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euro
euro The single currency adopted by eleven states of the European Union in 1999. Following the creation of a single market through the Single European Act by 1993 the Maastricht Treaty of 1992 instituted the European Monetary Union (EMU). During a transition period, in which monetary policies were to be harmonized further and economic convergence was to be achieved, a European Currency Institute was created in 1994. The Institute coordinated monetary policies, as all the future members' national central banks had achieved autonomy from national political interference. The convergence criteria used to decide whether an applicant could be accepted for membership were: (1) a national budget deficit below 3 per cent of GDP; (2) total public debts below 60 per cent of GDP, or moving towards that target; (3) an inflation rate no more than 1.5 per cent above the countries with the lowest rate; (4) a stable national currency against the other members of the European Monetary System for at least two years. A Stability and Growth Pact was adopted in 1997, which created penalties for members who had been accepted into the single currency but who were subsequently failing to meet the first three criteria.
On 1 July 1998 Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxemburg, the Netherlands, Portugal, and Spain were admitted to the final stage of EMU. On 1 January 1999, the euro was formally adopted. The member states' currencies were locked in their exchange rate, while the successor of the ECI, the European Central Bank (ECB) in Frankfurt, took all decisions about the interest rate. In 2001 Greece became the twelfth member of the euro-zone, and on 1 January 2002 euro bank notes and coins were introduced to replace the old national denominations. There has been a significant risk attached to the introduction of a single currency for twelve states with very different economies, labour markets, and social and fiscal policy traditions. However, the euro could also act as a stimulus for economic harmonization, and for the liberalization of labour and capital markets. The single currency grew out of the recognition that in a context of globalization and free capital flows, individual governments could only exert limited influence on the outcomes of monetary policies. This had become evident during the 1980s and early 1990s, when the national central banks of the EC member states were forced to shadow the decisions of the German central bank without having any influence over its decisions. For this reason, the ECB was created largely on the successful model of the German central bank, so that the ECB was relatively well respected by the financial markets from the start. This, in turn, has meant that the low interest and inflation rates previously enjoyed by Germany were extended to the entire euro-zone. Ironically, it was Germany which, along with France, precipitated the currency's first crisis. From 2001, they ran budget deficits which violated the Stability and Growth pact underpinning the Euro. This had little short-term impact on currency stability, but the political costs proved significant. The perception of French and German arrogance encouraged new member states to insist on their own national interest at the unsuccessful 2003 Intergovernmental Conference. http://www.ecb.int |
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JAN PALMOWSKI. "euro." A Dictionary of Contemporary World History. 2004. Encyclopedia.com. 26 May. 2012 <http://www.encyclopedia.com>. JAN PALMOWSKI. "euro." A Dictionary of Contemporary World History. 2004. Encyclopedia.com. (May 26, 2012). http://www.encyclopedia.com/doc/1O46-euro.html JAN PALMOWSKI. "euro." A Dictionary of Contemporary World History. 2004. Retrieved May 26, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O46-euro.html |
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euro
euro Single currency unit of the European Union (EU). The Maastricht Treaty (1992) established a timetable for economic and monetary union (EMU). A European Currency Unit (ECU) acted as a theoretical unit until the birth of the Euro on January 1, 1999. In this first stage, 11 member states (Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain) fixed their exchange rates against each other and against the euro. International financial transactions began to be calculated in euros and the European Central Bank took control of a single monetary policy. In a ‘second wave’, the euro entered public circulation on January 1, 2002, and circulated alongside national currencies for six months, after which national currencies were abolished. Denmark, Sweden, Greece, and the UK ‘opted out’ of the first wave. See also European Monetary System (EMS); Exchange Rate Mechanism (ERM)
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"euro." World Encyclopedia. 2005. Encyclopedia.com. 26 May. 2012 <http://www.encyclopedia.com>. "euro." World Encyclopedia. 2005. Encyclopedia.com. (May 26, 2012). http://www.encyclopedia.com/doc/1O142-euro.html "euro." World Encyclopedia. 2005. Retrieved May 26, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O142-euro.html |
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euro
eu·ro1 / ˈyərō; ˈyoŏrō/ • n. (pl. eu·ros or eu·ro) (also Eu·ro) the single European currency adopted in 1999 by eleven countries in the European Union (Belgium, Austria, Finland, Spain, Ireland, Portugal, Germany, France, Netherlands, Italy, Luxembourg) as an alternative currency in noncash transactions. In 2002 it replaced the national currencies of twelve member countries (the original eleven, plus Greece). (Symbol: ₠) |
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"euro." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. 26 May. 2012 <http://www.encyclopedia.com>. "euro." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. (May 26, 2012). http://www.encyclopedia.com/doc/1O999-euro.html "euro." The Oxford Pocket Dictionary of Current English. 2009. Retrieved May 26, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O999-euro.html |
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euro
euro the single European currency, introduced in parts of the European Union in 1999.
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ELIZABETH KNOWLES. "euro." The Oxford Dictionary of Phrase and Fable. 2006. Encyclopedia.com. 26 May. 2012 <http://www.encyclopedia.com>. ELIZABETH KNOWLES. "euro." The Oxford Dictionary of Phrase and Fable. 2006. Encyclopedia.com. (May 26, 2012). http://www.encyclopedia.com/doc/1O214-euro.html ELIZABETH KNOWLES. "euro." The Oxford Dictionary of Phrase and Fable. 2006. Retrieved May 26, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O214-euro.html |
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euro
euro see European Monetary System . |
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"euro." The Columbia Encyclopedia, 6th ed.. 2011. Encyclopedia.com. 26 May. 2012 <http://www.encyclopedia.com>. "euro." The Columbia Encyclopedia, 6th ed.. 2011. Encyclopedia.com. (May 26, 2012). http://www.encyclopedia.com/doc/1E1-X-euro.html "euro." The Columbia Encyclopedia, 6th ed.. 2011. Retrieved May 26, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1E1-X-euro.html |
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euro
euro
•arrow, barrow, farrow, harrow, Jarrow, marrow, narrow, sparrow, taro, tarot, Varro, yarrow
•gabbro • Avogadro • Afro • aggro
•macro • cilantro • Castro
•wheelbarrow
•Faro, Kilimanjaro, Pissarro, Pizarro, Tupamaro
•Pedro • allegro • hedgerow • velcro
•escrow
•metro, retro
•electro • Jethro
•bolero, caballero, dinero, Faeroe, pharaoh, ranchero, sombrero, torero
•scarecrow • Ebro
•Montenegro, Negro
•repro • in vitro • Pyrrho • synchro
•windrow • impro • intro • bistro
•Babygro • McEnroe
•biro, Cairo, giro, gyro, tyro
•fibro • micro • maestro
•borrow, Corot, morrow, sorrow, tomorrow
•cockcrow • cointreau
•Moro, Sapporo, Thoreau
•Mindoro • Yamoussoukro
•Woodrow
•burro, burrow, furrow
•upthrow
•De Niro, hero, Nero, Pierrot, Pinero, Rio de Janeiro, sub-zero, zero
•bureau, chiaroscuro, Douro, enduro, euro, Ishiguro, Oruro, Truro
•Politburo • guacharo • Diderot
•vigoro • Prospero • Cicero • in utero
•Devereux • Jivaro • overthrow
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"euro." Oxford Dictionary of Rhymes. 2007. Encyclopedia.com. 26 May. 2012 <http://www.encyclopedia.com>. "euro." Oxford Dictionary of Rhymes. 2007. Encyclopedia.com. (May 26, 2012). http://www.encyclopedia.com/doc/1O233-euro.html "euro." Oxford Dictionary of Rhymes. 2007. Retrieved May 26, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O233-euro.html |
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EURO
EURO (ˈjʊərəʊ) European Regional Office (of the FAO)
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FRAN ALEXANDER , PETER BLAIR , JOHN DAINTITH , ALICE GRANDISON , VALERIE ILLINGWORTH , ELIZABETH MARTIN , ANNE STIBBS , JUDY PEARSALL , and SARA TULLOCH. "EURO." The Oxford Dictionary of Abbreviations. 1998. Encyclopedia.com. 26 May. 2012 <http://www.encyclopedia.com>. FRAN ALEXANDER , PETER BLAIR , JOHN DAINTITH , ALICE GRANDISON , VALERIE ILLINGWORTH , ELIZABETH MARTIN , ANNE STIBBS , JUDY PEARSALL , and SARA TULLOCH. "EURO." The Oxford Dictionary of Abbreviations. 1998. Encyclopedia.com. (May 26, 2012). http://www.encyclopedia.com/doc/1O25-EURO.html FRAN ALEXANDER , PETER BLAIR , JOHN DAINTITH , ALICE GRANDISON , VALERIE ILLINGWORTH , ELIZABETH MARTIN , ANNE STIBBS , JUDY PEARSALL , and SARA TULLOCH. "EURO." The Oxford Dictionary of Abbreviations. 1998. Retrieved May 26, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O25-EURO.html |
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