Subject:
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Re: Euro
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Newsgroups:
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lugnet.loc.eu
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Date:
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Sat, 1 Sep 2001 22:22:27 GMT
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Viewed:
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2685 times
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In lugnet.loc.eu, David Eaton writes:
> In lugnet.loc.eu, Todd Thuma writes:
> > What's a Euro?
>
> It's a new currency that many European countries are going (have just
> started!) to use instead of their own national currencies. So gradually the
> nations who are taking part in the project will begin to stop circulating
> their own currencies and begin only using Euros. So things like the French
> Franc, etc, will be slowly taken out of the market. For a couple years now
> vendors across Europe have shown the Euro price to get people ready for it,
> even though until now, there have been no actual exchanges in Europe. And
> for the record, 1 Euro is almost equal to 1 U.S. dollar (that's the value it
> started at initially).
Not quite accurate, but close enough. For the purists, I leave a few extra data:
- Euro fixed exchange rates for the european monetary union currencies have
been fixated on January 1st, 1999. By that time a Euro was worth close to
1,13 USD (if I recall correctly);
- The Euro will replace the currencies in 12 countries: Belgium, Germany,
Greece, Spain, France, Ireland, Italy, Luxembourg, The Netherlands, Austria,
Portugal and Finland.
- Euros can be used in Bank checks and Credit cards since 01/01/1999, while
old currencies keep working as usual. On January 1st, 2002, Euro will start
to appear in banknotes, together with old currency, but checks and CC will
cease to work with old currencies. Within a few weeks time (differs
according to country), Euros will become the sole currency to be accepted.
Old notes can be changed in banks at no cost.
- Prices have been tagged doubly in Portugal (my experience). At first with
PTE + EUR conversion, now with EUR + PTE conversion. Working great.
- The last time I checked, 1 EUR was worth about 0,91 USD. The descent was
allegedly due to over-evaluation of the European currency, but the tendency
is to rise again to meet parity. At least that is what Economists say. I
hope so... :-)
If you want to know more, go to: www.ecb.int
Regards,
Pedro
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Message is in Reply To:
 | | Re: Euro
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| (...) It's a new currency that many European countries are going (have just started!) to use instead of their own national currencies. So gradually the nations who are taking part in the project will begin to stop circulating their own currencies (...) (23 years ago, 31-Aug-01, to lugnet.loc.eu)
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