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THE EURO

THE EURO. 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 EURO

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  1. THE EURO How do individuals, businesses and economies benefit from using the Euro?

  2. The Euro € € € € • In 1999, the euro area was established as a currency in eleven of the then fifteen EU Member States. • Of the 27 EU Member States today, seventeen have adopted the euro. Estonia is the most recent member, having joined in Jan. 2011. • One of the striking benefits of a single European currency are low interest rates due to a high degree of price stability. • The euro is as stable and credible as the best-performing currencies previously used in the euro area countries.

  3. Before the Euroa multitude of currencies • Diversity of currencies: • Cumbersome inter-state trading • Comparing prices more difficult • Currency exchange can be unpredictable • in contracts/ loans

  4. The Euroa single currency for Europeans The 12 countries which introduced the Euro in 2001: • Italy • Ireland • Luxembourg • Netherlands • Portugal • Spain • Austria • Belgium • Finland • France • Germany • Greece

  5. The Euroa single currency for Europeans Can be used everywhere in the euro area 4Coins:one side with national symbols, one side common 4Notes:no national side New Euro countries since 2001: EU countries using the euro in 2011EU countries part of ERM II (in between) EU countries not using the euro • Cyprus (2006) • Malta (2006) • Slovakia (2008) • Slovenia (2009) • Estonia (2011)

  6. Some of the Euro’s benefits • European Central • Bank keeps price • inflation low so • interest rates also • remain low • Currency • exchange costs • are eliminated • International • trade is • facilitated • Inflation remains • low and stable • Travelling is made • easier • Comparing prices • is made simpler

  7. United in Diversity - The €uro

  8. United in Diversity - The €uro

  9. 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 euro area comprises the 17 European Union countries that have introduced the euro since 1999. • The ECB operates independently from Member State governments. The euro was introduced in 1999

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