Last Updated:
Aug-25-2008
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HEADLINES
  • China Currency Coalition Applauds Senators Bunning, Stabenow, and Bayh for Introduction of The China Currency Manipulation Act o
  • Video Excerpts

  • Bloc Qu?b?cois Leader Gilles Duceppe has outlined five "non-negotiable" conditions the federal government must accept if it wants his party`s support for the Oct. 16 throne speech.
  • The Canadian dollar reached parity with the U.S. greenback on Thursday for the first time in almost 31 years, capping a spectacular run that has seen it rise 62 per cent since 2002.
  • The Canadian dollar reached parity with the U.S. greenback on Thursday for the first time in almost 31 years, capping a spectacular run that has seen it rise 62 per cent since 2002.




  • See Wiki here.

    Image:Euro banknotes.png

    EURO
    From Wikipedia, the free encyclopediaThe euro (currency sign: ?; banking code: EUR) is the official currency of the European Union (EU), and is implemented in the Eurozone which currently consists of 15 states (Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Spain).

    It is the single currency for more than 320 million Europeans. Including areas using currencies pegged to the euro, the euro directly affects close to 500 million people worldwide. With more than ?610 billion in circulation as of December 2006 (equivalent to US$802 billion at the exchange rates at the time), the euro is the currency with the highest combined value of cash in circulation in the world, having surpassed the U.S. dollar.

    The euro was introduced to world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes on 1 January 2002. It replaced the former European Currency Unit (ECU) at a ratio of 1:1.

    Image:Euro coins version II.png


    The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the euro zone countries). As an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the Eurozone payment systems.

    While all European Union (EU) member states are eligible to join if they comply with certain monetary requirements, not all EU members have chosen to adopt the currency. All nations that have joined the EU since the 1993 implementation of the Maastricht Treaty have pledged to adopt the euro in due course. Maastricht obliged current members to join the euro; however, the United Kingdom and Denmark negotiated exemptions from that requirement for themselves. Sweden turned down the euro in a 2003 referendum, and has circumvented the requirement to join the euro area by not meeting the membership criteria. In addition, three European microstates (Vatican City, Monaco, and San Marino), although not EU members, have adopted the euro due to currency unions with member states. Andorra, Montenegro, and Kosovo have adopted the euro unilaterally, while not being EU members either. (cf. #Eurozone.)

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