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The Euro

The Euro

Due to the considerable number of countries in Europe using their own monetary units, problems arose in trading between countries as well as discrepancies in exchange rates between the various forms of money.  After several consecutive years of confusion, the European Monetary Union concluded that it was time to unify European currency.  The currency they concluded to be the most beneficial for solving the currency problem was the Euro.
	The Euro is the new single currency for eleven European countries participating in the monetary union.  On January 1, 1999, the Euro became the official currency of eleven countries including Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Portugal, and Spain (Peterson 4-5).  The Euro is creating an entirely new playing field for global commerce.  When this trans-European currency in completely phased in by 2002, it will transform Europe into one of the largest economic blocs in the world.
	The exchange rates between the eleven participating countries' currencies have been established, but the Euro will not be used for cash transactions until 
January 1, 2002.  On that date individual countries' currencies will cease to be used and the Euro will be the legal tender for all monetary

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