81. The EURO And EMU - The European Commission's Delegation To The Republic Of Korea The euro and emu. 1 March 2002 the euro becomes the sole legal tender of Prices are displayed in the same currency; they are easier to compare and help http://www.delkor.cec.eu.int/en/euro_and_you/euro_and_EMU.htm

Europa The European Union in the World Delegations The Delegation of the European Commission to the Republic of Korea [EN] - KR home links contacts The EURO and EMU 1 March 2002: the euro becomes the sole legal tender of twelve European countries. After more than ten years of preparations, 12 European countries have given up their national currency forever and adopted a common currency: the euro. On January 1 2002, euro banknotes worth 133 billion euro began circulation. By 1 March 2002, 242 billion euro worth of notes were circulating across twelve countries. Over 300 million people have been affected by this change. Never before has such an operation been undertaken on this scale. The euro has been introduced in: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal and Finland. What do the euro banknotes look like? They are all exactly the same throughout the euro area. They illustrate the evolution of architectural styles in the history of Europe: windows and bridges bring people together. For more images of the euro notes, click

82. NIRA Review Spring 1998: Why The World Should Watch The Euro By Harmen Lehment In less than a year, the euro, europe s new currency, will make its debut. Those arguing to have the financial center for the euro inside the emu rather http://www.nira.go.jp/publ/review/98spring/lehment.html

Essay Why the World Should Watch the Euro by Harmen Lehment Exchange rates of the participating currencies will soon be irrevocably fixed against one another. The conversion rates will most likely be the same as the central rates of the current EMU. In the beginning, the value of the euro will be identical to that of the European Currency Union (ECU), the currency basket of the EMU. Currently, the yen/ECU rate is about twice as high as the yen/DM rate. After the euro gains status as an official currency, its exchange rate against the old ECU will change, since the ECU currency basket contains currencies such as the pound sterling that will not initially participate in the European Monetary Union. Euro-denominated banknotes and coins will not be issued immediately; they will be introduced in the beginning of the year 2002. But the euro will be used in 1999 by governments, corporations, and citizens as a unit of account. Euro-based bank accounts will also be available, as will bank transfers and invoices based in the currency. Large corporations and some European governments have already announced their intentions to use the currency in these ways immediately after the start of the EMU in 1999. The launching of the euro is likely to have substantial effects on global corporate strategies and on world financial markets. First, corporations active in European markets should be prepared to do business in euro, starting from next year.

83. IT-Director.com: Implications Of Euro Changeover To Notes A Although the euro remains a foreign currency for countries such as the UK and USA, the end of the Bank accounts in former emu national currencies http://www.it-director.com/article.php?articleid=8299

84. IT-Director.com: "L'euro Survit, Le Franc Doit Vivre" (the The inability and inaction of emu Member States to make the necessary economic Introduce the euro as a circulating currency in note and coinage form as http://www.it-director.com/article.php?articleid=1246

85. Representation Of The European Commission In The Czech Republic Economic and Monetary Union (emu) has been the most significant EU policy of recent Who manages the euro? The euro currency is managed by an independent http://www.evropska-unie.cz/art.asp?id=105

86. Euro - EMU Economic and Monetary Union (emu) is an area with a single currency, rates between the euro and the currencies of the nonparticipating countries, http://www.bportugal.pt/euro/emu/emu_e.htm

Single Monetary Policy Convergence Criteria Non-Participating Member States Exchange Rate Mechanism ... Chronology Economic and Monetary Union Economic and Monetary Union (EMU) is an area with a single currency, the euro, within the European Union (EU) single market in which people, goods, services and capital move without restrictions. As trade between the EU Member States amounts to 60% of their total trade, EMU is the natural complement of the single market. With the single currency, the benefits of the single market will be delivered more fully with the removal of the transaction costs brought about by currency conversions and the elimination of exchange rate variations which disrupt trade and investments. As the name itself indicates, EMU has two sides: the monetary and the economic, both gathering in the pursuit of ensuring a framework for nominal stability, a condition necessary to obtain low interest rates and, consequently, a sound and sustained growth in the medium and long term. The single monetary policy , conducted by the European System of Central Banks (ESCB) from 1 January 1999 onwards, has the purpose of maintaining

87. Milton Friedman EMU The EU and its single currency euro will exist for some 510 years a than will Det samma gäller emu, själva syftet med euron - det politiska syftet - är http://www.internetional.se/emufrid.htm

Milton Friedman News About Milton Friedman at Nobel Price winners ONE WORLD, ONE MONEY? by Milton Friedman and Robert Mundell "Policy Options is Canada's premier public policy magazine"also: also: "The Chicago School in the 1960s" by Rudiger Dornbusch "Currency unions: Europe vs. the United States" by James Tobin "Mundell and Friedman: Four key disagreements" by Richard G. Harris "Central banks: Who needs them?" by Kevin Dowd "Would fixed rates make markets more flexible?" by Christopher Ragan "New currency regimes: How green the grass? How high the fence?" by William B. P. Robson The Donner Prize: Tom Flanagan "Paul Martin's milestone: One for the record books" by Geoffrey Hale Robert Mundell Remarks by the President in Tribute to Milton Friedman May 9, 2002 President Bush honored Dr. Friedman on his upcoming 90th birthday and for his lifetime awards including the Nobel Prize in economics in 1976 and the Presidential Medal of Freedom in 1988. THE PRESIDENT: It's an honor for me to be here to pay tribute to a hero of freedom, Milton Freidman. He has used a brilliant mind to advance a moral vision: the vision of a society where men and women are free, free to choose, but where government is not as free to override their decisions.... We have seen Milton Friedman's ideas at work in Chile, where a group of economists called the "Chicago Boys" brought inflation under control and laid the groundwork for economic success. We have seen them at work in Russia, where the government recently adopted a 13 percent flat tax with impressive results.

88. Regional Economist A new european currency, the euro, has officially become the standard unit of Exchange rates between emu currencies, however, will certainly not be http://stlouisfed.org/publications/re/1998/c/re1998c3.html

Yes, This EMU Will Fly, But Will It Stay Aloft? by Adam M. Zaretsky Dateline: Jan. 1, 1999. Today, 11 of the 15 European Union (EU) nations relinquished control of their domestic monetary policies, abandoned their currencies and entered Stage 3 of the European Monetary Union (EMU). This event marks the start of the final phase of Europe's 40-year effort to combine its economies. A new European currency, the euro, has officially become the standard unit of account in these nations, with euro notes and coins to be issued by Jan. 1, 2002. Six months later, the current domestic currencies will no longer be legal tender. By joining forces, the 11 nationsAustria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spainhave created an economic area comparable in population and output to that of the United States. The U.S. economy no longer overwhelmingly dominates the international scene with its strength and depth. Rewind to the Present No doubt, a news brief similar to the one above will appear in newspapers worldwide on Jan. 1, 1999, when monetary union takes hold in Europe. On this day, European nations will begin operating under a single monetary authority, the European Central Bank (ECB), which will control monetary policy for the EMU's member nations without political influence from any of them, much like the U.S. Federal Reserve System. On the first of January, member nations will irrevocably fix the exchange rates among their national currencies, starting the transition from 11 national currencies to a single European currency called the euro. According to the provisions agreed to in the 1993 Treaty on European Union

89. The Euro: Our Currency Welcome to the european Union’s website on the euro, europe’s single currency. The euro is the currency of twelve european Union countries Belgium, http://europa.eu.int/euro/entry.html

The Euro: Our Currency Welcome to the European Union’s website on the euro, Europe’s single currency. The euro is the currency of twelve European Union countries: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland. Find out more about Europe's currency

90. Www.itworks.be/bookmark/euro/ Finfacts euro Page as a calculator to convert various currencies into euros. euroIndicators The DG responsible for emu issues has placed the euro Papers and other http://www.itworks.be/bookmark/euro/

91. EMU-EURO It was based on the ecu(a basket of the currencies of the Member States),on the On January 1, 1999, the third stage of emu began. The euro became a http://www.euwebring.org/euro.htm

THE EUROPEAN MONETARY UNION (EURO) On the 13 MArch 1979 the European Monetary System was created(EMS).The EMS has created a zone of monetary stability in Europe,encouraging growth and investement.It was based on the ecu(a basket of the currencies of the Member States),on the exchange rate and intervention mechanism(based on that each national currency had a central exchange ratelinked to ecu and bilateral rate exchanges were allowed to fluctuate within a band of 2.25%,or up to 6%,increased finally at 15%)and the credit mechanism(when the bilateral exchange rates are approaching the 15% limit,the bnks have unlimited liability to intervene to not pass the limit of 15%).In order to remove the non-tariff barriers to the free movements of good,capital,services and persons,the EMS wasn't anymore enough and so the single currency became a necessity.The european monetary union was established during the Treaty of Maastricht which entered into force in 1993. Its formation spanned three stages: Stage I At this initial the Member States drew up convergence programmes designed to promote improvements in the convergence of economic performance, thereby making it possible to establish fixed exchange rates.

92. RBS: Travel Money - Travel Money Commission Charges US$100000+. Refer to GTMS Dealers. euro (emu)**. euro 25000 and under. 1% (min euro 10) Over euro 100000. Refer to GTMS Dealers. All other currencies http://www.rbs.co.uk/Personal_Finances/Travel_and_International_Payments/Travel_

Home Accessibility Legal Privacy ... Get in touch You are here: Currency Converter Product Finder Jargon Buster Travel Money Guide ... Printer friendly Travel Money Commission Charges Details of our commission charges are outlined below. Sales* Currency notes 1.5% commission (min £2) per currency except flat £1 for transactions under £20 Currency travellers cheques 1.5% commission (min £3; max £50) per currency Sterling travellers cheques 1% commission (min £3; max £50) Repurchases* Travel money originally bought at the Royal Bank 0.5% (min. £1.50) per currency All other purchases* Currency notes Royal Bank customers: 1.5% commission (min £2) per currency except flat £1 for transactions under £20 Non-Royal Bank customers: 2% commission (min £2) per currency except flat £2 for transactions under £20 Currency travellers cheques Royal Bank customers: 1.5% commission (min £3, max. £35) per currency Non-Royal Bank customers: 2% commission (min £3, max. £35) per currency

93. Study Of The Implications Of EMU For Australia Following The Introduction Of The Assuming a smooth launch of the euro, emu is likely to have modest overall Based on the share of euro Zone currencies in international trade, the euro http://www.dfat.gov.au/trade/emu/

Trade - Department of Foreign Affairs and Trade Australian Government Department of Foreign Affairs and Trade Skip to content About us ... Contact us Site Navigation: Travel Advisories Country information Trade Policy Global Issues ... Home Portfolio websites ACIAR AusAID Austrade EFIC Site tools Media Gateway Students Gateway Business Gateway Site Feedback ... Site Index Today is Armenia National Day, Malta Independence Day and Belize National Day Study of the Implications of EMU for Australia following the introduction of the euro on 1 January 1999 Executive Summary The entire study EXECUTIVE SUMMARY The commencement of the third stage of European Economic and Monetary Union (EMU) on 1 January 1999 when the euro is introduced, is a major step for Europe with far reaching political as well as economic implications. Eleven of the fifteen EMU countries (all except UK, Sweden, Denmark and Greece) will initially form part of the "Euro Zone". The Department of Foreign Affairs and Trade's study examines the likely impact EMU and the euro will have on European growth and our commercial relations with the EU, by analysing the implications for trade, investment and foreign currency holdings. Assuming a smooth launch of the euro, EMU is likely to have modest overall implications for Australia - at least in the short term - although the immediate impact on individual Australian exporters will vary depending on their exposure to the European market. The European business environment will become more competitive and exporters will need to respond accordingly. In time Australia could benefit from potentially higher levels of EU growth and lower long term interest rates, although the expected slow down in the EU in 1999 means that the trade diversion effects stemming from the euro, which will favour intra Euro Zone trade, is expected to overshadow the trade creation effects. However, this trend is likely to be reversed in the medium to long term.

94. EMU And Inflation - A Civil Liberty Issue - Abelard this document discusses two hidden dangers of emu inflation and reduced civil Make no mistake, the euro is a political project not an economic venture. http://www.abelard.org/emu/emu-hi.htm

site map EMU and inflation - a civil liberty issue Web abelard.org EMU (European Monetary Union) and infla is one of a series of documents about economics and money at abelard.org click to select documents about economics and money EMU (European Monetary Union) and inflation GDP and other quality of life measurements Transferring value (money) using the internet e-gold: a developing example of an independent monetary system moneybookers, a non -goldbased value transfer system PayPal and Billpoint - more detailed information contents Introduction Analysis in seven sections section 1: politics without brains or ethics section 2: recent currency debauchery in the uk section 3: governments love inflation section 4: innumerate workers ... advertising Reference section Political and technical considerations Private money Future developments Backup material ... End notes introduction A year or so ago an able poster on uk.politics.misc, A.W.R. Gulliver, suggested to me that the proposed EMU was a pressing and important issue. Until that time, I had not examined the EMU project and was rather complacent about the matter. However, the more I studied it, the more concerned I became. Hence the following report.

95. Eurotietopankki: Sanasto Ecu korvautui eurolla EMUn kolmannen vaiheen alettua 1.1.1999. engl. single currency, ransk. monnaie unique, EMUn yhteinen raha eli euro. http://www.vm.fi/vm/liston/euro.lsp?r=17576&l=fi

96. Nationalbanken // History Of The Euro // History Of The Euro // Introduction Of Introduction of the euro – emu, third stage. However, the fixed parities of the 11 legacy currencies visà-vis the euro meant that they were no longer http://www.nationalbanken.dk/dnuk/eurohist.nsf/side/Introduction_of_the_euro__EM

var resizeTop = false; var shadowSet = false; About us Tasks Notes and coins Euro ... Euro History of the Euro Links Site map Dansk Search: Log on News service Press room Publications ... History of the Euro On 1 January 1999, 11 EU member states acquired a single currency, the euro. This was achieved by locking the exchange rates for the legacy currencies of the participating EU member states (euro area member states) vis-à-vis the euro. For the first three years, the euro existed only as electronic money, while the legacy currencies still existed as banknotes and coins. However, the fixed parities of the 11 legacy currencies vis-à-vis the euro meant that they were no longer independent currencies, and consequently they were no longer traded in the currency markets. Three years after the introduction of the euro, i.e. on 1 January 2002, euro banknotes and coins were put into circulation. The three years up to 1 January 2002 were necessary in order that all parts of society, e.g. retailers, the financial sector, companies and the public sector, could prepare for the full transition to euro. This period was also used to manufacture euro banknotes and coins. Last update: 07/14/2003 Related links Danmarks Nationalbank Havnegade 5 DK - 1093 Copenhagen K Denmark Contact us var cIdA="0113d"; var CSfm=false; var CSdl=true; CSltext=false;

97. Britain And European Monetary Union A second basic difference between sterling and continental currencies springs For them emu was just another logical step, not the leap in the dark it http://www.ex.ac.uk/~RDavies/arian/emu.html

Britain and European Monetary Union See also Money in Fiction Financial Scandals What are the prospects for European Monetary Union and why, when other countries were clamouring to be in at the start of the Euro , is Britain so reluctant to participate? Perhaps the best way to judge is to study the lessons of history and how the British experience differs from that of most other countries in Europe since, for good or ill, a nation's past inevitably influences its attitude to the present and the future. The Long History of the Pound Sterling Whereas France had a single national currency for a brief period during the reigns of Pepin and Charlemagne, England has enjoyed a relatively stable single national currency with an unbroken history of over 900 years, and the origins of the pound Sterling go back even further still. The Viking invasions and the need to pay Danegeld or to pay for defence caused an enormous increase in the production of coins in England. Athelstan had no fewer than 30 mints in operation and in order to keep control of them all the Statute of Greatley was passed in 928, stating that there was to be only one single type of money or currency in England, and ever since there has been just one. This was many centuries before the history of the currencies now used in other major European countries started.

98. Publications - Background Briefings - EMU Short summary from the European Commission s office in London. http://www.cec.org.uk/info/pubs/bbriefs/bb10.htm

The European Commission Representation in the United Kingdom Background Briefings About us A-Z Feedback Info ... Search EMU Economic and Monetary Union (EMU) has been the most significant and the most controversial EU policy of recent years. The creation of a single European currency, the euro, means that decisions in the key policy area of monetary policy are taken at the EU level. The countries participating in EMU no longer fix their own interest rates; policy on inflation and exchange rates is agreed collectively and a single interest rate is set by the European Central Bank in Frankfurt. EMU is a logical extension of the single market and is seen as a way to make the EU more competitive, securing prosperity and jobs. Inside the eurozone, business benefits from: lower costs of managing cash. lower currency risk. Exchange rate fluctuations are also eliminated. Firms are no longer exposed to losses associated with such movements, nor do they need to hedge business transactions against exchange rate risk, saving on the cost of hedging operations; a larger, more transparent market.

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