Euro currency

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FX Street  Jul 9  Comment 
EU Market Update: Several ECB members brush off concerns over Euro currency level; Jun Fed minutes... For more information, read our latest forex news and reports.
FX Street  Jun 10  Comment 
Notes/Observations - China May PPI YoY registers its 27th straight month of decline but at smallest... For more information, read our latest forex news and reports.
CBC.ca  Jun 5  Comment 
The tiny Baltic state of Latvia has won approval to become the 18th member of the troubled euro currency union — despite doubts among many of its people and international concerns about its banking system.
FX Street  Feb 2  Comment 
For weeks now, the EUR has been the focus of most investors as they analyze the situation affecting... For more information, read our latest forex news and reports.
FX Street  Jan 9  Comment 
European Market Update: Euro currency consolidates its recent losses ahead of Merkel-Sarkozy... For more information, read our latest forex news and reports.
BBC News  Jul 12  Comment 
Ireland, Greece and Portugal have needed - and taken - bailouts, with Italy the latest country to have financial problems.
Sydney Morning Herald  Nov 25  Comment 
The head of the EU's bailout fund says there's no chance that the debt crisis will cause the collapse of the 16-nation euro currency, even if other countries such as Portugal follow Greece and Ireland in asking for a bailout.
The Economic Times  May 4  Comment 
In case the euro might not be around in 2020, here are seven trades to start thinking about.
The Globe and Mail  Mar 1  Comment 
EU officials push Greece for further cuts amid reports of possible bailout
The Globe and Mail  Feb 12  Comment 
‘It will crack sooner or later, because it's impossible to have a common currency for such a big, and diverse area'




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The Euro

The Euro (€) is the common currency of 15 member countries of the European Union (EU.) The Euro has been introduced as a transaction currency in 1999 and the cash appeared in January 2002 in order to facilitate business transactions within the 15 member states. It has become the second biggest reserve currency since.

The euro area is one of the largest economies in the world, with a population of 318 million in 2006. The European Union as a whole has 27 Member States and a population of 493 million. By comparison, the United States and Japan have 299 and 128 million inhabitants respectively.

In terms of gross domestic product (GDP) expressed in purchasing power parities , the United States was the largest economy in 2006, with 19. 7% of world GDP, followed by the euro area with 14.3%.

Monetary Policy

The monetary policy of the € is governed by the European Central Bank (ECB) whose single mandate is to keep inflation below a ceiling of 2% and money supply M3 growth below a target rate of 4.5%.

While the ECB has failed to keep M3 growth below the target since the inception of the € it had succeeded in keeping official Eurozone inflation below the 2% target until August 2007.

After reaching a record of 4% inflation - double the target - in July 2008 strongly falling oil prices brought some relief as inflation receded to 3.8% in August 2008.

M3 growth is still racing at an annual rate of 9.5% or more than double the reference rate of 4.5%.

More than 50 countries have pegged their currency to the Euro as of September 2008.

The Euro was originally established by 11 member states that form the so called Eurozone and has expanded to 15 countries as of September 2008

Current members of the Euro

Current Euro members are listed here in alphabetical order. Find the year of initial membership in brackets.

  • Austria (2000)
  • Belgium (2000)
  • Cyprus (2008)
  • Finland (2000)
  • France (2000)
  • Germany (2000)
  • Greece (2006)
  • Ireland (2000)
  • Italy (2000)
  • Luxembourg (2000)
  • Malta (2008)
  • Netherlands (2000)
  • Portugal (2000)
  • Slovakia (2009)
  • Slovenia (2007)
  • Spain (2000)
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