The euro (symbol: €; code: EUR) is the official currency of 19 of the 27 member states of the European Union.This group of states is known as the eurozone or euro area and includes about 343 million citizens as of 2019. Due to the linguistic plurality in the European Union, the Latin alphabet version of euro is used (as opposed to the less common Greek or Cyrillic) and Arabic numerals (other text is used on national sides in national languages, but other text on the common side is avoided). The authors conclude that the crisis "is as much political as economic" and the result of the fact that the euro area lacks the support of "institutional paraphernalia (and mutual bonds of solidarity) of a state". What does EUR stand for in Currency? [40] Credit/debit card charging and ATM withdrawals within the eurozone are also treated as domestic transactions; however paper-based payment orders, like cheques, have not been standardised so these are still domestic-based. Get the top EUR abbreviation related to Currency. After its introduction on 4 January 1999 its exchange rate against the other major currencies fell reaching its lowest exchange rates in 2000 (3 May vs Pound sterling, 25 October vs the U.S. dollar, 26 October vs Japanese yen). [39] This includes all member states of the EU, even those outside the eurozone providing the transactions are carried out in euro. It consists of a stylized letter E (or epsilon), crossed by two lines instead of one. These conversion rates ceased in 2002, when domestic currencies themselves were replaced by the euro. These liabilities carry interest at the main refinancing rate of the ECB. While the conversion rates for the initial eleven currencies were determined only hours before the euro was introduced, the conversion rate for the Greek drachma was fixed several months beforehand. With the advent of the global financial crisis the euro initially fell, to regain later. Country/Currency Acronym/Abbreviation Acr./Abb. Additionally, over 200 million people worldwide use currencies pegged to the euro. As of January 2014, and since the introduction of the euro, interest rates of most member countries (particularly those with a weak currency) have decreased. [102] A possible reason for the divergence between the different studies is that the processes of convergence may not have been linear, slowing down substantially between 2000 and 2003, and resurfacing after 2003 as suggested by a recent study (2009). [50] To be included in the eurozone, countries had to fulfil certain convergence criteria, but the meaningfulness of such criteria was diminished by the fact it was not enforced with the same level of strictness among countries. Rating: 1 Votes: 1. There will be 27 countries in the EU … The value of the euro against each of the individual currencies of the 11 members of EMU was irrevocably fixed at that time, thus serving to fix the cross-exchange rates of one member's currency against all other members’ currencies. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. Greece joined the euro-zone in 2001. The euro sign (€) references both the Greek letter epsilon and the letter "E" for Europe. ", "Zooming out: The trade effect of the euro in historical perspective", "The Impact of the Euro on Investment: Sectoral Evidence", "The Real Effects of the Euro: Evidence from Corporate Investments", "Did Prices Really Soar after the Euro Cash Changeover? All Acronyms. For other uses, see, "EUR" and "Euros" redirect here. The effect of declining interest rates, combined with excess liquidity continually provided by the ECB, made it easier for banks within the countries in which interest rates fell the most, and their linked sovereigns, to borrow significant amounts (above the 3% of GDP budget deficit imposed on the eurozone initially) and significantly inflate their public and private debt levels. Outside the EU, the euro is also the sole currency of Montenegro and Kosovo and several European microstates (Andorra, Monaco, San Marino and the Vatican City) as well as in three overseas territories of France that are not themselves part of the EU, namely (Saint Barthélemy, Saint Pierre and Miquelon, and the French Southern and Antarctic Lands. Get live exchange rates, historical rates & charts for VEF to EUR with XE's free currency calculator. [22] Belgian Esperantist Germain Pirlot, a former teacher of French and history is credited with naming the new currency by sending a letter to then President of the European Commission, Jacques Santer, suggesting the name "euro" on 4 August 1995.[45]. Outside … Inspiration for the € symbol itself came from the Greek epsilon (Є)[note 6] – a reference to the cradle of European civilisation – and the first letter of the word Europe, crossed by two parallel lines to 'certify' the stability of the euro. In late 2009, the euro became immersed in the European sovereign-debt crisis, which led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising and strengthening the currency. 61 ). The coins are issued in denominations of €2, €1, 50c, 20c, 10c, 5c, 2c, and 1c. In 2009, Zimbabwe abandoned its local currency and used major currencies instead, including the euro and the United States dollar.[61]. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all states have done so. [51], According to the Economist Intelligence Unit in 2011, "[I]f the [euro area] is treated as a single entity, its [economic and fiscal] position looks no worse and in some respects, rather better than that of the US or the UK" and the budget deficit for the euro area as a whole is much lower and the euro area's government debt/GDP ratio of 86% in 2010 was about the same level as that of the United States. [86] Concerning the effect on corporate investment, there is evidence that the introduction of the euro has resulted in an increase in investment rates and that it has made it easier for firms to access financing in Europe. One such bank was the Bundesbank in Germany; the European Central Bank was modelled on the Bundesbank.[74]. The Currency Pair EUR/USD is the shortened term for the euro against U.S. dollar pair, or cross for the currencies of the European Union (EU) and the United States (USD). A single currency offers many advantages: it The euro thus became the successor to the European Currency Unit (ECU). These countries constitute the "eurozone", some 343 million people in total as of 2018[update].[57]. Depending on what country you are in, the currency sign may come before the number (€12) or after (12€). It has become one of the world's most important currencies. A state in a monetary union cannot use weakening of currency to recover its international competitiveness. EURO: Eurotech, LTD. Business » NASDAQ Symbols. [92] These reductions in market risk "were concentrated in firms domiciled in the eurozone and in non-euro firms with a high fraction of foreign sales or assets in Europe". Be aware that many European countries use a decimal comma, so €12,10 (or 12,10€) is 12 euros and 10 cents. Currency EUR abbreviation meaning defined here. on a business financial, at a currency exchange, or any documentation that involves a transaction of money for goods or service. The case of the euro", "European Central Bank, Convergence Report", European Commission Directorate-General for Translation – English Style Guide, European Central Bank – Euro Exchange Rates, Economic and Monetary Union of the European Union, European Financial Stabilisation Mechanism, European Coal and Steel Community (1951–2002), European Economic Community (1958–1993/2009), Mechanism for Cooperation and Verification, Cities with more than 100,000 inhabitants, Largest cities by population within city limits, Saint Helena, Ascension and Tristan da Cunha, South Georgia and the South Sandwich Islands, https://en.wikipedia.org/w/index.php?title=Euro&oldid=1002242705, Currencies of the Commonwealth of Nations, Short description is different from Wikidata, Wikipedia indefinitely move-protected pages, Articles containing Bulgarian-language text, Articles containing Hungarian-language text, Articles containing Latvian-language text, Articles containing Lithuanian-language text, Articles containing Maltese-language text, Articles containing Slovene-language text, Pages using collapsible list with both background and text-align in titlestyle, Articles with unsourced statements from January 2021, Articles containing potentially dated statements from 2019, All articles containing potentially dated statements, Articles containing potentially dated statements from December 2019, Articles with unsourced statements from November 2019, Articles needing additional references from December 2017, All articles needing additional references, Articles containing potentially dated statements from 2018, Articles containing potentially dated statements from 2013, Pages using Sister project links with default search, Creative Commons Attribution-ShareAlike License. Retrieved 12 January 2009. (4) The fo… All circulating coins have a common side showing the denomination or value, and a map in the background. For example, the value of the euro against the UK pound was around 71 pence when it was launched in January 1999. Euro stands for Euro Currency (also European Union Currency and 8 more) Rating: 1 Votes: 1. The Danish krone, Croatian kuna and Bulgarian lev are pegged due to their participation in the ERM II. In the years following the Single European Act, the EU has liberalised its capital markets and, as the ECB has inflation targeting as its monetary policy, the exchange-rate regime of the euro is floating. 3. [96] Following the financial crisis of 2007–2008, governments in these countries found it necessary to bail out or nationalise their privately held banks to prevent systemic failure of the banking system when underlying hard or financial asset values were found to be grossly inflated and sometimes so near worthless there was no liquid market for them. [76] The need to finance trade deficit weakens currency making exports automatically more attractive in a country and abroad. EMU involves coordinating economic and fiscal policies, a common monetary policy, and a common currency, the euro. The monuments looked similar enough to different national monuments to please everyone. Eleven of the 15 countries of EU were founding members of the EMU zone in January 1999: Germany, France, Italy, Spain, Netherlands, Belgium, Austria, Finland, Portugal, Ireland and Luxembourg, with the UK, Sweden, Greece and Denmark adopting a ‘wait and see’ stance. The possibility of the euro becoming the first international reserve currency has been debated among economists. The euro has come under criticism due to its regulation, lack of flexibility and rigidity towards sharing member States on issues such as nominal interest rates. Since 2005, stamps issued by the Sovereign Military Order of Malta have been denominated in euros, although the Order's official currency remains the Maltese scudo. [82] Furthermore, older studies accounting for time trend reflecting general cohesion policies in Europe that started before, and continue after implementing the common currency find no effect on trade. [35] Notes are issued in €500, €200, €100, €50, €20, €10, €5. On this page you will find the EUR meaning, what EUR stands for, and possibly some other relevant information. Euro banknotes and coins began circulating in January 2002. With all but one (Denmark) of the remaining EU members obliged to join when economic conditions permit, together with future members of the EU, the enlargement of the eurozone is set to continue. Rules for expressing monetary units", "Ireland to round to nearest 5 cents starting October 28", "Commission frowns on shop signs that say: '€500 notes not accepted'", "Commission communication: The introduction of euro banknotes and coins one year after COM(2002) 747", "Robert Kalina, designer of the euro banknotes, at work at the Oesterreichische Nationalbank in Vienna", "Etching the Notes of a New European Identity", "Regulation (EC) No 2560/2001 of the European Parliament and of the Council of 19 December 2001 on cross-border payments in euro", "Cross border payments in the EU, Euro Information, The Official Treasury Euro Resource", "Position of the ISO code or euro sign in amounts", "Peripheral euro zone government bond spreads widen", Looking for a Success in the Euro Crisis Adjustment Programs: The Case of Portugal, "Efsf, come funziona il fondo salvastati europeo", "The politics of the Maastricht convergence criteria", "State of the Union: Can the euro zone survive its debt crisis? A credible commitment to low levels of inflation and a stable debt reduces the risk that the value of the debt will be eroded by higher levels of inflation or default in the future, allowing debt to be issued at a lower nominal interest rate. They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally the pound sterling) that day. [103], A study suggests that the introduction of the euro has had a positive effect on the amount of tourist travel within the EMU, with an increase of 6.5%.[104]. The euro, which is divided into 100 cents, is the second-largest and second-most traded currency in the foreign exchange market after the United States dollar. John Lanchester, writing for The New Yorker, explains it: The guiding principle of the currency, which opened for business in 1999, were supposed to be a set of rules to limit a country's annual deficit to three per cent of gross domestic product, and the total accumulated debt to sixty per cent of G.D.P. The first two letters of this code correspond to the ISO country codes. THis … [34], The design for the euro banknotes has common designs on both sides. pl. [42] Placement of the currency sign relative to the numeric amount varies from state to state, but for texts in English the symbol (or the ISO-standard "EUR") should precede the amount. Der aktuelle Euro/Ungarischer Forint Kurs | EUR/HUF - Währunsgrechner für den Wechselkurs von Euro in Ungarischer Forint. Since 1 January 2002, the national central banks (NCBs) and the ECB have issued euro banknotes on a joint basis. In the short term, there was a widespread impression in the population of the eurozone that the introduction of the euro had led to an increase in prices, but this impression was not confirmed by general indices of inflation and other studies. The UK's position is still to be resolved on the basis of ? The other 92% of euro banknotes are issued by the NCBs in proportion to their respective shares of the ECB capital key,[25] calculated using national share of European Union (EU) population and national share of EU GDP, equally weighted.[26]. [112] In the Greek script the term ευρώ (evró) is used; the Greek "cent" coins are denominated in λεπτό/ά (leptó/á). [98][99] Other studies have found evidence of price convergence,[100][101] in particular for cars. The national currencies of the participating countries were replaced with euro coins and bills on January 1, 2002. If you're looking for the currency that EUR stands for, you've come to the right place. Note that the codes are listed in alphabetical order (except for the euro and the country groupings). The front of the note features windows or gateways while the back has bridges, symbolising links between states in the union and with the future. Together this direct usage of the euro outside the EU affects nearly 3 million people. The Euro vs. [32] This practice is discouraged by the commission, as is the practice of certain shops of refusing to accept high-value euro notes. [66] The Maltese scudo itself is pegged to the euro and is only recognised as legal tender within the Order. June 30, 2009", "Will the Euro Eventually Surpass the Dollar As Leading International Reserve Currency? The definitive values of one euro in terms of the exchange rates at which the currency entered the euro are shown on the right. Outside the eurozone, a total of 22 countries and territories that do not belong to the EU have currencies that are directly pegged to the euro including 14 countries in mainland Africa (CFA franc), two African island countries (Comorian franc and Cape Verdean escudo), three French Pacific territories (CFP franc) and three Balkan countries, Bosnia and Herzegovina (Bosnia and Herzegovina convertible mark), Bulgaria (Bulgarian lev) and North Macedonia (Macedonian denar). [97] This further increased the already high levels of public debt to a level the markets began to consider unsustainable, via increasing government bond interest rates, producing the ongoing European sovereign-debt crisis. Official documents and legislation refer to the euro as "the single currency". According to a study on this question, it has "significantly reshaped the European financial system, especially with respect to the securities markets [...] However, the real and policy barriers to integration in the retail and corporate banking sectors remain significant, even if the wholesale end of banking has been largely integrated. Updated list of currency names. When wages become too high compared to productivity in exports sector then these exports become more expensive and they are crowded out from the market within a country and abroad. ), The name "euro" was officially adopted in Madrid on 16 December 1995. "Moreover", they write, "private-sector indebtedness across the euro area as a whole is markedly lower than in the highly leveraged Anglo-Saxon economies". The European Currency Unit was an accounting unit used by the EU, based on the currencies of the member states; it was not a currency in its own right. Viele übersetzte Beispielsätze mit "in euro currency" – Deutsch-Englisch Wörterbuch und Suchmaschine für Millionen von Deutsch-Übersetzungen. The ECB has also set up a clearing system, TARGET, for large euro transactions. [38], Capital within the EU may be transferred in any amount from one state to another. The euro is administered by the EUROPEAN CENTRAL BANK, which is responsible for setting EMU-wide interest rates and determining monetary policy. It was a nice idea, but by 2004 the two biggest economies in the euro zone, Germany and France, had broken the rules for three years in a row.[70]. Even after the old currencies ceased to be legal tender, they continued to be accepted by national central banks for periods ranging from several years to indefinitely (the latter for Austria, Germany, Ireland, Estonia and Latvia in banknotes and coins, and for Belgium, Luxembourg, Slovenia and Slovakia in banknotes only). 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