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The Euro is the official currency of 17 of the 27 member states in the European Union. It is the second most commonly used currency after the dollar, and over 330 million people use the Euro as their main form of currency. Whether you’re a part of a financial organization, a business expanding to Europe, or are taking a leisure trip to a member state, it is important to follow the fluctuations of the Euro.
Which Parties are Involved with the Euro?
The Euro is used by 17 member states of the European Union. These states include Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal, Finland and Greece. In the recent years, Slovenia, Cyprus, Malta, Slovakia and Estonia have also adopted the Euro. In addition, there are a number of territories that also use the Euro, such as Andorra, Monaco, the Vatican, Montenegro, and Kosovo.
Currently, the Euro is managed by various governmental organizations in the European Union. The Euro is maintained by the European System of Central Banks, which contains the European Central Bank (ECB) and the national banks of the member states. The main purpose of the ECB is to administer the monetary policy of the member states and to maintain price stability. However, it is the individual government’s responsibility manage fiscal policy, and to print and distribute their notes and coins.
There are a number of governmental resources available that provide information about the Euro. The European Commission, the executive body of the European Union, possesses a number of departments and organizations that are involved with the Euro. One of the major authorities on the Euro is the European Commissions of Economic and Financial Affairs. By exploring these major sources, individuals and businesses can obtain more information on the importance and significance of the Euro.
Why Use the Euro?
There are a number of reasons why member countries have relied on the Euro:
1. Simplification:
When individuals of different countries interact, they must often exchange currencies and deal with exchange rates and fees. However, when a significant number of countries adopt a single currency, it eliminates the need to exchange. One of the benefits that arise from adopting the Euro is that member states can eliminate the costs that arise with different currencies. Now, the only exchange rates that member states were concerned with are between the Euro and other currencies.
2. Unification:
By forming an alliance underneath the Euro, member states are able to create a major political organization. Adopting the Euro allows member states to easily engage in international business with other countries in European and non-European markets. Also, they are able to collect underneath the banner of the Euro, which gives benefits and a distinct identity to its member countries.
3. Stability:
Adopting a single currency provides a number of protections in times of economic instability. The strength of the Euro allows member states to better protect themselves against external and internal economic shocks. In addition, member states can also prevent competitive devaluations and speculations that may harm their economy.
International financial markets shift constantly. Financial crises and upheavals around the globe frequently lead to currency fluctuations and devaluations. In recent years the Eurozone has been particularly hard hit by economic conditions. European governmental information on the euro can be particularly beneficial to companies that do business in Europe.
European governmental information on the euro is available from a variety of international financial resources. These resources provide the most up to date information possible on currency fluctuations within the Eurozone. The euro is the official currency of 17 out of the 27 member states that form the European Union. It was officially introduced in 1999 and entered circulation in 2002.
Since it was introduced the euro has experienced fluctuations that have seen its value rise and fall on the international monetary exchange market. If your organization does business on the continent, it's best to stay informed in regard to the latest market developments related to the euro. You'll find many resources that provide official governmental information on the euro available on the web. Business.com is one resource that can make it easier for you to find what you're looking for. Visit the links on the left to find out more.
