euro euro sign code official currency consists member states european_union austria belgium cyprus estonia finland france germany greece ireland italy lithuania malta netherlands portugal slovakia spain currency officially institutions european_union european countries consequently daily million europeans outside europe number overseas territories members use euro currency additionally million people worldwide use euro euro second largest reserve currency second traded currency world united_states dollar august circulation euro highest combined value coins circulation world having surpassed dollar based estimates purchasing power second largest economy world euro officially adopted december euro introduced world financial markets accounting currency january replacing ratio physical euro coins entered circulation january making day day operating currency original members euro dropped subsequently years october traded dollar end peaking july late euro immersed european sovereign debt crisis led creation reforms aimed currency july euro fell time years following concerns raised greek debt spain troubled banking sector euro dollar exchange rate stands administration euro managed administered frankfurt based composed central banks countries independent central bank sole authority set monetary policy printing distribution notes coins member states operation payment systems member states adopt euro meeting certain monetary budgetary convergence criteria states united_kingdom denmark negotiated sweden joined signed turned euro referendum obligation adopt euro meeting monetary budgetary requirements nations joined pledged adopt euro course issuing january national central banks issued euro joint basis euro central bank issued required accept euro circulation members repatriated issues total value issued practice circulation matching carry interest main rate euro issued proportion respective shares capital key calculated national share european_union population national share european_union equally weighted characteristics coins euro divided cents referred euro cents especially distinguishing referred common cent coins community legislative acts forms euro cent spelled notwithstanding normal english usage normal english local variations france circulating coins common showing value map background linguistic europe latin alphabet version euro opposed common greek arabic text national sides national languages text common avoided denominations cent coins map showed member states members euro introduced beginning depending country old map replaced map europe showing countries outside union like norway cent coins old design showing geographical map europe member states raised somewhat rest map common sides designed coins national showing image specifically chosen country issued coin euro coins member state freely nation adopted euro coins issued denominations avoid use smallest coins cash transactions rounded nearest cents netherlands ireland voluntary agreement finland law practice discouraged commission practice certain shops refuse accept high value euro notes commemorative coins face value issued changes design national coin include commonly issued coins commemorative coin anniversary signing treaty rome nationally issued coins coin commemorate summer olympics issued greece coins legal tender collector coins denominations issued intended general circulation legal tender member state issued design euro common designs sides design created austrian designer notes issued colour dedicated artistic period european architecture note features windows bridges links countries future designs supposed devoid identifiable characteristics initial designs specific bridges including subsequently rendered generic final designs bear close similarities specific prototypes truly generic monuments looked similar different national monuments payments clearing electronic funds transfer capital transferred country transfers euro treated domestic transactions bear corresponding domestic transfer costs includes member states outside providing transactions carried euro credit card charging treated domestic transactions paper based payment orders like domestic based set clearing system target large euro transactions currency sign special euro currency sign designed public survey narrowed original proposals chose design created inspiration symbol came greek reference cradle european letter word europe crossed parallel lines stability euro specified euro logo exact proportions foreground background colour tones commission intended logo prescribed shape font designers clear intended design variants instead lacking euro sign create capital equal sign placement currency sign relative varies nation nation texts english symbol standard official symbol cent history introduction euro established provisions treaty participate currency member states meant meet strict criteria budget deficit percent debt ratio percent ultimately widely introduction low inflation interest rates close average treaty united_kingdom denmark granted request moving stage monetary union result introduction euro helped create contributed euro include theory euro officially adopted madrid december teacher french history credited naming new currency sending letter president suggesting euro august differences national conventions rounding significant conversion national carried process euro definitive values euro terms exchange rates currency entered euro shown right rates determined based recommendation based market rates december set equal euro accounting unit based member states currency right set earlier depended closing exchange rate non euro principally pound sterling day procedure fix conversion rate greek euro different euro years old conversion rates initial determined hours euro introduced conversion rate greek fixed months currency introduced non physical form traveller electronic transfers banking etc midnight january national participating countries ceased exist independently exchange rates locked fixed rates euro successor notes coins old continued legal tender new euro notes coins introduced january period notes coins exchanged euro lasted months february official date national ceased legal tender varied member state member state earliest date germany mark officially ceased legal tender december exchange period lasted months old ceased legal tender continued accepted national central banks periods ranging years forever austria germany ireland estonia coins belgium slovakia accept forever coins earliest coins non portuguese ceased monetary value december remain crisis following financial crisis fears sovereign debt crisis developed conservative investors concerning european states situation particularly tense early included members greece ireland portugal countries outside area iceland country experienced largest crisis entire international banking system collapsed emerged affected sovereign debt crisis government unable bail banks especially countries sovereign debts increased sharply bank crisis confidence emerged widening bond yield spreads risk insurance credit default countries members importantly germany included countries certain convergence criteria criteria diminished fact enforced degree country country according economist intelligence unit euro area treated single entity economic fiscal position looks worse respects better budget deficit euro area lower euro area government debt ratio level united_states write private sector euro area markedly lower highly anglo saxon economies authors conclude crisis political economic result fact euro area lacks support institutional mutual bonds solidarity state crisis continued euro area countries including france entire fund socialist elected president france month later french socialist legislative position strengthened german leader appeared badly let advisers recent months commentator said french german monetary decision makers comparable height crisis forerunner relatively dormant signs euro skepticism german public opinion industry recent months making proposals increasingly broad german opinion considerable controversy continue greece spain real battle lines future euro drawn germany france commentary concluded historical parallel germany debt unemployment france united_states relatively strong creditors gained attention summer germany received debt rating warning direct indirect usage direct usage euro sole currency member states austria belgium cyprus estonia finland france germany greece ireland italy lithuania malta netherlands portugal slovakia spain countries constitute million people total remaining members obliged join future members set continue outside euro sole currency montenegro european overseas territories members lands direct usage euro outside affects nearly million people euro trading currency cuba syria euro abandoned local currency major instead including euro united_states dollar use reserve currency introduction euro second widely held international reserve currency dollar share euro reserve currency increased period share dollar fell fell euro inherited built status mark second important reserve currency euro remains reserve currency advanced economies overweight emerging developing economies according total euro held reserve world end equal billion share currency reserves advanced economies total currency reserves emerging developing economies possibility euro international reserve currency widely debated chairman gave opinion september absolutely euro replace dollar reserve currency traded equally important reserve currency contrast assessment euro increase share worldwide currency reserve basket slowed considerably beginning worldwide credit related recession european sovereign debt crisis euro outside total countries territories belong directly euro including countries mainland africa african island countries cape territories balkan countries bosnia mark bulgaria bulgarian macedonia july signed agreement portugal eventually tie currency euro additionally tied basket including euro dollar euro given highest exception bosnia bulgaria macedonia mark cape_verde portuguese non countries currency french euro country currency major currency regarded safety measure especially areas weak economies euro seen stable currency prevents runaway inflation encourages foreign investment stability euro instances joining bulgarian mark member state direct danish total million people africa use currency euro million people outside europe people pacific islands stamps issued order official currency remains euro recognised legal tender order economics optimal currency area economics currency area region geographical region economic efficiency entire region share single currency models proposed stationary expectations model international risk sharing model advocates international risk sharing model concludes favour euro creation single currency concerns economies recession chances state leaving euro chances zone collapse considered extremely slim greek government debt crisis led british foreign secretary claiming current form problem rules created euro set writing new_yorker explains guiding principle currency opened business supposed set rules limit country annual deficit cent gross domestic product total accumulated debt cent nice idea biggest economies euro zone germany france broken rules years row transaction costs risks obvious benefit adopting single currency remove cost exchanging currency theoretically allowing businesses individuals previously trades consumers banks charge member cross border transactions purely domestic transactions electronic payments credit cards cards cash machine absence distinct theoretically removes exchange rate risks transfer restrictions financial crisis means situation simple risk exchange rate movement added additional risk uncertainty companies individuals invest trade outside currency zones companies risk longer need shoulder additional cost particularly important countries traditionally fluctuated great deal particularly mediterranean nations financial markets continent expected far liquid flexible past reduction cross border transaction costs allow larger banking firms provide wider array banking services compete transaction costs reduced studies shown risk increased years price effect common european currency differences prices particular price levels decrease law price differences prices trigger speculative trade borders purely exploit price differential prices commonly traded goods likely converge causing inflation regions transition evidence observed specific markets stability low levels inflation stable modern economies high level inflation acts tax theoretically investment generally viewed undesirable spite countries unable unwilling deal pressures countries successfully contained establishing largely independent central banks bank germany modelled independent pressures national governments mandate inflation low member countries join euro hope enjoy stability associated low levels inflation unlike united_states_of_america second objective sustain growth employment national corporate bonds euro significantly liquid lower interest rates historically case national increased lower nominal interest rate bond bond currency low levels inflation arguably plays larger role credible commitment low levels inflation stable debt reduces risk value debt eroded higher levels inflation default future allowing debt issued lower nominal interest rate unfortunately cost structurally keeping inflation lower united_states china result seen countries euro expensive making european products increasingly expensive largest export euro zone difficult main reasons economic growth inside euro zone growth large economies effect strongest european countries weak economy general europe large amounts served high stability low inflation need earn including countries need pay interest large debts likely better served slightly strong euro leading export lower euro investors better chances companies southern european countries grow crisis result investing risky push interest rates southern countries line european average contradiction high stability form ongoing historically low inflation time leads economic problems creating higher interest rates political economic instability weaker partners trade consensus studies introduction euro concluded increased trade study suggested increase estimated analysis available studies suggests prevalence positive estimates caused publication bias underlying effect furthermore studies accounting time trend reflecting general policies europe started continue implementing common currency find effect trade results suggest policies aimed european integration source observed increase trade investment physical investment increased introduction foreign direct investment study found stocks increased years concerning effect corporate investment evidence introduction euro resulted increase investment rates easier firms access financing europe euro specifically stimulated investment companies come countries previously weak study found introduction euro accounts investment rate countries previously weak currency inflation introduction euro led extensive discussion possible effect inflation short term widespread impression population introduction euro led increase prices impression confirmed general inflation studies study found effect introduction euro prices effect goods effect cheap goods seen price round introduction euro study found consumers based beliefs inflation cheap goods frequently purchased suggested jump small prices prior introduction retailers fewer upward adjustments waited introduction euro exchange rate risk advantages adoption common currency reduction risk associated changes currency exchange rates found introduction euro created significant reductions market risk firms outside europe reductions market risk concentrated firms non euro firms high fraction foreign sales assets europe financial integration introduction euro strong effect european financial integration according study question significantly european financial system especially respect markets real policy barriers integration retail corporate banking sectors remain significant wholesale end banking largely integrated specifically euro significantly decreased cost trade bonds equity banking assets global level evidence introduction euro led integration terms investment bond countries lending borrowing countries effect interest rates january introduction euro interest rates members countries particularly weak currency decreased countries interest rates fell result adoption euro greece ireland portugal spain italy countries sovereign financing problems effect declining interest rates combined excess continually provided easier banks countries interest rates fell linked borrow significant amounts budget deficit imposed initially significantly public private debt levels following financial crisis governments countries found necessary bail privately held banks prevent failure banking system underlying hard financial asset values found inflated near worthless liquid market increased high levels public debt level markets began consider increasing government bond interest rates producing ongoing european sovereign debt crisis price convergence evidence convergence prices introduction euro mixed studies failed find evidence convergence following introduction euro phase convergence early 1990s studies found evidence price convergence particular cars possible reason divergence different studies processes convergence linear slowing substantially suggested recent study tourism study suggests introduction euro positive effect tourist travel increase exchange rates flexible exchange rates targets interest rates exchange rates general intervene foreign exchange rate markets implications model implies central bank capital controls maintain interest rate exchange rate targets simultaneously increasing money supply results currency years following single european act capital markets chosen monetary autonomy exchange rate regime euro flexible floating result maintaining historically low interest rates restricting money supply decade euro expensive relative currency europe main trading partners euro started sharp decline starting dropping despite seeing decline value usd seen growth euro major euro second widely held reserve currency dollar introduction january exchange rate major fell reaching lowest exchange rates october dollar october regained exchange rate reached historical highest point july dollar july december advent global financial crisis euro initially fell regain later despite pressure european sovereign debt crisis euro remained stable november euro exchange rate index measured major trading partners trading percent higher year approximately level crisis kicked current historical exchange rates current dollar euro exchange rates bbc historical exchange rate linguistic issues formal titles currency euro major unit cent minor unit official use languages according languages use spelling singular normal rules word formation languages bulgaria negotiated exception euro bulgarian alphabet spelled euro official documents greek script term greek cent coins official practice english language legislation use words euro cent singular states forms cents english criticism unemployment nobel memorial prize winning economist thought central bank price stability objective aggregate demand management prices likely pushed increase indirect taxes adverse terms trade surge prices cancelled decline domestic money wage costs long price stability policy adopted unemployment industrial sectors price policy suggesting short run demand labour low price policy people difficulty finding job unemployment rate spain percent economic forecast says figure decrease percent statistics agency greece shows greece unemployment rate percent june forecasts greece unemployment rate remain percent long term unemployment skills persons motivation finding jobs lost causes country level unemployment remain high spain youth unemployment rate percent july highest figure figure comparable percent greek youth unemployment july averaged unemployment rate percent slight decrease percent likewise argued existence single shared currency entire combination tight money policies motivated insistence germany low inflation placed state permanent high unemployment according period creation euro financial crisis countries experienced high rates wage growth high influx investor money unit labor costs actually declined slightly germany rose spain greece created countries competitive disadvantage relative returning employment point requires labor costs gap cancelled spain greece easily happened exchange rate adjustment don happen decrease nominal wages spain greece known internal extremely difficult slow process nominal wages general exhibit downward equal increase nominal wages inflation happen active resistance germany
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