History, introduction and importance today

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Presentation transcript:

History, introduction and importance today EURO History, introduction and importance today

Plan of presentation HISTORY AND INTRODUCTION OF THE EURO CONVERGENCE CRITERIA EURO BANKNOTES AND COINS IMPORTANCE OF THE EURO

Eurozone Austria Belgium Cyprus Finland France Germany Greece Ireland Italy Luxembourg Malta the Netherlands Portugal Slovenia Spain

The Werner Plan Pierre Werner - Luxembourg Prime Minister and Finance Minister 1970 – creation of an economic and monetary union in three stages (until 1980) serious economic problems in the world – the plan was abandoned.

European Monetary System 1979 – Meber States linked their currencies to one another to prevent large fluctuations of exchange rates. Exchange Rate Mechanism (ERM) European Currency Unit (ECU)

The Delors Report 1989 – introduction of economic and monetary union in three stages. Strasbourg Summit - summoning an intergovernmental conference to make the necessary modifications to the Treaty.

Stage One: 1.07.1990 to 31.12.1993 all restrictions on the movement of capital between Member States were abolished. 1.11.1993 - the Treaty of Maastricht came into force.

Stage Two: 1.01.1994 to 31.12.1998 European Monetary Institute (predecessor to the ECB) 1995 – the name ”euro” accepted 1997 - Stability and Growth Pact ERM II 1998 - European Central Bank (replaced EMI) Selection of participants of the third stage (11 Member States)

Stage Three: from 1.01.1999 Introduction of euro as an accounting currency Fixed conversion rates between the euro and the currencies of the participating Member States single monetary policy was commenced

Convergence criteria Inflation rate: <1,5% of the average rate of inflation of the three Member States with the lowest inflation. Government finance: annual government budgetary deficit must not exceed 3% of GDP. the gross government debt must not exceed 60% of GDP. Exchange rate: participation in ERM II for 2 years, no devaluation during this period. Long-term interest rates: <2% of the corresponding interest rate in the three member states with the lowest rate of inflation.

Euro coins and banknotes 2002 - euro banknotes and coins were put into circulation. Eurosystem - European Central Bank and the central banks of the member states that belong to the Eurozone ECB – authorizes the issue of euro banknotes (the same design in all Eurozone countries) Member States – issue euro coins (common design on one side and a country-specific design on the other).

Euro coins and banknotes

The importance of euro Consumers benefits: - more competition, more choice - stable prices - low inflation rate - easier and cheaper way of traveling

The importance of euro Businesses benefits: - eliminating currency exchange costs - facilitating cross-border trade - providing greater security and economic stability - encouraging long-term planning and investments

The importance of euro Member States benefits: - stable currency with low inflation and low interest rates - sound public finances - economic stability and growth - stronger presence of the EU members in the global economy

Thank you for your attention.