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Encyclopedia > European Exchange Rate Mechanism

Image File history File links Eurozone_map. ...

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     Eurozone
     ERM II members
     unilaterally adopted
     other EU members
     special adoption agreement

The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single currency, the euro, which took place on 1 January 1999. Image File history File links Eurozone_map. ... For other uses, see Andorra (disambiguation). ... For other uses, see Bulgaria (disambiguation). ... Motto: (Czech) Truth prevails Anthem:  Czech Republic() – on the European continent() – in the European Union() [] Capital (and largest city) Prague Official languages Czech Demonym Czech Government Parliamentary republic  -  President Václav Klaus  -  Prime Minister Mirek Topolánek Independence (formed 9th century)   -  October 28, 1918   -  January 1, 1993  EU accession May... For other uses, see Denmark (disambiguation). ... The Eurozone (less frequently called the Euro Area or Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency. ... For other uses, see Estonia (disambiguation). ... This article is about the European country. ... For other uses, see Kosovo (disambiguation). ... Motto TÄ“vzemei un BrÄ«vÄ«bai(Latvian) For Fatherland and Freedom Anthem Dievs, svÄ“tÄ« Latviju!(Latvian) God, bless Latvia! Latvia() – on the European continent() – in the European Union() [] Capital (and largest city) Riga Official languages Latvian Ethnic groups  59. ... Motto: Tautos jÄ—ga vienybÄ—je The strength of the nation lies in unity Anthem: TautiÅ¡ka giesmÄ— Lithuania() – on the European continent() – in the European Union() [] Capital (and largest city) Vilnius Official languages Lithuanian Demonym Lithuanian Government  -  President Valdas Adamkus  -  Prime Minister Gediminas Kirkilas Independence from the Russian Empire... For other uses, see Monaco (disambiguation). ... This article is about the country in Europe. ... This article is about the country in Europe. ... Motto:  (each main institution has its own motto) Anthem: DeÅŸteaptă-te, române! Romania() – on the European continent() – in the European Union() [] Capital (and largest city) Bucharest (BucureÅŸti) Official languages Romanian1 Demonym Romanian Government Unitary semi-presidential republic  -  President Traian Băsescu  -  Prime Minister Călin Popescu-T... For other uses, see San Marino (disambiguation). ... Anthem: Nad Tatrou sa blýska Lightning over the Tatras Slovakia() – on the European continent() – in the European Union() [] Capital (and largest city) Bratislava Official languages Slovak Demonym Slovak Government Parliamentary republic  -  President Ivan GaÅ¡parovič  -  Prime Minister Robert Fico Independence due to dissolution of Czechoslovakia   -  Date January 1, 19931... Motto:  1 For Sweden – With the Times 2 Anthem: 3 Thou ancient, thou free Royal anthem:  The Song of the King Sweden() – on the European continent() – in the European Union()  —  [] Capital (and largest city) Stockholm Official languages Swedish (de facto)4 Demonym Swedish Government Parliamentary democracy and Constitutional monarchy  -  King... For other uses of the word Switzerland, see Switzerland (disambiguation). ... “UK” redirects here. ... Anthem: Inno e Marcia Pontificale(Italian) Pontifical Hymn and March Capital Vatican City , Official languages Italian2 (de facto) Government Theocratic Absolute elective monarchy  -  Sovereign Pope Benedict XVI  -  President of the Governorate Giovanni Lajolo Independence from the Kingdom of Italy   -  Lateran Treaty 11 February 1929  Area  -  Total 0. ... The Eurozone (less frequently called the Euro Area or Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency. ... The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single currency... The Eurozone (less frequently called the Euro Area or Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency. ...  Eurozone countries  EU states to join Eurozone on 1 January 2008  EU state aiming to join Eurozone on 1 January 2009  EU state aiming to join Eurozone on 1 January 2010  EU states bound by the Maastricht Treaty to ultimately join the Eurozone  EU states with a derogation on Eurozone... The Eurozone (less frequently called the Euro Area or Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency. ... The European Community (EC) was originally founded on March 25, 1957 by the signing of the Treaty of Rome under the name of European Economic Community. ... Also: 1979 by Smashing Pumpkins. ... There are three stages of monetary cooperation in the European Union. ... For other uses, see Europe (disambiguation). ... For the concept in general, see economic and monetary union. ... In economics, a monetary union is a situation where several countries have agreed to share a single currency among them, for example, the East Caribbean Dollar. ... For other uses, see Euro (disambiguation). ... is the 1st day of the year in the Gregorian calendar. ... Events of 2008: (EMILY) Me Lesley and MIley are going to China! This article is about the year. ...

Contents

Intent and operation of the ERM

The ERM is based on the concept of fixed currency exchange rate margins, but with exchange rates variable within those margins. Before the introduction of the euro, exchange rates were based on the ECU, the European unit of account, whose value was determined as a weighted average of the participating currencies. The European Currency Unit (â‚ ; ECU) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro. ...


A grid (known as the Parity Grid) of bilateral rates was calculated on the basis of these central rates expressed in ECUs, and currency fluctuations had to be contained within a margin of 2.25% on either side of the bilateral rates (with the exception of the Italian lira, which was allowed a margin of 6%). Determined intervention and loan arrangements protected the participating currencies from greater exchange rates fluctuations.


The Irish pound loses parity with pound sterling

Ireland's participation in ERM resulted in the Irish pound breaking parity with the pound sterling in 1979 as very shortly after the launch of the ERM the pound sterling, not at the time an ERM currency, appreciated against all ERM currencies and continued parity would have taken the Irish pound outside of its agreed band. For the coin of the same value, see Irish one pound coin. ... GBP redirects here. ...


Pound sterling's forced withdrawal from the ERM

The United Kingdom entered the ERM in 1990, but was forced to exit the programme in 1992 after the pound sterling came under major pressure from currency speculators, including George Soros. The ensuing crash of 16 September 1992 was subsequently dubbed "Black Wednesday". There has been some revision of attitude towards this event given the UK's strong economic performance since 1992, with some commentators dubbing it "White Wednesday". Some commentators took to referring to ERM as an "Eternal Recession Mechanism", after the UK fell into recession during the early 1990s. The UK spent over £6bn trying to keep the currency within the narrow limits, spending the Gold reserves.[citations needed] GBP redirects here. ... Speculation involves the buying, holding, and selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest. ... Soros redirects here. ... is the 259th day of the year (260th in leap years) in the Gregorian calendar. ... Year 1992 (MCMXCII) was a leap year starting on Wednesday (link will display full 1992 Gregorian calendar). ... In British politics and economics, Black Wednesday refers to 16 September 1992 when the Conservative government was forced to withdraw the pound from currency fix, the European Exchange Rate Mechanism (ERM) after they were unable to keep Sterling above its agreed lower limit when currency markets believed the policy was... For the band, see 1990s (band). ...


Increase of margins

In 1993, the margin had to be expanded to 15% to accommodate speculation against the French franc and other currencies. Year 1993 (MCMXCIII) was a common year starting on Friday (link will display full 1993 Gregorian calendar). ... ISO 4217 Code FRF User(s) Monaco, Andorra, France except New Caledonia, French Polynesia, and Wallis and Futuna ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 6. ...


Replacement with the euro and ERM II

On 31 December 1998, the ECU exchanges rates of the Eurozone countries were frozen and the value of the euro, which then superseded the ECU at par, was thus established. is the 365th day of the year (366th in leap years) in the Gregorian calendar. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ... The Eurozone (less frequently called the Euro Area or Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency. ... For other uses, see Euro (disambiguation). ...


In 1999, ERM II replaced the original ERM. The Greek and Danish currencies were part of the system, but when Greece joined the euro in 2001, the Danish krone was left as the only participant member. Currencies in ERM II are allowed to float within a range of ±15% with respect to a central rate against the euro. In the case of the krone, Danmarks Nationalbank keeps the exchange rate within the narrower range of ± 2.25% against the central rate of EUR 1 = DKK 7.460 38. ISO 4217 Code DKK User(s) Denmark, Greenland, Faroe Islands 1 Inflation 1. ... Danmarks Nationalbank (English: National Bank of Denmark - in Danish often simply Nationalbanken) is the central bank of Denmark. ...


Current status of the ERM II

As of 1 May 2004, the ten National Central Banks (NCBs) of the new member countries became party to the ERM II Central Bank Agreement. The national currencies themselves will become part of the ERM II at different dates, as mutually agreed. is the 121st day of the year (122nd in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... This article does not cite any references or sources. ...


The Estonian kroon, Lithuanian litas, and Slovenian tolar were included in the ERM II on 28 June 2004; the Cypriot pound, the Latvian lats and the Maltese lira on 2 May 2005; the Slovak koruna on 28 November 2005.[1] The currencies of the three largest countries which joined the European Union on 1 May 2004 (the Polish zloty, the Czech koruna, and the Hungarian forint) are expected to follow eventually. ISO 4217 Code EEK User(s) Estonia Inflation 4. ... The litas (ISO currency code LTL, symbolized as Lt; plural litai or litų) is the official currency of Lithuania. ... ISO 4217 Code SIT User(s) Slovenia Inflation 0. ... is the 179th day of the year (180th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... ISO 4217 Code CYP User(s) Cyprus (except in the self-proclaimed Turkish Republic of Northern Cyprus), Akrotiri and Dhekelia Inflation 2. ... The 5 lats coin, used before WWII, becamed a popular symbol of independence during the Soviet era The lats (in Latvian: lats, plural lati, the ISO 4217 currency code: LVL) is the official currency of Latvia. ... The Maltese lira, known in the Maltese language as the Lira Maltija, is the currency of Malta. ... is the 122nd day of the year (123rd in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... ISO 4217 Code SKK User(s) Slovakia Inflation 2. ... is the 332nd day of the year (333rd in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... is the 121st day of the year (122nd in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... The title given to this article is incorrect due to technical limitations. ... ISO 4217 Code CZK User(s) Czech Republic Inflation 1. ... ISO 4217 Code HUF User(s) Hungary Inflation 8. ...


Slovenia left the ERM II on January 1, 2007 as the country entered the eurozone and Cyprus and Malta did the same on January 1, 2008. Slovakia will leave the ERM II on January 1, 2009 when the euro will be introduced. is the 1st day of the year in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... The Eurozone (less frequently called the Euro Area or Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency. ... is the 1st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance with the Gregorian calendar. ... is the 1st day of the year in the Gregorian calendar. ... 2009 (MMIX) will be a common year starting on Thursday of the Gregorian calendar. ... For other uses, see Euro (disambiguation). ...


Plans for Bulgaria are to apply for ERM II membership in the end of 2008 or the beginning of 2009 and to commit to its rules regardless of the European Commission decision,[2] while Romania plans to join ERM in 2010-2012.[3]


EU countries that have not adopted the euro are expected to participate for at least two years in the ERM II before joining the Eurozone. As Slovenia adopted the euro in 2007, the Slovenian tolar was removed from the ERM II and from circulation. The same happened to the Maltese lira and the Cypriot pound on 1 January 2008. The Eurozone (less frequently called the Euro Area or Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency. ... The Maltese lira, known in the Maltese language as the Lira Maltija, is the currency of Malta. ... ISO 4217 Code CYP User(s) Cyprus (except in the self-proclaimed Turkish Republic of Northern Cyprus), Akrotiri and Dhekelia Inflation 2. ... is the 1st day of the year in the Gregorian calendar. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance with the Gregorian calendar. ...


Sweden is expected to participate in ERM II in order to meet the convergence criteria required for switching currency, but has deliberately chosen to stay out of the mechanism, thus maintaining their currency Swedish krona. This choice is currently tolerated by the ECB, but it has been warned it won't be tolerated for newer union members. This is an article about European Politics, Convergence criteria is also a mathematical term regarding series Convergence criteria, also known as the Maastricht criteria, are the criteria for European Union member states to enter the third stage of European Economic and Monetary Union (EMU) and adopt the euro. ... ISO 4217 Code SEK User(s) Sweden Inflation 2. ... Headquarters Coordinates , , Established 1 January 1998 President Jean-Claude Trichet Central Bank of Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, Spain Currency Euro ISO 4217 Code EUR Reserves €43bn directly, €338bn through the Eurosystem (including gold deposits). ...


Exchange rate bands

In theory, most of the currencies are allowed to fluctuate as much as 15% from their assigned value. In practice, however, the currencies of the Baltic countries are pegged tightly to the central rate, and the others, except for the Slovak koruna, deviate very little (usually less than 1%) from it. In contrast, the Slovak koruna is allowed much leeway to float.

Date of entry Country Currency €1= Band Notes
Nominal Actual
1 January 1999 Flag of Denmark Denmark Krone 7.46038 2.25% <1% The Danish krone entered the ERM II in 1999, when the euro was created.
28 June 2004 Flag of Estonia Estonia Kroon 15.6466 15% 0% The Estonian kroon had been pegged to the German mark since its re-introduction on 20 June 1992, and then to the euro.
Flag of Lithuania Lithuania Litas 3.45280 15% 0% The Lithuanian litas was pegged to the US dollar until 2 February 2002, when it switched to a euro peg.
2 May 2005 Flag of Latvia Latvia Lats 0.702804 15% 1% Latvia has a currency board arrangement whose anchor switched from the SDR to the euro on 1 January 2005.
28 November 2005 Flag of Slovakia Slovakia Koruna 35.4424[4] 15% The central rate was 38.4550 SKK before 17 March 2007.[5][6]

is the 1st day of the year in the Gregorian calendar. ... Events of 2008: (EMILY) Me Lesley and MIley are going to China! This article is about the year. ... Image File history File links Flag_of_Denmark. ... ISO 4217 Code DKK User(s) Denmark, Greenland, Faroe Islands 1 Inflation 1. ... is the 179th day of the year (180th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Image File history File links Flag_of_Estonia. ... ISO 4217 Code EEK User(s) Estonia Inflation 4. ... ISO 4217 Code DEM User(s) Germany, Montenegro, Kosovo ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 1. ... is the 171st day of the year (172nd in leap years) in the Gregorian calendar. ... Year 1992 (MCMXCII) was a leap year starting on Wednesday (link will display full 1992 Gregorian calendar). ... Image File history File links Flag_of_Lithuania. ... The litas (ISO currency code LTL, symbolized as Lt; plural litai or litų) is the official currency of Lithuania. ... is the 33rd day of the year in the Gregorian calendar. ... Also see: 2002 (number). ... is the 122nd day of the year (123rd in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Image File history File links Flag_of_Latvia. ... The 5 lats coin, used before WWII, becamed a popular symbol of independence during the Soviet era The lats (in Latvian: lats, plural lati, the ISO 4217 currency code: LVL) is the official currency of Latvia. ... // A currency board is a monetary authority which is required to maintain an exchange rate with a foreign currency. ... Special Drawing Rights (SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members. ... is the 1st day of the year in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... is the 332nd day of the year (333rd in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Image File history File links Flag_of_Slovakia. ... ISO 4217 Code SKK User(s) Slovakia Inflation 2. ... is the 76th day of the year (77th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ...

References

  1. ^ European Central Bank
  2. ^ http://www.bnb.bg/bnb/home.nsf/vPages/EuroIntegration_Documents_BNBRole/$FILE/BNB%20Role%20April%202005.pdf
  3. ^ Isarescu: Trecem la euro dupa 2012 | Eveniment | Ziarul Financiar
  4. ^ Radoslav Tomek and Meera Louis. "Slovakia, EU Raise Koruna's Central Rate After Appreciation", Bloomberg, 2007-03-17. Retrieved on 2007-03-17. 
  5. ^ "Slovak Koruna Included in the ERM II", National Bank of Slovakia, 2005-11-28. Retrieved on 2007-03-17. 
  6. ^ European Commission. Exchange Rate Mechanism II (ERM II). Retrieved on 2007-03-17.

Bloomberg L.P. is the largest financial news and data company in the world, controlling 33% of market share. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 76th day of the year (77th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 76th day of the year (77th in leap years) in the Gregorian calendar. ... NBS Office Tower in Bratislava National Bank of Slovakia (Slovak: Národná banka Slovenska, abbr. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... is the 332nd day of the year (333rd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 76th day of the year (77th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 76th day of the year (77th in leap years) in the Gregorian calendar. ...

External links

Articles

  • Guardian Unlimited | Special reports | Pound drops out of ERM - September 17, 1992
Image File history File links Euro_symbol_black. ... For other uses, see Euro (disambiguation). ... This article does not cite any references or sources. ... Currently there are several currencies pegged to the euro, some with fluctuation bands around a central rate and others with no fluctuations allowed around the central rate. ... The euro (€; ISO 4217 code EUR) is the currency of twelve of the twenty-five nations that form the European Union (and four outside it, as well as Montenegro and Kosovo), which form the Economic and Monetary Union (EMU). ... The Eurozone (less frequently called the Euro Area or Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency. ... The Euro A petroeuro is a petroleum trade valued in the euro as opposed to the US dollar (a petrodollar). ... Image File history File links No higher resolution available. ... Image File history File links Trichet_signature. ... Headquarters Coordinates , , Established 1 January 1998 President Jean-Claude Trichet Central Bank of Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, Spain Currency Euro ISO 4217 Code EUR Reserves €43bn directly, €338bn through the Eurosystem (including gold deposits). ... The European System of Central Banks (ESCB) is composed of the European Central Bank (ECB) and the national central banks (NCBs) of all 25 EU Member States. ... The Eurosystem is the system of central banks consisting of the European Central Bank and the central banks of the member states of the European Union whose currency is the euro. ... This is a list of the Presidents of the European Central Bank since the establishment of the bank on June 1, 1998. ... For the concept in general, see economic and monetary union. ... The Economic and Financial Affairs Council is one of the oldest configurations of the Council of the European Union. ... The Stability and Growth Pact (SGP) is an agreement by European Union member states related to their conduct of fiscal policy, to facilitate and maintain Economic and Monetary Union of the European Union. ... The Eurozone (less frequently called the Euro Area or Euroland) refers to a currency union among the European Union member states that have adopted the euro as their sole official currency. ... The snake in the tunnel was the first attempt at European monetary cooperation in the 1970s, aiming at limiting fluctuations between different European currencies. ... There are three stages of monetary cooperation in the European Union. ... The European Currency Unit (â‚ ; ECU) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro. ... For the concept in general, see economic and monetary union. ... The European Monetary Institute (EMI) was the forerunner of the European Central Bank (ECB). ... The introduction of the euro took place principally between 31 December 1998, when the exchange rates between the euro and legacy currencies in the Eurozone became fixed, and early 2002, when euro notes and coins were introduced and the legacy currencies withdrawn. ...  Eurozone countries  EU states to join Eurozone on 1 January 2008  EU state aiming to join Eurozone on 1 January 2009  EU state aiming to join Eurozone on 1 January 2010  EU states bound by the Maastricht Treaty to ultimately join the Eurozone  EU states with a derogation on Eurozone... If it is considered as a single state, the economy of the European Unions twenty-seven member states is the worlds largest economy. ... The economy of Europe comprises more than 710 million people in 48 different states. ... Eonia (Euro OverNight Index Average) is an effective overnight rate computed as a weighted average of all overnight unsecured lending transactions in the interbank market. ... The rise of technology has allowed our environment to be characterized as a global one. ... Percentage of global currencies A reserve currency (or anchor currency) is a currency which is held in significant quantities by many governments and institutions as part of their foreign exchange reserves. ... The euro and US dollar are by far the most used currencies in terms of global reserves. ... The euro (EUR or €) is the currency of 13 European Union (EU) member states (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, and Spain), three European microstates which have currency agreements with the EU (Monaco, San Marino and the Vatican City State), Andorra, Montenegro and the... 1 cent euro coins are made of a steel core plated with copper. ... 2 cent euro coins are made of a steel core plated with copper. ... 5 cent euro coins are made of a steel core plated with copper. ... 10 cent euro coins are made of copper alloy (Nordic gold). ... // 20 cent euro coins are made of copper alloy (Nordic gold). ... 50 cent euro coins are made of copper alloy (Nordic gold). ... 1 euro coins are made of two alloys: the inner part of cupronickel, the outer part of nickel brass. ... // 2 euro coins are made of an inner coin and an outer ring. ... The new reverse side of all €2 coins from 2007 onwards. ... Before the introduction of the euro in 2001, the sixteen (as of 2007) Eurozone members produced their own individual national coinage, most of which featured mint marks, privy marks and/or mint master marks. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The euro (EUR or €) is the single currency for the European Union and currently 13 of its member states. ... The European Currency Unit (â‚ ; ECU) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro. ... The Schilling was the currency of Austria until 1999, when the Euro was introduced at a fixed parity of €1 = 13. ... ISO 4217 Code BEF User(s) Belgium, Luxembourg ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 40. ... ISO 4217 Code CYP User(s) Cyprus (except in the self-proclaimed Turkish Republic of Northern Cyprus), Akrotiri and Dhekelia Inflation 2. ... The Deutsche Mark (DM, DEM) was the official currency of West and, from 1990, unified Germany. ... The gulden (sometimes guilder in English), represented by the symbol Æ’ or fl. ... The markka or mark was the currency used in Finland from 1861 until January 1, 1999, when it was replaced by the euro (€). The currency code used for the markka was FIM, and the usual familiar notation was a postfix mk. ... ISO 4217 Code FRF User(s) Monaco, Andorra, France except New Caledonia, French Polynesia, and Wallis and Futuna ERM Since 13 March 1979 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 6. ... ISO 4217 Code GRD User(s) Greece Inflation 3. ... For the coin of the same value, see Irish one pound coin. ... ISO 4217 Code ITL User(s) Italy, San Marino, Vatican City, but not Campione dItalia Inflation 2. ... The franc was the currency of Luxembourg from 1854 until 2002. ... The Maltese lira, known in the Maltese language as the Lira Maltija, is the currency of Malta. ... The Monégasque franc was one of the official currencies of the Principality of Monaco until 2002, when it changed to the Euro. ... The escudo was the official currency of Portugal prior to the introduction of the euro in 1 January 1999 (euro coins and notes were not introduced until 2002). ... The San Marinese lira (plural lire) was the official unit of San Marino from the 1860s until the introduction of the Euro in 2002. ... ISO 4217 Code SIT User(s) Slovenia Inflation 0. ... ISO 4217 Code ESP User(s) Spain, Andorra Inflation 1. ... The Vatican lira (plural lire) was the official unit of the Vatican City State. ... ISO 4217 Code DKK User(s) Denmark, Greenland, Faroe Islands 1 Inflation 1. ... ISO 4217 Code EEK User(s) Estonia Inflation 4. ... The 5 lats coin, used before WWII, becamed a popular symbol of independence during the Soviet era The lats (in Latvian: lats, plural lati, the ISO 4217 currency code: LVL) is the official currency of Latvia. ... The litas (ISO currency code LTL, symbolized as Lt; plural litai or litų) is the official currency of Lithuania. ... ISO 4217 Code SKK User(s) Slovakia Inflation 2. ... GBP redirects here. ... ISO 4217 Code BGN User(s) Bulgaria Inflation 7. ... ISO 4217 Code CZK User(s) Czech Republic Inflation 1. ... ISO 4217 code: GIP Symbol: £ 1/100th unit: penny Introduced in: 1927 Exchange Rates May 2006 USD exchange: 0. ... ISO 4217 Code HUF User(s) Hungary Inflation 8. ... The title given to this article is incorrect due to technical limitations. ... For the Moldovan currency, see Moldovan leu. ... ISO 4217 Code SEK User(s) Sweden Inflation 2. ...

  Results from FactBites:
 
Exchange Rate Mechanism - MSN Encarta (1099 words)
Exchange Rate Mechanism (ERM), arrangement entered into in March 1979 whereby most members of the European Monetary System (EMS) that was established at the same time agreed to limit the fluctuations of their bilateral exchange rates.
The exchange rates of the participating countries of the EMS were formally defined with reference to the ECU (though in practice the mark has been the fulcrum of the system).
The basic underlying idea was that a fixed exchange rate with Germany would have a favourable effect on inflationary expectations and therefore reduce wage demands.
NationMaster - Encyclopedia: European Exchange Rate Mechanism (5162 words)
Before the introduction of the euro, exchange rates were based on the ECU, the European unit of account, whose value was determined as a weighted average of the participating currencies.
On 31 December 1998, the ECU exchanges rates of the Eurozone countries were frozen and the value of the euro, which then superseded the ECU at par, was thus established.
On December 31, 1998, the ECU exchanges rates of the Eurozone countries were frozen and the value of the Euro, which then superseded the ECU on a 1:1 basis, was thus established.
  More results at FactBites »

 
 

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