominations have been issued as well, but these are not intended for general circulation. These later coins are only legal tender in the nation which issued them.

All euro banknotes have a common design for each denomination on both sides. Notes are issued in ?500, ?200, ?100, ?50, ?20, ?10, ?5. The design for each of them has a common theme of European architecture in various artistic periods. The front (or recto) of the note features windows or gateways while the back (or verso) has bridges. Care has been taken so that the architectural examples do not represent any actual existing monument, so as not to induce jealousy and controversy in the choice of which monument should be depicted. Some of the highest denominations such as the ?500 are not issued in a few countries, though they remain legal tender throughout the Eurozone.

Payments clearing, electronic funds transfer

All intra-Eurozone transfers shall be considered domestic and bear the corresponding domestic transfer costs. This is true for retail payments, although several ECB payment methods can be used. Credit/debit card charging and ATM withdrawals within the Eurozone are also charged as domestic. The ECB has not standardised paper-based payment orders, such as cheques; these are still domestic-based.

The ECB has set up a clearing system, TARGET, for large euro transactions.^[10]

Currency sign

The official construction of the euro logo, which was specified to be printed in Pantone Yellow on a Reflex Blue background

The glyph is, according to the European Commission, "a combination of the Greek epsilon, as a sign of the weight of European civilization; an E for Europe; and the parallel lines crossing through standing for the stability of the euro".

The European Commission also specified a euro logo with exact proportions and foreground/background colour tones.^[12] While the Commission intended the logo to be a prescribed glyph shape, font designers made it clear that they intended to design their own variants instead.^[13]

Placement of the currency sign relative to the numeric amount varies from nation to nation. There are no official standards on where to place the euro sign.^[14]

Another advantage to the final chosen symbol is that a similar symbol is easily created on a typewriter lacking the euro sign, by typing a capital 'C', backspacing and overstriking it with the equal ('=') sign.

Economic and monetary union

History (1990?present)

The euro was established by the provisions in the 1992 Maastricht Treaty on European Union that was used to establish an economic and monetary union. In order to participate in the new currency, member states had to meet strict criteria such as a budget deficit of less than three per cent of their GDP, a debt ratio of less than sixty per cent of GDP, low inflation, and interest rates close to the EU average. In the Maastricht Treaty, the United Kingdom and Denmark were granted exemptions from moving to the stage of monetary union which would result in the introduction of the euro.

Economists who helped create or contributed to the euro include Robert Mundell, Wim Duisenberg, Robert Tollison, Neil Dowling, Fred Arditti and Tommaso Padoa-Schioppa. (For macro-economic theory, see below.)

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 in euro of these subdivisions (which represent the exchange rates at which the currency entered the euro) are shown at right.

The rates were determined by the Council of the European Union, based on a recommendation from the European Commission based on the market rates on 31 December 1998, so that one ECU (European Currency Unit) would equal one euro. (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.) Council Regulation 2866/98 (EC), of 31 December 1998, set these rates. 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 irrevocable conversion rate between the 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, in Council Regulation 1478/2000 (EC), of 19 June 2000.

The currency was introduced in non-physical form (travellers' cheques, electronic transfers, banking, etc.) at midnight on 1 January 1999, when the national currencies of participating countries (the Eurozone) ceased to exist independently in that their exchange rates were locked at fixed rates against each other, effectively making them mere non-decimal subdivisions of the euro. The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new notes and coins were introduced on 1 January 2002.

The Ecofin presenting the denominations 22 September 2001

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 2002. 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; the Mark officially ceased to be legal tender on 31 December 2001, though the exchange period lasted two months. The final date was 28 February 2002, by which all national currencies ceased to be legal tender in their respective member states. However, even after the official date, they continued to be accepted by national central banks for periods ranging from several years to forever in Austria, Germany, Ireland, and Spain. The earliest coins to become non-convertible were the Portuguese escudos, which ceased to have monetary value after 31 December 2002, although banknotes remain exchangeable until 2022.

Slovenia joined the Eurozone on 1 January 2007, followed by Malta and Cyprus on 1 January 2008.^[15]

Eurozone

• The euro is the sole currency in Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia and Spain. These 15 countries together are frequently referred to as the Eurozone or the euro area, and, more informally, "euroland" or the "eurogroup". Outside of the area covered by the map, the euro is the legal currency of the French overseas possessions of French Guiana, Réunion, Saint-Pierre et Miquelon, Guadeloupe, Martinique, Saint-Barthélemy, Saint Martin, Mayotte, and the uninhabited Clipperton Island and the French Southern and Antarctic Lands; the Portuguese autonomous regions of the Azores and Madeira; and the Spanish Canary Islands.
• By virtue of some bilateral agreements,^[16] the European microstates of Monaco, San Marino, and Vatican City mint their own euro coins on behalf of the European Central Bank. They are, however, severely limited in the total value of coins they may issue.
• Andorra, Montenegro, Kosovo, and Akrotiri and Dhekelia adopted the foreign euro as their legal currency for movement of capital and payments without participation in the ESCB or the right to mint coins. Andorra is in the process of entering a monetary agreement similar to that of the microstates above.
• Several possessions and former colonies of EU states have currencies pegged to the euro. These are French Polynesia, New Caledonia, Wallis and Futuna (the CFP franc); Cape Verde; the Comoros; and fourteen nations of Central and West Africa (the CFA franc). See Currencies related to the euro.
• Although not legal tender in Denmark and the United Kingdom, the euro is accepted in some stores throughout both countries, particularly international stores in large cities, and shops in Northern Ireland near the border with the Republic of Ireland, where the euro is the official currency. Similarly, the euro is widely accepted in Switzerland, even by official boards, such as the Swiss Railways.^[17]

Future prospects

Pre-2004 EU members

From Greece's participation in 2001 until the EU enlargement in 2004, Denmark, Sweden and the United Kingdom were the only EU member states outside the monetary union. The situation for the three older member states also looks different from that of the newer EU members; the three countries have no clear roadmap for adopting the euro:

• Denmark negotiated a number of opt-out clauses from the Maastricht treaty after it had been rejected in a first referendum. On 28 September 2000, another referendum was held in Denmark regarding the euro resulting in a 53.2% vote against joining. However, Danish politicians have suggested that debate on abolishing the four opt-out clauses may be re-opened. In addition, Denmark has pegged its krone to the euro (?1 = DKK 7.46038 ± 2.25%) as the krone remains in the ERM. Although not part of the European Union, both Greenland and the Faroe Islands use the Danish krone (the Faroes in the form of the Faroese króna), and so also fall within the ERM.
• Sweden: Sweden is obliged to join the euro by the 1994 Act of Accession, when it meets the economic conditions. Although the other conditions are met, the krona has never been part of ERM II, rendering Sweden ineligible. In 2003, a public referendum rejected euro membership, and Sweden has no plans to adopt the euro. The EU has made it clear that it will tolerate this with respect to Sweden, giving Sweden a de facto opt-out, but not those member states that joined in 2004 or 2007.
• The United Kingdom has an opt-out from eurozone membership under the Maastricht treaty and is not obliged to join the euro. While the government is in favour of membership provided the economic conditions are right (requiring that "five economic tests" be met), the question has never been put to referendum.^[18] The United Kingdom was forced to withdraw the pound sterling from the ERM (the precursor to ERM II) on Black Wednesday (16 September, 1992) due a mismatch between its benchmark currency parity and its economic performance, and the pound is not part of ERM II.

Post-2004 EU members

As of 2008, nine new EU member states have a currency other than the euro; however, all of these countries are required by their Accession Treaties to join the euro. Some of the following countries have already joined the European Exchange Rate Mechanism, ERM II. They and the others have set themselves the goal of joining the euro (EMU III) as follows:

• 1 January 2009 for Slovakia^[19][20]
• 1 January 2010 for Lithuania^[21]
• 1 January 2011 for Estonia,^[22]
• 1 January 2012 or later for Bulgaria,^[23] Hungary, Latvia,^[24] Czech Republic, Poland and Romania.

The entry of Lithuania and Estonia as planned for 1 January 2007 was postponed due to unacceptably high inflation rates in those countries. Some of these currencies do not float against the euro, and a subset of those were unilaterally pegged to the euro before joining ERM II. See European Exchange Rate Mechanism, currencies related to the euro, and individual currency articles for more details.

The Czech Republic had originally aimed for entry into the ERM II in either 2008 or 2009, but the current government has officially dropped the 2010 target date, saying it will clearly not be able to meet the economic criteria. The new stated goal is 2012.^[25]

Similarly, Latvia had aimed to join the euro in 2008 but inflation rates of over 11% have resulted in a delay as the country does not meet the current criteria under council rules. The government's official target is now 1 January 2012 although the head of the Bank of Latvia has suggested that 2013 may be a more realistic date.^[26]

The Polish Finance Minister declared that he believed that a public declaration of a target entry date for Polish entry would be an "improper strategy".^[27]

Other sources question the realism of even the revised Czech, Lithuanian and Estonian targets.^[28]

The Fifth Report on the Practical Preparations for the Future Enlargement of the Euro Area^[29] stated on 16 July 2007 that only Cyprus, Malta (both of which adopted the euro in January 2008), Slovakia (2009) and Romania (2014) had currently set official target dates for adopting the euro.

On May 7 2008, the European Central Bank stated that Slovakia is ready to join the eurozone from January 1 2009. This was confirmed by the Eurozone's leaders at the 19-20 June summit, with the conversion rate set to be adopted on July 8 2008.^[30]

Estonia, Latvia, Lithuania and Slovakia have already finalised the design for their respective coins' obverse sides.

Economics of the euro

Optimal currency area

In economics, an optimum currency area (or region) (OCA, or OCR) is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency. There are two models, both proposed by Robert A. 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.^[31]

Transaction costs and risks

The most obvious benefit of adopting a single currency is removing from trade the cost of exchanging currency, theoretically allowing businesses and individuals to consummate previously unprofitable trades. On the consumer side, banks in the Eurozone must charge the same for intra-member cross-border transactions as purely domestic transactions for electronic payments (e.g. credit cards, debit cards and cash machine withdrawals).

The absence of distinct currencies also removes exchange rate risks. The risk of unanticipated exchange rate movement has always added an additional risk or uncertainty for companies or individuals looking to invest or trade outside their own currency zones. Companies that hedge against this risk will no longer need to shoulder this additional cost. The reduction in risk is particularly important for countries whose currencies have traditionally fluctuated a great deal, particularly the Mediterranean nations.

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.

Price parity

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.e. speculative trade in a commodity across borders purely to exploit the price differential. 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 markets. ^[32]

Macroeconomic stability

Low levels of inflation are the hallmark of stable and modern economies. Because a high level of inflation acts as a tax (seigniorage) and theoretically discourages investment, it is generally viewed as undesirable. In spite of the downside, many countries have been unable or unwilling to deal with serious inflationary pressures. Some countries have successfully contained them by establishing largely independent central banks. One such bank was the Bundesbank in Germany; as the European Central Bank is modelled on the Bundesbank, it is independent of the pressures of national governments and has a mandate to keep inflationary pressures low. Member countries that join the bank commit to lower inflation, hoping to enjoy the macroeconomic stability associated with low levels of expected inflation. The ECB (unlike the Federal Reserve in the United States of America) does not have a second objective to sustain growth and employment.

Many national and corporate bonds denominated in euro are significantly more liquid and have lower interest rates than was historically the case when denominated in legacy currencies. 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.

A new reserve currency

The euro is a major global reserve currency, sharing that status with the U.S. dollar (USD). The U.S. dollar still continues to enjoy its status as the primary reserve of most commercial and central banks.^[33]

Since its introduction, the euro has been the second most widely-held international reserve currency after the U.S. dollar. The euro inherited this status from the German mark, and since its introduction, it has increased its standing, mostly at the expense of the dollar. The increase of 4.4% in 2002 is due to the introduction of euro banknotes and coins in January 2002.

The possibility of the euro's becoming the first international reserve currency is now widely debated among economists.^[34] Former Federal Reserve Chairman Alan Greenspan gave his opinion in September 2007 that the euro could indeed replace the U.S. dollar as the world's primary reserve currency. He said it is "absolutely conceivable that the euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency."^[35] Additionally, there has been suggestion that recent weakness of the US dollar might encourage parties to increase their reserves in euro at the expense of the dollar.^[36] In the second term of 2007, euro as a reserve currency has reached a record level of 25.6% (a +0.8% increase from the year before)- at the expense of US dollar which dropped to 64.8% (a drop of 1.3% from the year before).^[37] By the end of 2007, shares of euro increased to 26.4% as the dollar slumped to its lowest level since records began in 1999, 63.8%.^[38]

A currency is attractive for international transactions when it demonstrates stability, a well-developed financial market to trade the currency, and acceptability to others. While the euro has made substantial progress, a few challenges undermine the ascension of the euro as a major reserve currency. Persistent excessive budget deficits of some member nations, economically weak new members, conservatism of financial markets, and inertia or path dependence are important factors keeping the euro as a junior international currency to the U.S. dollar. However, at the same time, the USD has increasingly suffered from a double deficit and has its own concerns.

As the euro becomes a new reserve currency, Eurozone governments will enjoy substantial benefits. Since money is an interest-free loan to the issuing government by the holder of the currency, foreign reserves act as a subsidy to the country minting the currency (see Seigniorage). However, reserve status also holds risks, as the currency may become overvalued, hurting European exporters and potentially exposing the European economy to influence by external factors who hold large quantities of euros.

Criticism

2003 demonstration against Swedish adoption of the euro

In their view, the countries that participate in the EMU have surrendered their sovereign abilities to conduct monetary policy. The European Central Bank is required to pursue a policy that might be at odds with national interests and there is no guarantee of extra-national assistance from their more fortunate neighbours should local conditions necessitate some sort of economic stimulus package. Many critics of the EMU believe the benefits to joining the organisation are outweighed by the loss of sovereignty over local policy that accompanies membership.

The euro is underpinned by the Stability and Growth Pact, which is designed to ensure even fiscal policy across the Eurozone. The SGP has been criticised for removing the ability of national governments to stimulate their own economies to a certain extent, in the only way left to them now that monetary policy is determined supranationally. The failure of some member states to observe the SGP, and its inherent problems have led to minor reforms, and further reforms are likely.

It is debated as to whether the eurozone constitutes an optimum currency area.^[39]

Exchange rate

Flexible exchange rates

The ECB targets interest rates rather than exchange rates and in general does not intervene on the foreign exchange rate markets, because of the implications of the Mundell-Fleming Model which suggest that a central bank cannot 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 chosen monetary autonomy, the exchange rate regime of the euro is flexible, or floating. This explains why the exchange rate of the euro vis-à-vis other currencies is characterised by strong fluctuations. Most notable are the fluctuations of the euro versus the U.S. dollar, another free-floating currency. However this focus on the dollar-euro parity is partly subjective. It is taken as a reference because the euro competes with the dollar's role as reserve currency. The effect of this selective reference is misleading, as it gives observers the impression that a rise in the value of the euro versus the dollar is the effect of increased global strength of the euro, while it may be the effect of an intrinsic weakening of the dollar itself.

Exchange rate evolution of the euro compared to USD, JPY and GBP. Exchange rate at start is put to 1.
Green: in Jan-1999: ?1 = $1.18 ; in Apr-2008: ?1 = $1.57
Red: in Jan-1999: ?1 = ¥133 ; in Apr-2008: ?1 = ¥161
Blue: in Jan-1999: ?1 = £0.71 ; in Apr-2008: ?1 = £0.79

Against other major currencies

After the introduction of the euro, its exchange rate against other currencies fell heavily, especially against the U.S. dollar. At its introduction in 1999, the euro was traded at US$1.18/?, but by October 26, 2000, it had fallen to an all-time low of $0.8228/?. After the appearance of the coins and notes in January 1 2002 and the replacement of all national currencies, the euro then began steadily appreciating, and soon regained parity with the U.S. dollar on July 15, 2002. Since December 2002, the euro has not again fallen below parity with the U.S. dollar but has, instead, begun an unprecedented ascendency. On 23 May 2003, the euro surpassed its initial ($1.18) trading value for the first time. At the end of 2004, it reached a peak of $1.3668 (?0.7316/$) as the U.S. dollar fell against all major currencies, fuelled by the so-called double deficit in the US accounts. The dollar temporarily recovered in 2005, rising to $1.18 (?0.85/$) in July 2005, and was stable throughout the second half of 2005. The steep increase in U.S. interest rates during 2005 had much to do with this trend. But on November 2005 the dollar again began to fall steadily until the present day hitting one record low after another. On 23 April 2008, the U.S. dollar fell to an all-time low of $1.5940 (?0.6273/$) against the euro.^[40] On 16 April 2008, the pound sterling fell to an all-time low of £0.80610 (?1.2405/£) against the euro.^[41]

• Current and historical exchange rates against 29 other currencies (European Central Bank)
• Current dollar/euro exchange rates (BBC)
• Historical exchange rate from 1971 until now

Worldwide use of the euro and the U.S. dollar:

Currencies pegged to the euro

There are a number of non-EU currencies that were pegged to a European currency and are now currencies related to the euro: the Cape Verdean escudo, the Bosnia and Herzegovina convertible mark, the CFP franc, the CFA franc and the Comorian franc.

In total, the euro is the official currency in 15 states inside the European Union, and 5 states/territories outside the European Union. In addition, 23 states and territories have currencies that are directly pegged to the euro including 14 countries in mainland Africa, 3 EU members that will ultimately join the euro, 3 French Pacific territories, 2 African island countries and another Balkan country, Bosnia and Herzegovina.

In the United Kingdom, although not a member of the Eurozone, many high-street banks report that as much as 90% of their international trade is conducted in euro. It is common therefore for them to use the euro as their 'core' currency on international business systems, only converting to Sterling for local accountancy purposes.^[42]

Linguistic issues

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, these names are invariant in the plural.^[43] These styles are often in conflict with the structures of the national languages. For English language texts, however, there is a recommendation from the Directorate-General for Translation, the EU's translation service, that the natural plurals 'euros' and 'cents' should be used in non-legal documents intended for the general public.^[44]

See also

Previous currency unions

• Latin Monetary Union (1865?1927)
• Scandinavian Monetary Union (1873?1914)
• Sterling Area (1931?1972)

Other existing common currencies

• Central African CFA franc, a currency used by six independent states.
• East Caribbean dollar, a currency used by eight of the nine members of the Organisation of Eastern Caribbean States.
• West African CFA franc, a currency used by eight independent states.
• Common currency

Future planned and potential common currencies

• Afro (currency), planned to be implemented in Africa before 2028.
• Amero, one of the possible names of the currency for an academically speculated North American currency union. It is hypothetical and not considered by governments of involved nations.
• Eco, a planned West African currency to be used by 5 or 6 nations by 2009.
• Khaleeji, a planned common currency of the 6 nations of the Cooperation Council for the Arab States of the Persian Gulf to be produced by 2010.

Notes and references

Further reading

• Baldwin, Richard and Charles Wyplosz, The Economics of European Integration, New York: McGraw Hill, 2004.
• European Commission, High Level Task Force on Skills and Mobility - Final Report, 14 December 2001.

External links

Official websites

• The euro ? Europa
• European Central Bank
  • Security features
  • Exchange rates

Other

• The Euro Information Site ? ibiblio
• Dollar falls to record euro low Mar 17 2008
• The symbolic power of the euro
• The ?uro Collection Forum

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