euro currency stands for  

Be aware that many European countries use a decimal comma, so €12,10 (or 12,10€) is 12 euros and 10 cents. The introduction of the euro seems to have had a strong effect on European financial integration. ), The name "euro" was officially adopted in Madrid on 16 December 1995. Transmission from person to person as a medium of exchange; circulation: coins now in currency. The euro sign (€) references both the Greek letter epsilon and the letter "E" for Europe. 'European' is one option -- get in to view more @ The Web's largest and most authoritative acronyms and abbreviations resource. 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. The reduction in cross-border transaction costs will allow larger banking firms to provide a wider array of banking services that can compete across and beyond the eurozone. The coins also have a national side showing an image specifically chosen by the country that issued the coin. The name euro was officially adopted on 16 December 1995 in Madrid.   Eurozone Crisis Impact . All nations that have joined the EU since 1993 have pledged to adopt the euro in due course. EURO. official common currency of 17 states which constitute the European currency bloc, so called Euro Zone; considered as the second world reserve currency, … They were set so that one European Currency Unit (ECU) would equal one euro. With the advent of the global financial crisis the euro initially fell, to regain later. One such bank was the Bundesbank in Germany; the European Central Bank was modelled on the Bundesbank.[74]. Academic & Science » Societies. Beginning in 2007 or 2008 (depending on the country), the old map was replaced by a map of Europe also showing countries outside the EU like Norway, Ukraine, Belarus, Russia and Turkey. Der aktuelle Euro/Ungarischer Forint Kurs | EUR/HUF - Währunsgrechner für den Wechselkurs von Euro in Ungarischer Forint. [60] There are also various currencies pegged to the euro (see below). [65] Additionally, the Moroccan dirham is tied to a basket of currencies, including the euro and the US dollar, with the euro given the highest weighting. [111] This may contradict normal rules for word formation in some languages, e.g., those in which there is no eu diphthong. The earliest date was in Germany, where the mark officially ceased to be legal tender on 31 December 2001, though the exchange period lasted for two months more. 3 character alphabetic and 3 digit numeric ISO 4217 codes for each country. In the Maastricht Treaty, the United Kingdom and Denmark were granted exemptions per their request from moving to the stage of monetary union which resulted in the introduction of the euro. Differences in prices can trigger arbitrage, i.e., speculative trade in a commodity across borders purely to exploit the price differential. Many analysts blame it for Europe's debt problem and predict it's not long for this world. Mundell himself advocates the international risk sharing model and thus concludes in favour of the euro. As at April 2005, one euro was worth (UK) 0.69 pence or, expressed in terms of the UK pound, £1 = 1.45₠ (see Fig. The European Commission also specified a euro logo with exact proportions and foreground and background colour tones. [14][15] 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.[16]. The value of the euro against the currencies of nonmembers of the EMU zone ‘floats’ on a day-to-day basis according to supply and demand conditions. This abbreviation is usually found in banking, mathematics, documentation of money records, business, international transactions, and is commonly used in multi-national commercial exchange transactions. The result is that seen from those countries, the euro has become expensive, making European products increasingly expensive for its largest importers; hence export from the eurozone becomes more difficult. The share of the euro as a reserve currency increased from 18% in 1999 to 27% in 2008. Get live exchange rates, historical rates & charts for VEF to EUR with XE's free currency calculator. Euro coins from any member state may be freely used in any nation that has adopted the euro. Before the late-2000s recession it was considered unlikely that a state would leave the euro or the whole zone would collapse. For the denominations except the 1-, 2- and 5-cent coins, the map only showed the 15 member states which were members when the euro was introduced. Eleven of the 15 countries of the EU were founding members of the EMU zone in January 1999. 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. Currency EUR abbreviation meaning defined here. Here on acronym.io, we define the meanings of all kinds of acronyms, abbreviations and initialisms, including those relating to currencies such as EUR. Several studies failed to find any evidence of convergence following the introduction of the euro after a phase of convergence in the early 1990s. "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 national currencies of the participating countries were replaced with euro coins and bills on January 1, 2002. European Commission. The monuments looked similar enough to different national monuments to please everyone. [87], The introduction of the euro has led to extensive discussion about its possible effect on inflation. Note that the codes are listed in alphabetical order (except for the euro and the country groupings). [27][28] Otherwise, normal English plurals are used,[29] with many local variations such as centime in France. The values in the Exchange Rate column provide the quantity of foreign currency units that can be purchased with 1 Euro based on recent exchange rates. In general, those in Europe who own large amounts of euros are served by high stability and low inflation. Money in any form when in actual use as a medium of exchange, especially circulating paper money. Regional » European. The euro is administered by the EUROPEAN CENTRAL BANK, which is responsible for setting EMU-wide interest rates and determining monetary policy. A common currency used by many European countries. Together this direct usage of the euro outside the EU affects nearly 3 million people. [17][18][19] The euro has most specifically stimulated investment in companies that come from countries that previously had weak currencies. Since 1 January 2002, the national central banks (NCBs) and the ECB have issued euro banknotes on a joint basis. The study found that consumers based their beliefs on inflation of those cheap goods which are frequently purchased. As of December 2019[update], with more than €1.3 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world.[20][21]. 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. This drive fall of employment and output in the exports sector and fall of trade and current account balances. Afterwards it regained and its exchange rate reached its historical highest point in 2008 (15 July vs U.S. dollar, 23 July vs Japanese yen, 29 December vs Pound sterling). [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. Pegging a country's currency to a major currency is regarded as a safety measure, especially for currencies of areas with weak economies, as the euro is seen as a stable currency, prevents runaway inflation and encourages foreign investment due to its stability. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until 28 February 2002. In total, as of 2013[update], 182 million people in Africa use a currency pegged to the euro, 27 million people outside the eurozone in Europe, and another 545,000 people on Pacific islands.[57]. With the exception of Bosnia, Bulgaria, North Macedonia (which had pegged their currencies against the Deutsche Mark) and Cape Verde (formerly pegged to the Portuguese escudo), all of these non-EU countries had a currency peg to the French Franc before pegging their currencies to the euro. This is because of the implications of the Mundell–Fleming model, which implies a central bank cannot (without capital controls) maintain interest rate and exchange rate targets simultaneously, because increasing the money supply results in a depreciation of the currency. The currency was introduced in non-physical form (traveller's cheques, electronic transfers, banking, etc.) [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. Following the U.S. financial crisis in 2008, fears of a sovereign debt crisis developed in 2009 among investors concerning some European states, with the situation becoming particularly tense in early 2010. The EU reassured investors that it would guarantee the debt of all eurozone members. A single currency offers many advantages: it [32] This practice is discouraged by the commission, as is the practice of certain shops of refusing to accept high-value euro notes. [37] However, both the first and the second series of euro banknotes, including the €500, remain legal tender throughout the euro area. (3) The new Romanian leu (RON) entered into circulation on 1 July 2005. General acceptance or use; prevalence: the currency of a slang term. The official date on which the national currencies ceased to be legal tender varied from member state to member state. Over this period, the share held in U.S. dollar fell from 71% to 64% and that held in RMB fell from 6.4% to 3.3%. ", "Euro could replace dollar as top currency – Greenspan", "Greek debt crisis: Straw says eurozone 'will collapse, "Triennial Central Bank Survey Foreign exchange turnover in April 2019", "Controlled Dismantlement of the Euro Area in Order to Preserve the European Union and Single European Market", "The Euro Effect on Trade is not as Large as Commonly Thought", "Rose effect and the euro: is the magic gone? Find out what is the full meaning of EUR on Abbreviations.com! Depending on what country you are in, the currency sign may come before the number (€12) or after (12€). [43], The euro was established by the provisions in the 1992 Maastricht Treaty. These include both commonly issued coins, such as the €2 commemorative coin for the fiftieth anniversary of the signing of the Treaty of Rome, and nationally issued coins, such as the coin to commemorate the 2004 Summer Olympics issued by Greece. Additionally, over 200 million people worldwide use currencies pegged to the euro. [80] However, a meta-analysis of all available studies suggests that the prevalence of positive estimates is caused by publication bias and that the underlying effect may be negligible. 61 ). What does EUR stand for in Currency? Each banknote has its own colour and is dedicated to an artistic period of European architecture. The design was created by the Austrian designer Robert Kalina. All intra-Union transfers in euro are treated as domestic transactions and bear the corresponding domestic transfer costs. Miscellaneous » Funnies. These conversion rates ceased in 2002, when domestic currencies themselves were replaced by the euro. [67] However, even before the creation of the single currency, there were concerns over diverging economies. For consumers, banks in the eurozone must charge the same for intra-member cross-border transactions as purely domestic transactions for electronic payments (e.g., credit cards, debit cards and cash machine withdrawals). Of the symbol, the Commission stated[27]. Rate it: EURO: European Unemployment and Recession Organisation. THis … For other uses, see, "EUR" and "Euros" redirect here. 2) 1 euro = 1.3-something $ The possibility of the euro becoming the first international reserve currency has been debated among economists. The rates were determined by the Council of the European Union,[note 7] based on a recommendation from the European Commission based on the market rates on 31 December 1998. [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. Viele übersetzte Beispielsätze mit "in euro currency" – Deutsch-Englisch Wörterbuch und Suchmaschine für Millionen von Deutsch-Übersetzungen. pl. It stands at $1.08 as of April 2020. ", "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? The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the eurozone countries). "Spelling of the words "euro" and "cent" in official community languages as used in community legislative acts" (PDF). Greece became the 12th Member state to adopt the Euro on January 1, 2001. Search options; Acronym Meaning; How to Abbreviate; List of Abbreviations; Popular categories; Business; Medical; Military; Slang; Technology; Clear; Suggest. Euro stands for Euro Currency. 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. (2) The euro replaced the ecu (ISO code = ECU) on 1 January 1999 as well as 12 Community currencies on 1 January 2002. In Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. 1) "euro" - single european currency used by all members of the european union except UK, denmark, sweden since 01/01/2002. Collector coins with various other denominations have been issued as well, but these are not intended for general circulation, and they are legal tender only in the member state that issued them. For example, the value of the euro against the UK pound was around 71p when it was launched in January 1999. Physical investment seems to have increased by 5% in the eurozone due to the introduction. It has become one of the world's most important currencies. [41], A special euro currency sign (€) was designed after a public survey had narrowed the original ten proposals down to two. Acronym. In 2009, Greece announced it might default on its debt. (4) The fo… There will be 27 countries in the EU … cies 1. [48][49] All these countries utilized EU funds except Italy, which is a major donor to the EFSF. Euros are divided into euro cents, each euro cent consisting of one one-hundredth of a euro. EURO: Eurotech, LTD. Business » NASDAQ Symbols. (1) This is the ISO code 4217. 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. [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). Due to differences in national conventions for rounding and significant digits, all conversion between the national currencies had to be carried out using the process of triangulation via the euro. It is also common to see such abbreviations in headlines or newspaper titles where space is a concern. [83][84] These results suggest that other policies aimed at European integration might be the source of observed increase in trade. 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. I saw an online price tag for an item being (unable to write the Euro Code on this laptop) 18,99 EURO. On January 1, 2002, these 12 countries officially introduced the Euro banknotes and coins as legal tender. 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. To avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands and Ireland[30][31] (by voluntary agreement) and in Finland (by law). An economic and monetary union (EMU) was a recurring ambition for the European Union from the late 1960s onwards. [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. 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. [73], Before the introduction of the euro, some countries had successfully contained inflation, which was then seen as a major economic problem, by establishing largely independent central banks. The UK's position is still to be resolved on the basis of ? It has been found that the introduction of the euro created "significant reductions in market risk exposures for nonfinancial firms both in and outside Europe". Convert 1 Venezolanischer Bolivar to Euro. Currency codes are composed of a country's two-character Internet country code plus a … Rate it: EURO: Association of European Operational Research Societies. The European Commission then chose the design created by the Belgian Alain Billiet. Some of these countries had the most serious sovereign financing problems. June 30, 2009", "Will the Euro Eventually Surpass the Dollar As Leading International Reserve Currency? [85] Regarding foreign direct investment, a study found that the intra-eurozone FDI stocks have increased by about 20% during the first four years of the EMU. [52], The crisis continued with S&P downgrading the credit rating of nine euro-area countries, including France, then downgrading the entire European Financial Stability Facility (EFSF) fund.[53]. [35] Notes are issued in €500, €200, €100, €50, €20, €10, €5. The euro has been taking a beating in recent months — and not just on the currency markets. 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. ‘tests of fitness’ (see ECONOMIC AND MONETARY UNION entry for details). Financial markets on the continent are expected to be far more liquid and flexible than they were in the past. Fall of output and employment in tradable goods sector may be offset by the growth of non-exports sectors, especially in construction and services. Denmark has negotiated exemptions,[24] while Sweden (which joined the EU in 1995, after the Maastricht Treaty was signed) turned down the euro in a non-binding referendum in 2003, and has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements. 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