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The Euro

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английского языка

«Нижегородского Губернского колледжа»

Кузнецовой Светланой Ивановной.

In 1991 the leaders of the European Union got together in Maastricht, the Netherlands and  agreed  on  creating  a  single currency  for all of Europe.

On January 1,2002, the Euro became the  official  money in twelve of the fifteen EU nations.

Only Great Britain , Sweden and Denmark wanted to stay with their old  currency  .

In 2004, ten central and eastern European nations  joined  the EU. They will  decide  later on if they want to  join  the Euro zone.

When banks and  stock exchanges   began using the Euro in 1999 it was worth 1.17 US dollars.

Shortly  afterwards  it became weaker and fell to 0.80 US dollars, but since 2002 its  value  has  risen constantly  , almost up to 1.30 US dollars.

The colourful euro banknotes were  designed  by the Austrian Robert Kalina. They  range  from € 5 to € 500 and have a map, the EU flag , as well as  arches  , bridges and windows on them.

The stock exchange is a marketplace where  brokers  buy and sell  stocks  and  bonds  for other people.

Many countries have one or more stock exchanges.

Smaller stock exchanges often  handle  only  national stock ,  whereas  the big stock exchanges  handle  the stock of big international  corporations

There are eight  coins  —  ranging  from 1 cent to 2 Euros. One side of the coins all look the same but on the other side each country has its own national  design  .

People  in favour  of introducing the Euro  argue  that the European  currency  will  increase trade  among European countries. It could also  unify  the union and make it stronger. Many economic experts  also  predict  that the Euro can  compete with the US dollar  as an important international  currency  .

On January 1, 2002 the euro became the single  currency  of 12 member states of the European Union. Next to the US dollar it has become the most important  currency  in the world.

There are seven bank notes  ranging  from the smallest, 5 euros, to the largest, 500 euros. The  design competition  was won by the Austrian Robert Kalina.

The  design competition  was won by the Austrian Robert Kalina. The eight  coins ,  ranging  in  value  from 1 cent to 2 euros have different sizes and  shapes  so that you can better tell them apart. One side of the  coin  is the same in all member states, the other side has  specific  national symbols on them and  designs  that are different in each country.

Currently  there are fifteen countries in the euro zone: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal, Finland . Slovenia , Malta and Cyprus. Small countries like Monaco, the Vatican, San Marino and Andorra also use the euro as a form of  payment .

Advantages of the euro

Many experts have  argued  over the past years that a single  currency  can help member states move closer together and  unify  the EU. But there are also other good sides of a single  currency :

• Businesses  that  traded  with other EU countries were often not sure how much they had to pay in  foreign currencies  because the  exchange rates  often changed.
• Consumers  can  compare  prices in different EU countries more easily.
• Tourists who cross  borders  on their way to holiday  destinations  no longer have to  exchange  their money.
• Through the euro  trade  between countries has  increased .
• Making  payments  to banks in other countries has become easier.
• The Europeans Central  Bank  controls the  amount  of money in each country. The  value  of the euro is always the same ,  inflation  is very low.

Disadvantages of the euro

Although  the euro has brought along many  advantages  in member states, the  launch  of the new  currency  has cost a lot of money:

• Billions were spent in producing the new  currency , changing  accounting  systems,  introducing  new software, signs,  vending machines  and  phone booths .
• In addition  many hours were spent training  employees , managers and  consumers .
• Many people  argue  that the euro has made living more expensive in  various  countries. Prices have gone up.
• Some nations like Great Britain, Sweden and Denmark have chosen not to  introduce  the single  currency , because they fear it would  weaken  their  independence  and they would lose power in their own country.