query: what was italy 's currency before the euro

pos: Italian lira pound = 480 lire) in June 1943, reduced to 100 lire the following month. In German occupied areas, the exchange rate was set at 1 Reichsmark = 10 lire. After the war, the value of the lira fluctuated, before Italy set a peg of US$1 = 575 lire within the Bretton Woods System in November 1947. Following the devaluation of the pound, Italy devalued to US$1 = 625 lire on 21 September 1949. This rate was maintained until the end of the Bretton Woods System in the early 1970s. Several episodes of high inflation followed until the lira was replaced

pos: Italian lira by the euro. The lira was the official unit of currency in Italy until January 1, 1999, when it was replaced by the euro (euro coins and notes were not introduced until 2002). Old lira denominated currency ceased to be legal tender on February 28, 2002. The conversion rate is 1,936.27 lire to the euro. All lira banknotes in use immediately before the introduction of the euro, and all post-World War II coins, were exchanged by the Bank of Italy up to 6 December 2011. Originally, Italy's central bank pledged to redeem Italian coins and banknotes until 29 February 2012,

pos: History of coins in Italy until 1 January 1999, when it was replaced by the euro (euro coins and notes were not introduced until 2002). Old lira denominated currency ceased to be legal tender on 28 February 2002. The conversion rate is 1,936.27 lire to the euro. All lira banknotes in use immediately before the introduction of the euro, as all post WW2 coins, are still exchangeable for euros in all branches of the Bank of Italy until 29 February 2012. The euro officially began circulating in Italy on 1 January 2002 (even though the creation of Italian lira coins was suspended in 1999). Italian

pos: Italian lira a referendum bid, to restore the lira in Italy. Italian lira The lira (; plural lire ) was the currency of Italy between 1861 and 2002 and of the Albanian Kingdom between 1941 and 1943. Between 1999 and 2002, the Italian lira was officially a national subunit of the euro. However, cash payments could be made in lira only, as euro coins or notes were not yet available. The lira was also the currency of the Napoleonic Kingdom of Italy between 1807 and 1814. The term originates from the value of a pound weight () of high purity silver and

pos: Italian lira Italian lira The lira (; plural lire ) was the currency of Italy between 1861 and 2002 and of the Albanian Kingdom between 1941 and 1943. Between 1999 and 2002, the Italian lira was officially a national subunit of the euro. However, cash payments could be made in lira only, as euro coins or notes were not yet available. The lira was also the currency of the Napoleonic Kingdom of Italy between 1807 and 1814. The term originates from the value of a pound weight () of high purity silver and as such is a direct cognate of the British

pos: History of coins in Italy 1946). They were officially set up on 21 December of the same year and were used up to 1953–4. The value of the lira fluctuated, before Italy set a peg of US$1 = 575 lire within the Bretton Woods System in November 1947. Following the devaluation of the pound, Italy devalued to US$1 = 625 lire on 21 September 1949. This rate was maintained until the end of the Bretton Woods System in the early 1970s. Several episodes of high inflation followed until the lira was replaced by the euro. The lira was the official unit of currency in Italy

pos: Bahraini dinar accepted in major supermarkets, airports and electronic shops. Before Malta's adoption of the euro on 1 January 2008, it was the third-highest-valued currency unit after the Kuwaiti dinar and Maltese lira. After Malta adopted the euro, the dinar became the second highest-valued currency unit. Bahraini dinar The dinar ( ') (sign: .د.ب or BD; code: BHD"') is the currency of Bahrain. It is divided into 1000 fils (فلس). The name dinar derives from the Roman denarius. The dinar was introduced in 1965, replacing the Gulf rupee at a rate of 10 rupees = 1 dinar. The Bahraini dinar is abbreviated

pos: Lira Lira Lira (plural lire) is the name of several currency units. It is the current currency of Turkey and also the local name of the currencies of Lebanon and Syria. It is the former currency of Italy, Malta, San Marino and the Vatican City, all of which were replaced in 2002 with the euro, and of Israel, which replaced it with the old shekel in 1980. The term originates from the value of a troy pound (Latin "libra") of high purity silver. The libra was the basis of the monetary system of the Roman Empire. When Europe resumed a monetary

pos: History of coins in Italy 2002. The euro coinage system entered circulation in Italy in 2002 and is currently the official currency. Upon the creation of the Kingdom of Italy under Vittorio Emanuele II (1861), a unified lira was established, at 4.5 grams of silver or 290.322 milligrams of gold. This was a direct continuation of the Sardinian lira. Other currencies replaced by the Italian lira included the Lombardy-Venetia pound, the Two Sicilies piastra, the Tuscan fiorino, the Papal States scudo and the Parman lira. In 1865, Italy formed part of the Latin Monetary Union in which the lira was set as equal to, among

neg: Euro Currency Index Euro Currency Index The Euro Currency Index (EUR_I) represents the arithmetic ratio of four major currencies against the Euro: US-Dollar, British Pound, Japanese Yen and Swiss Franc. All currencies are expressed in units of currency per Euro. The index was launched in 2004 by the exchange portal Stooq.com. Underlying are 100 points on 4 January 1971. Before the introduction of the European single currency on 1 January 1999 an exchange rate of 1 Euro = 1.95583 Deutsche mark was calculated. Based on the progression, Euro Currency Index can show the strength or weakness of the Euro. A rising index indicates

neg: Euro Currency Index table shows the annual high, low and closing levels of the back-calculated Euro Currency Index from 1971 until 2012. ¹ 31. December 2012 Euro Currency Index The Euro Currency Index (EUR_I) represents the arithmetic ratio of four major currencies against the Euro: US-Dollar, British Pound, Japanese Yen and Swiss Franc. All currencies are expressed in units of currency per Euro. The index was launched in 2004 by the exchange portal Stooq.com. Underlying are 100 points on 4 January 1971. Before the introduction of the European single currency on 1 January 1999 an exchange rate of 1 Euro = 1.95583 Deutsche

neg: Euro sign but the cent sign "¢" also appears. Other abbreviations include "ct" (particularly in Germany and Lithuania), "cent." in Spain and Italy, "snt" (Finland) and Λ (the capital letter "lambda" for λεπτό, "lepto", in Greece). Euro sign The euro sign (€) is the currency sign used for the euro, the official currency of the European Union (EU) and other non-EU countries (Kosovo and Montenegro). The design was presented to the public by the European Commission on 12 December 1996. The international three-letter code (according to ISO standard ISO 4217) for the euro is EUR. In Unicode it is encoded at .

neg: Euro Currency Index points). The Euro Currency Index started on 4 January 1971 with 100 points. Before the introduction of the European single currency on 1 January 1999, an exchange rate of 1 Euro = 1.95583 Deutsche Mark was calculated. On April 19, 1971, the Euro Currency Index gained 99.67 points calculated with an all-time low. Until 3 December 1979, the index rose by 68.0 percent to 167.43 points. With the depreciation of the Deutsche Mark against the major currencies, the index fell to mid-1980s. On 3 May 1985, the Euro Currency Index was at level 122.26 points, up by 27.0 percent. The

neg: Government debt by local governments (municipalities). Governments often borrow money in a currency in which the demand for debt securities is strong. An advantage of issuing bonds in a currency such as the US dollar, the pound sterling, or the euro is that many investors wish to invest in such bonds. Countries such as the United States, Germany, Italy and France have only issued in their domestic currency (or in the Euro in the case of Euro members). Relatively few investors are willing to invest in currencies that do not have a long track record of stability. A disadvantage for a government

neg: European integration euro currency union as the third stage of the European Economic and Monetary Union (EMU). Further, certain states outside the EU have adopted the euro as their currency, despite not belonging to the EMU. Thus, a total of 25 states, including 19 European Union states and six non-EU members, currently use the euro. The Eurozone came into existence with the official launch of the euro on 1 January 1999. Physical coins and banknotes were introduced on 1 January 2002. The original members were Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Greece adopted the euro

neg: Euro Currency Index summer of 2007, the index began to decline. On 6 February 2009 a value of 187.84 points was determined. In the following eight months, the European single currency rebounded from the lows. On 13 October 2009, the index rose by 208.45 points, near its historical high point. A financial crisis in several member states of the Euro zone in 2010 led to the outbreak of the Euro crisis. Particularly affected is Greece (see Greek government-debt crisis from 2010), but also other countries such as Ireland, Spain, Italy and Portugal. The weakness of the Euro against almost all global currencies caused

neg: History of the euro 2 January, all ATMs in 7 countries and at least 90 percent in 4 others were issuing euros rather than legacy currency, with Italy, the worst offender, having only 85% of ATMs dispensing euros. The unexpected tendency of consumers to spend their legacy currency, rather than exchange it at banks, led to temporary shortages of euro small change, with some consumers being given change in legacy currency. Some businesses did take advantage of the currency exchange to raise prices. According to a study by the Deutsche Bundesbank, there was a price rise, but consumers refused to buy as much. A

neg: Modern Monetary Theory economy. Euro debt crises in the "PIIGS" countries that began in 2009 reflect this risk, since Portugal, Italy, Ireland, Greece, Spain, etc. have all issued debts in a quasi-"foreign currency" – the Euro, which they cannot create. MMT claims that the word "borrowing" is a misnomer when it comes to a sovereign government's fiscal operations, because what the government is doing is accepting back its own IOUs, and nobody can borrow back their own debt instruments. Sovereign government goes into debt by issuing its own liabilities that are financial wealth to the private sector. "Private debt is debt, but government

neg: Economic history of Spain the European community ever since. The country was a leading proponent of the EU single currency, the euro, long before it had been put into circulation. Together with the other founding euro members, it adopted the new physical currency on January 1, 2002. On that date Spain terminated its historic peseta currency and replaced it with the euro, which has become its national currency shared the rest of the Eurozone. This culminated a fast process of economic modernization even though the strength of the euro since its adoption has raised concerns regarding the fact that Spanish exports outside the European

neg: Economic history of Europe The shift of international industrial production out of Europe is a key outcome of globalization. The Euro became the official currency of certain European Union members on January 1, 2001. The currency was signed into effect in 1992 in the Treaty of Maastricht. The initial idea behind the Euro was that it eliminates exchange rates between European nations and makes currency fluctuation risks minimal. The nations involved in the initial treaty were Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. These nations agreed in principle to the European Monetary Union (EMU) in 1999 and

neg: Nicolas De Santis helped to raise $100 million from several high-profile investors including Carlo de Benedetti (Espresso/La Repubblica Group) and François Pinault, holding company Artemis. Beenz was sold in 2001 to the US Carlson Marketing Group. De Santis launched the beenz.com brand in UK, US, France, Japan, Singapore, Italy, Korea, Australia and China. In the 1990s, De Santis worked for the European Union under President Enrique Baron Crespo where he advised on issues relating to European identity and the launch of the Euro currency. As part of the launch of the Euro currency he developed and launched the controversial Captain Euro, Europe’s superhero,

neg: Currency Centre Currency Centre The Currency Centre (also known as the Irish Mint) is the mint of coins and printer of banknotes for the Central Bank of Ireland, including the euro currency. The centre is located at Sandyford, Dublin, Ireland. The centre does not print the complete range of euro banknotes. Other denominations are imported. The centre was designed by the architect Sam Stephenson, for which he won the RIAI Triennial Gold Medal in 1977-1979 and opened for business in 1978. Before the centre was established, Irish coins were produced in the Royal Mint. The first euro coins were minted in the

neg: Withdrawal from the Eurozone from the Eurozone, the economic region formed by those countries in the European Union that use the euro as their national currency. Speculation followed about other countries as well, such as Italy, withdrawing from the Eurozone, with economist Nuriel Roubini submitting that "Italy may, like other periphery countries [of the Eurozone], need to exit the euro and go back to a national currency, thus triggering an effective break-up of the Eurozone." As of July 2018, no country has withdrawn from the Eurozone. The prevailing legal opinion is that there is no provision in any European Union treaty for an exit

neg: Euro the highest weighting. With the exception of Bosnia, Bulgaria, 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. 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. Within the EU several currencies are pegged to the euro,

neg: Icelandic króna exploit. In July 2008, a Big Mac cost the equivalent of nearly US$6, versus $3.57 in the US. Theoretically the adoption of the euro could have several advantages. Adopting what is perceived by some as a historically stronger currency might help Iceland to "avoid the turbulence surrounding speculations in international financial markets". In addition, Icelandic economists listed several arguments in favour of the Euro before the crisis. "In terms of growth potentials and welfare, the euro could be expected to bring lower long-term interest rates [...]. This would of course increase capital investment and labour productivity. The euro might lower

neg: Economy of French Guiana (2004) Imports: US$1,693 million (in 2006) Imports - commodities: food (grains, processed meat), machinery and transport equipment, fuels and chemicals Imports - partners: France 63%, United States, Trinidad and Tobago, Italy (2004) Debt - external: $800,3 million (1988) Economic aid - recipient: $NA Currency: 1 euro (currency sign: €; banking code: EUR) = 100 cent Exchange rates: "See:" Euro#Euro exchange rate Fiscal year: calendar year " The economic accounts of Guyana in 2006: first results " (PDF) . Retrieved 2008-01-14 . Economy of French Guiana The economy of French Guiana is tied closely to that of France through subsidies and

neg: David Owen 2017 he featured in an episode of BBC Panorama called "Contaminated Blood: The Search for the Truth". Owen had been a supporter of Britain's membership of the European Union (saying that he was "not a Eurosceptic" and a "convinced European"), but has opposed what he sees as the increased federalisation of the EU in recent years, citing examples such as a unified currency (the euro), a unified defence force and a unified foreign policy as "structure[s] for a United States of Europe". As chairman of New Europe, he was the co-leader of the 'No to the Euro' campaign with Business

neg: Euro states; it was not a currency in its own right. They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally the pound sterling) that day. The procedure used to fix the conversion rate between the Greek drachma and the euro was different, since the euro by then was already two years old. 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. The currency was introduced in non-physical form (traveller's

neg: Withdrawal from the Eurozone common currency. In the majority of European countries surveyed in 2015 by Gallup International most respondents "oppose the Euro." In the two "key Eurozone members" Germany and France, as well as in Spain, majorities in favour of retaining the Euro as common currency are present. Among Eurozone members the strongest anti-Euro sentiments were registered in Italy and Greece. In 2015, the Greek parliament approved the government's proposal for a referendum that would ostensibly decide, through a decision between "Yes" or "No," the way forward in the ongoing negotiations of Greece with the creditors' institutions. Despite the claims by analysts abroad

neg: Economy of Bulgaria (574 euro) (December, 2017). The national currency is the lev (plural leva), pegged to the euro at a rate of 1.95583 leva for 1 euro. The lev is the strongest and most stable currency in Eastern Europe. The strongest sectors in the economy are energy, mining, metallurgy, machine building, agriculture and tourism. Primary industrial exports are clothing, iron and steel, machinery and refined fuels. The trading partners with largest contribution to the import/export are Germany, Italy, Romania, Turkey, Greece, Russia, France, Spain, Poland, Netherlands, China, Hungary and Belgium. Sofia is the capital and economic heart of Bulgaria and home to

neg: Japanese yen Japanese yen The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro, and the pound sterling. The concept of the yen was a component of the Meiji government's modernization program of Japan's economy; which postulated the pursuit of a uniform currency throughout the country modeled after the European decimal currency system. Before the Meiji Restoration, Japan's feudal fiefs all issued their own money, "hansatsu", in an array of

neg: Financial risk affect on domestic and foreign goods, as well as the value of foreign currency denominate assets and liabilities. When a currency appreciates or depreciates, a firm can be at risk depending on where they are operating and what currency denominations they are holding. The fluctuation in currency markets can have effects on both the imports and exports of an international firm. For example, if the euro depreciates against the dollar, the U.S. exporters take a loss while the U.S. importers gain. This is because it takes less dollars to buy a euro and vice versa, meaning the U.S. wants to

neg: 10 euro note about 1.5 years before it is replaced due to wear. It is the second-smallest note measuring 127x67 mm with a pink colour scheme. The ten euro banknotes depict bridges and arches/doorways in Romanesque architecture (between the 11th and 12th centuries). The ten euro note contains several complex security features such as watermarks, invisible ink, holograms and microprinting that document its authenticity. The euro was founded on 1 January 1999, when it became the currency of over 300 million people in Europe. For the first three years of its existence it was an invisible currency, only used in accountancy. Euro cash

neg: Céntimo Céntimo The céntimo (in Spanish-speaking countries) or cêntimo (in Portuguese-speaking countries) was a currency unit of Spain, Portugal and their former colonies. The word derived from the Latin meaning "hundredth part". The main Spanish currency, before the euro, was the peseta which was divided into 100 céntimos. In Portugal it was the real and later the escudo, until it was also replaced by the euro. In the European community "cent" is the official name for one hundredth of a euro. However, both "céntimo" (in Spanish) and "cêntimo" (in Portuguese) are commonly used to describe the euro cent. Céntimo or cêntimo

neg: Euro only recognised as legal tender within the Order. In economics, an optimum currency area, or region (OCA or OCR), is a geographical region in which it would maximise economic efficiency to have the entire region share a single currency. There are two models, both proposed by Robert Mundell: the stationary expectations model and the international risk sharing model. Mundell himself advocates the international risk sharing model and thus concludes in favour of the euro. However, even before the creation of the single currency, there were concerns over diverging economies. Before the late-2000s recession it was considered unlikely that a state

neg: Japanese yen U.S. dollar–yen spot rate (JPY per USD) at 17:00 JST: Japanese yen The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro, and the pound sterling. The concept of the yen was a component of the Meiji government's modernization program of Japan's economy; which postulated the pursuit of a uniform currency throughout the country modeled after the European decimal currency system. Before the Meiji Restoration, Japan's feudal fiefs

neg: Euro Currency Index Euro Currency Index, since the competitiveness of European goods in comparison to other countries and trading partners is included in it. On September 13, 2005 Dow Jones & Company published two versions of the index, the Dow Jones Euro Currency Index (DJEURO) and the Dow Jones Euro Currency 5 Index (DJEURO5). Under-lyings of each were 100 points on 31 December 1998. The calculation of the Dow Jones Euro Currency 5 Index was set on 29 August 2008 (last value 121.97 points) and the calculation of the Dow Jones Euro Currency Index on 9 January 2009 (last value 119.41 points). The

neg: Reserve currency before the beginning of the worldwide credit crunch related recession and Eurozone crisis, which harmed the euro and slowed its adoption. Since 2009, the reserve currency use of the euro has continued to drop, down to 23.9 percent in 2013. The Dutch guilder was the "de facto" reserve currency in Europe in 17th and 18th centuries. The United Kingdom's pound sterling was the primary reserve currency of much of the world in the 19th century and first half of the 20th century. The emergence of the USA as an economic superpower, and the establishment of the U.S. Federal Reserve System

neg: Vatican euro coins Vatican euro coins Vatican euro coins are issued by the Philatelic and Numismatic Office of the Vatican City State and minted by Istituto Poligrafico e Zecca dello Stato (IPZS), in Rome, Italy. The euro is the official currency of the Vatican City, although the Vatican is not a member of the Eurozone or the European Union. For images of the common side and a detailed description of the coins, see euro coins. The initial series of Vatican euro coins featured an effigy of Pope John Paul II. They were issued only in collector sets and bore an extreme markup with

neg: International status and usage of the euro euro exceed dollar reserves for the first time; Russia held 47.5% (up from 42% in 2008) in euro and 41.5% (down from 47%) in dollar leading the Central Bank of Russia to announce the euro had become the reserve currency of Russia. The usage of the euro is particularly strong in eastern Europe, not surprisingly in those that have joined the EU, with 54.8% of all loans in Bulgaria, and 85.2% in Latvia before Eurozone accession, being issued in euro rather than the local currencies. The following table shows central banks allocated reserves in euros and US dollar. A currency

neg: Motto of the European Union of Europe and was about to launch the euro, its currency; it lacked a motto, hence, the contest proposal. Journalist La Prairie was in charge of "Ouest-France" 's Press-School mission and found two sponsors, World War II French museum and France Telecom, then a state-owned company. 40 newspaper partners were found in France as well as in the remaining countries of EU-15; with at least a newspaper per country, "e.g." "La Repubblica" in Italy, "Le Soir" in Belgium, "Irish Times" in Ireland, "Berliner Zeitung" in Germany and "The Guardian" in UK. The project was officially launched on 31 March 1999

neg: Vreneli Landry" appears on the coin under the portrait. The edge of the coin is imprinted with stars in relief. The 20 franc denomination with the aforementioned specifications (size and alloy and gold content) was first established by Napoleon for France in 1803. The denomination/specifications remained in usage until the First World War under what was known as the Latin Monetary League, the "euro before the euro", so-to-speak. Switzerland constituted itself in Confederation in 1848. It adopted the Swiss Franc, and aligned its currency on the French franc in 1850. It joined the Latin Union in December 1865. Switzerland had Swiss

neg: Andorra and the euro Andorra and the euro Andorra has a monetary agreement with the EU allowing it to make the euro its official currency, and permitting it to issue euro coins from 1 July 2013. They planned to issue their first coins by March or April 2014. On 23 December coins were delivered for pre-booked customers at the Government Administration Building, and actual circulation began on 15 January 2015. Andorra did not have an official currency before adopting the euro, and unlike its two larger neighbours, France and Spain, which surround it, it is not a member of the EU. However it "de

neg: Irish property bubble euro on 1 January 1999, in accordance with the 1992 Maastricht Treaty and gave control of its monetary policy to the European Central Bank in Frankfurt, Germany, in accordance with the 1998 Treaty of Amsterdam. The euro contributed to the post-1998 investment rate in countries that previously had a weak currency through the integration of financial markets; however, there is little or no evidence that the introduction of the euro increased the efficiency of capital allocation. The introduction of the single currency, with European Central Bank interest rates being lower than what national interest rates would have been had Ireland

neg: Mark (currency) Germany was reunified in 1990. The German mark was replaced by the euro, first as an accounting currency on 1 January 1999, at a conversion rate of 1.95583 marks per euro. Thereafter, the mark-denominated notes and coins represented the euro at that conversion rate, and remained legal tender until 1 January 2002, when they were replaced by euro notes and coins. Germany mints its own German euro coins, but all euro coins are legal tender throughout the Eurozone. The remaining Convertible mark of Bosnia-Herzegovina is a currency that officially replaced the German mark as de facto currency of the ruptured

neg: Céntimo is one-hundredth of the following basic monetary units: Céntimo The céntimo (in Spanish-speaking countries) or cêntimo (in Portuguese-speaking countries) was a currency unit of Spain, Portugal and their former colonies. The word derived from the Latin meaning "hundredth part". The main Spanish currency, before the euro, was the peseta which was divided into 100 céntimos. In Portugal it was the real and later the escudo, until it was also replaced by the euro. In the European community "cent" is the official name for one hundredth of a euro. However, both "céntimo" (in Spanish) and "cêntimo" (in Portuguese) are commonly used

neg: Vatican euro coins another subject. In addition, in 2014 the Vatican issued commemorative €20 and €50 coins honoring Pope John XXIII and Pope John Paul II respectively. Both popes were canonized in April 2014. Vatican euro coins Vatican euro coins are issued by the Philatelic and Numismatic Office of the Vatican City State and minted by Istituto Poligrafico e Zecca dello Stato (IPZS), in Rome, Italy. The euro is the official currency of the Vatican City, although the Vatican is not a member of the Eurozone or the European Union. For images of the common side and a detailed description of the coins,

neg: 2010–14 Portuguese financial crisis not prevent them from growing in the 2000s, nor did prevent Portugal from growing before the early 2000s. Economist points to the accession to Euro in 1999–2002, which was too strong as a currency for Portugal’s economy and industry and took away from the country the ability to direct its own monetary (rise or reduce interest rates) and cambial policy (currency devaluation). Vítor Bento also thinks that the belonging to a currency union created numerous challenges to which the Portuguese economy was not able to adapt. Bento also points out that Euro was the root cause for many the internal

neg: Slovak euro coins Slovakia planned to transport over €7 billion in banknotes from Austria and to mint coins worth €167 million to pre-stock itself with the new currency. Start-up packages containing the EUR equivalent of 500 Sk (16.60 €) were sold at all post offices from 1 December 2008. The package contained 45 Slovak euro coins with nominal values from 1-cent (0.30 Sk) to 2 euro (60.25 Sk). A few days before the €-day, the government spent €6.5 million to educate the public about the new currency. For images of the common side and a detailed description of the coins, see euro coins.

neg: Optimum currency area rationale behind the creation of the euro is that the individual countries of Europe do not each form an optimal currency area, but that Europe as a whole does. The creation of the euro is often cited because it provides the most modern and largest-scale case study of an attempt to identify an optimum currency area, and provides a comparative before-and-after model by which to test the principles of the theory. In theory, an optimal currency area could also be smaller than a country. Some economists have argued that the United States, for example, has some regions that do not

neg: Euro 3.3%. The euro inherited and built on the status of the Deutsche Mark as the second most important reserve currency. The euro remains underweight as a reserve currency in advanced economies while overweight in emerging and developing economies: according to the International Monetary Fund the total of euro held as a reserve in the world at the end of 2008 was equal to $1.1 trillion or €850 billion, with a share of 22% of all currency reserves in advanced economies, but a total of 31% of all currency reserves in emerging and developing economies. The possibility of the euro becoming

neg: History of the euro coffee bar in Italy that took advantage of the transition to raise coffee prices by a third was ordered to pay compensation to customers. Nations were allowed to keep legacy currency in circulation as legal tender for two months, until 28 February 2002. The official date on which the national currencies ceased to be legal tender varied from member state to member state. The earliest date was in Germany; the Mark officially ceased to be legal tender after 31 December 2001. Most member states, though, permitted their legacy currency to remain in circulation the full two months. The legacy currency

neg: Currency pair a dot or a dash. A widely traded currency pair is the relation of the euro against the US dollar, designated as EUR/USD. The quotation "EUR/USD 1.2500" means that one euro is exchanged for 1.2500 US dollars. Here, EUR is the base currency and USD is the quote currency(counter currency). This means that 1 Euro can be exchangeable to 1.25 US Dollars. The most traded currency pairs in the world are called the "Majors". They involve the currencies euro, US dollar, Japanese yen, pound sterling, Australian dollar, Canadian dollar, and the Swiss franc. Currency quotations use the abbreviations for currencies

neg: Ireland 1996 25 euro coin Ireland 1996 25 euro coin A 25 euro coin was struck in 1996 to show what an Irish euro coin could have looked like. As this coin is a private pattern coin, it has never had a legal tender status. It was minted by the International Currency Bureau. The obverse showed a harp with the denomination below it and 12 stars within a border and the inscription '25 EURO'. The reverse showed a squirrel on a paper disc with the country name above and the date below in a border and the inscription 'ÉIRE 1996' - Ireland 1996. The edge

neg: Italy First (political party) left the PdL a few days earlier. The founding manifesto of Italy First included criticism of the PdL, its participation in the European People's Party and its compliance to Europeanism and economic liberalism. One of the first political campaigns of the new party was against the euro currency. Soon after its foundation, Italy First participated in the process of enlargement of FdI, a party led by Giorgia Meloni, through the "Workshop for Italy" and was finally integrated into FdI in March 2014. Italy First thus became a faction within FdI and Alemanno was one of the party's leading candidates in

neg: De facto currency De facto currency A de facto currency is a unit of money that is not legal tender in a country but is treated as such by most of the populace. The United States dollar and the European Union euro are the most common de facto currencies. Andorra used the euro unofficially prior to June 2013, at which point the euro became its official currency. The euro remains the de facto currency in Kosovo and Montenegro. Countries using the United States dollar as their de facto currency include Aruba and Cambodia, where most hotels, restaurants, and transportation are priced in dollars;

neg: North American Union a number of common elements between them. NASCO and the SPP have both denied that there are any plans to establish a common currency, a "NAFTA Superhighway", or a North American Union in "Myths vs Facts" pages on their websites. The "amero" is the appellation given to what would be the North American Union's counterpart to the euro. It was first proposed in 1999 by Canadian economist Herbert G. Grubel. A senior fellow of the Fraser Institute think-tank, he published a book entitled "The Case for the Amero" in September 1999, the year that the euro became a virtual currency.

neg: Euro Currency Index an appreciation of the Euro against the currencies in the currency basket, a falling index in contrast, a devaluation. Relationships to commodity indices are recognizable. A rising Euro Currency Index means a tendency of falling commodity prices. This is especially true for agricultural commodities and the price of oil. Even the prices of precious metals (gold and silver) are correlated with the index. Arithmetically weighted Euro Currency Index is comparable to the trade-weighted Euro Effective exchange rate index of the European Central Bank (ECB). The index of ECB measures much more accurately the value of the Euro, compared to the

neg: Euro daily by some 343 million Europeans . Outside Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally, 240 million people worldwide use currencies pegged to the euro. The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. , with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.S. dollar. The name "euro" was officially adopted on 16 December 1995

neg: Eurozone Eurozone The eurozone (), officially called the euro area, is a monetary union of 19 of the 28 European Union (EU) member states which have adopted the euro (€) as their common currency and sole legal tender. The monetary authority of the eurozone is the Eurosystem. The other nine members of the European Union continue to use their own national currencies, although most of them are obliged to adopt the euro in the future. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Other

neg: Euro austerity while France and the United States were relatively strong creditors – gained attention in summer 2012 even as Germany received a debt-rating warning of its own. In the enduring of this scenario the Euro serves as a mean of quantitative primitive accumulation. The euro is the sole currency of 19 EU member states: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. These countries constitute the "eurozone", some 343 million people in total . With all but two of the remaining EU members obliged to join, together

neg: Millions (novel) Millions (novel) Millions is a children's novel published early in 2004, the first book by British screenwriter Frank Cottrell Boyce. It is an adaptation of his screenplay for the film "Millions", although it was released six months before the film (September). Set in England just before British adoption of the euro (a fictional event) the story features two boys who must decide what to do with a windfall in expiring currency. Cottrell Boyce won the annual Carnegie Medal from the British librarians, recognising the year's best children's book published in the UK "Millions" was an integral part of the annual

neg: Lithuania and the euro Reserve System." Lithuania and the euro Lithuania is an EU member state which joined the Eurozone by adopting the euro on 1 January 2015. This made it the last of the three Baltic states to adopt the euro, after Estonia (2011) and Latvia (2014). Before then, its currency, the litas, was pegged to the euro at 3.4528 litas to 1 euro. All members of the European Union, except Denmark and the UK, are required by treaty to join the euro once certain economic criteria have been met. The Lithuanian litas participated in ERM II since 28 June 2004, and was

neg: Lithuania and the euro Lithuania and the euro Lithuania is an EU member state which joined the Eurozone by adopting the euro on 1 January 2015. This made it the last of the three Baltic states to adopt the euro, after Estonia (2011) and Latvia (2014). Before then, its currency, the litas, was pegged to the euro at 3.4528 litas to 1 euro. All members of the European Union, except Denmark and the UK, are required by treaty to join the euro once certain economic criteria have been met. The Lithuanian litas participated in ERM II since 28 June 2004, and was pegged to

neg: Euro currency in Cuba since 1998, and Syria since 2006. There are also various currencies pegged to the euro (see below). In 2009, Zimbabwe abandoned its local currency and used major currencies instead, including the euro and the United States dollar. Since its introduction, the euro has been the second most widely held international reserve currency after the U.S. dollar. The share of the euro as a reserve currency increased from 18% in 1999 to 27% in 2008. Over this period, the share held in U.S. dollar fell from 71% to 64% and that held in Yen fell from 6.4% to

neg: Montenegro and the euro Montenegro and the euro Montenegro has no currency of its own. From 1996 the Deutsche Mark was the "de facto" currency in all private and banking transactions and it was formally adopted as Montenegro's currency in November 1999. The mark was replaced by the euro in 2002 without any objections from the European Central Bank (ECB). The European Commission and the ECB have since voiced their discontent over Montenegro's unilateral use of the euro on several occasions, with Amelia Torres, a spokesperson for the European Commission, saying "The conditions for the adoption of the euro are clear. That means, first

neg: Euro national currencies had to be carried out using the process of triangulation via the euro. The "definitive" values of one euro in terms of the exchange rates at which the currency entered the euro are shown on the right. The rates were determined by the Council of the European Union, based on a recommendation from the European Commission based on the market rates on 31 December 1998. They were set so that one European Currency Unit (ECU) would equal one euro. The European Currency Unit was an accounting unit used by the EU, based on the currencies of the member

neg: Reserve currency It was "absolutely conceivable that the euro will replace the US dollar as reserve currency, or will be traded as an equally important reserve currency." Econometric analysis by Jeffrey Frankel and Menzie Chinn in 2006 suggested that the euro could replace the U.S. dollar as the major reserve currency by 2020 if either the remaining EU members, including the UK and Denmark, adopted the euro by 2020, or the recent depreciation trend of the dollar persisted into the future. In recent years, the euro's share of the worldwide currency reserve basket has continued to increase—albeit at a slower rate than

neg: Currency pair euro has strengthened, or both. On the other hand, if the EUR/USD (or EURUSD) quote changes from 1.2500 to 1.2490 the euro has become relatively weaker than the dollar. The rules for formulating standard currency pair notations result from accepted priorities attributed to each currency. From its inception in 1999 and as stipulated by the European Central Bank, the euro has first precedence as a base currency. Therefore, all currency pairs involving it should use it as their base, listed first. For example, the US dollar and euro exchange rate is identified as EUR/USD. Although there is no standards-setting body

neg: History of the euro support the euro in 2001. Later in 2000, Denmark held a referendum on whether to abandon their opt-out from the euro. The referendum resulted in a decision to retain the krone, and also set back plans for a referendum in the UK as a result. The procedure used to fix the irrevocable conversion rate of 340.750 between the Greek drachma and the euro was different, since the euro by then was already two years old. While the conversion rates for the initial eleven currencies were determined only hours before the euro was introduced as a virtual currency, the conversion rate

neg: Jean-Pierre Chevènement a kind of left-wing gaullist. In consequences, he is opposed to European federalism because of a possible disappearance of nations and the creation of a non-democratic construction led by non-elected technocrats. He calls for a transformation of the single currency (Euro) into a common currency, allowing countries to adapt and control their economies, but also allowing EU to have a single voice in the world. Indeed, he has criticized the bad influence of a strong currency on other countries of Europe such as Greece, Italy, Spain and Portugal. In office he defended the "French status" in NATO: i.e. outside the

neg: Economic consequences of the 2006 Thai coup d'état Standard Chartered Plc in London. "There's been an immediate reaction and people will move to the sidelines to see how it all unfolds, but what we'll see will probably be a short-term disruption," said Upadhyaya, currency analyst at Putnam Investments in Boston. The yen retained most of the day's gains against the euro after a European official said markets had yet to digest policy-makers' remarks calling for the yen to rise against the euro. But the Japanese currency eased around half a yen from session highs against the dollar after the Thai news, tracking a sharp decline in the baht.

neg: European Central Bank who saw Duisenberg as a guarantor of a strong euro. Tensions were abated by a gentleman's agreement in which Duisenberg would stand down before the end of his mandate, to be replaced by Trichet. Trichet replaced Duisenberg as President in November 2003. There had also been tension over the ECB's Executive Board, with the United Kingdom demanding a seat even though it had not joined the Single Currency. Under pressure from France, three seats were assigned to the largest members, France, Germany, and Italy; Spain also demanded and obtained a seat. Despite such a system of appointment the board asserted

neg: Lithuanian litas 2011, polls showed narrow opposition to the currency. On 23 July 2014, the Council of the European Union adopted a decision allowing Lithuania to adopt the euro as its currency on 1 January 2015. Litas and euro were both legal tender in Lithuania until 16 January 2015. Lithuanian litas The Lithuanian litas (ISO currency code LTL, symbolized as Lt; plural "litai" (nominative) or "litų" (genitive)) was the currency of Lithuania, until 1 January 2015, when it was replaced by the euro. It was divided into 100 centų (genitive case; singular "centas", nominative plural "centai"). The litas was first introduced on

neg: International status and usage of the euro term of 2007, euro as a reserve currency had reached a record level of 25.6% (a +0.8% increase from the year before) – at the expense of the US dollar, which dropped to 64.8% (a drop of 1.3% from the year before). By the end of 2007, shares of euro increased to 26.4% as the dollar slumped to its lowest level since records began in 1999, 63.8%. The exact situation varies from country to country; for example, those with dollar pegs have greater dollar reserves and those with euro pegs have greater euro reserves. In 2009, Russia's foreign reserves in

neg: Language and the euro English (the usual translation for "buck" in dubbed films). In Swedish writing, euro is spelt "euro" (and cent is spelt "cent") both in singular and plural, or written EUR, or €. The € sign is common in Finland but rare in Sweden. The currency "the euro" is spelt "euron" following Swedish grammar rules. In Sweden, the accepted pronunciations are (more common and similar to how "eu" is pronounced in modern Swedish in "neuro-") or (similar to how "eu" is pronounced in modern Swedish in "Europa"). However, many Swedes choose to pronounce it in a more English way (no "s" in

neg: Penalty shoot-out (association football) Euro 2004 and the 2006 World Cup and Italy at Euro 2012, before finally breaking their losing streak at the 2018 World Cup against Colombia; this shootout also allowed England to progress into the quarter-finals for the first time in twelve years. The Netherlands, meanwhile, lost four consecutive shoot-outs; against Denmark in Euro 1992, France in Euro 1996, Brazil in the 1998 World Cup, and Italy in Euro 2000, before finally winning one against Sweden in Euro 2004. In Euro 2000, the Netherlands had two penalty kicks during the match and four attempts in the shootout but only managed to

neg: Croatia and the euro one month before Croatia's EU entry governor Vujčić admitted "...we have no date [to join the single currency] in mind at the moment". Before Croatia can join ERM II, it must reduce its budget deficit by about 1.5 billion kuna (June 2013 figures). The European Central Bank was expecting Croatia to be approved for ERM II membership in 2016 at the earliest, with euro adoption in 2019. Many small businesses in Croatia had debts denominated in euros before EU accession. Croatian people already use the euro for most savings and many informal transactions. Real estate, motor vehicle and accommodation prices

neg: Montenegro and the euro government of Montenegro will adopt some certain elements which should fulfil the conditions for further use of the euro, such as adopting fiscal rules." Unlike official members of the eurozone, Montenegro does not mint coins and therefore has no distinctive national design. Montenegro and the euro Montenegro has no currency of its own. From 1996 the Deutsche Mark was the "de facto" currency in all private and banking transactions and it was formally adopted as Montenegro's currency in November 1999. The mark was replaced by the euro in 2002 without any objections from the European Central Bank (ECB). The European

neg: Accession of Kosovo to the European Union The SAA entered into force on 1 April 2016. On 27 February 2013, the Government of Kosovo appointed the Kosovo SAA Negotiating Team, composed of key ministers, including the representatives of the President's Office and the Parliament. Members of the Negotiating Team were: Negotiation talks have not yet started. Before Kosovo declared independence in 2008, Kosovo's economy had undergone a currency substitution, with the Deutsche Mark being the most used currency. As a result, like Germany, Kosovo (which was then a United Nations mandate) switched to the euro on 1 January 2002. The change to the euro was achieved in

neg: Global financial system to the fact that Greece's deficit exceeded the eurozone's maximum of 3% outlined in the Economic and Monetary Union's Stability and Growth Pact. Investors concerned about a possible sovereign default rapidly sold Greek bonds. Given Greece's prior decision to embrace the euro as its currency, it no longer held monetary policy autonomy and could not intervene to depreciate a national currency to absorb the shock and boost competitiveness, as was the traditional solution to sudden capital flight. The crisis proved contagious when it spread to Portugal, Italy, and Spain (together with Greece these are collectively referred to as the PIGS).

neg: 20 euro note about two years before it is replaced due to wear. It is the third-smallest note, measuring 133 x 72 mm with a blue colour scheme. The twenty euro banknotes depict bridges and arches/doorways in Gothic architecture (between the 13th and 14th century CE). The twenty euro note contains several complex security features such as watermarks, invisible ink, holograms and microprinting that document its authenticity. The full design of the Europa series 20 euro banknote was revealed on 24 February 2015 and launched on 25 November 2015. The euro was founded on 1 January 1999, when it became the currency of

neg: European Currency Unit opportunity for foreign diversification without reliance on the currency of a single country. The ECU was conceived on 13 March 1979 as an internal accounting unit. It had the ISO 4217 currency code XEU. On 1 January 1999, the euro (with the code EUR and symbol €) replaced the ECU, at the value €1 = 1 ECU. Unlike the ECU, the euro is a real currency, although not all member states participate (for details on euro membership see Eurozone). Two of the countries in the ECU basket of currencies, UK and Denmark, did not join the eurozone, and a third,

neg: Steve Hanke rate. Following the introduction of the euro, the litas was linked to the euro, until January 1, 2015, when Lithuania officially adopted the euro as its currency. Influenced by the 1991 Hanke-Schuler book proposing a currency board for Yugoslavia, the 1995 Dayton Agreement required Bosnia and Herzegovina to employ a currency board for at least six years. In the aftermath of the Yugoslav civil war, local officials and an IMF team set about to create a central bank for Bosnia and Herzegovina based on the principles of a currency board. Hanke began serving as a special adviser to the U.S.

neg: Currency board the Deutsche Mark from 1992 to 1999 when it switched to fixing to the Euro at par. The peg to the Euro was upheld until January 2011 with Estonia's adoption of the Euro. This policy is seen as a mainstay of that country's subsequent economic success (see Economy of Estonia for a detailed description of the Estonian currency board). Argentina abandoned its currency board in January 2002 after a severe recession. To some, this emphasised the fact that currency boards are not irrevocable, and hence may be abandoned in the face of speculation by foreign exchange traders. However, Argentina's system

neg: Economy of the European Union 1999 with some EU member states, now 19 out of 28 EU states use the euro as official currency in a currency union. The remaining 9 states continued to use their own currency with the possibility to join the euro later. The euro is also the most widely used currency in the EU. Since 1992 the Maastricht treaty sets out rigid economic and fiscal convergence criteria for the states joining the euro. Starting 1997, the Stability and Growth Pact has been started to ensure continuing economic and fiscal stability and convergence. Denmark and the United Kingdom, not members of the

neg: International status and usage of the euro standing, mostly at the expense of the dollar. The increase of 4.4% in 2002 is due to the introduction of euro banknotes and coins in January 2002. The possibility of the euro's becoming the first international reserve currency is now widely debated among economists. Former Federal Reserve Chairman Alan Greenspan gave his opinion in September 2007 that the euro could indeed replace the US dollar as the world's primary reserve currency. He said it is "absolutely conceivable that the euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency." In the second

neg: International status and usage of the euro becomes a new reserve currency, Eurozone governments will enjoy substantial benefits. Since money is an interest-free loan to the issuing government by the holder of the currency, foreign reserves act as a subsidy to the country minting the currency (see seigniorage). However, reserve status also holds risks, as the currency may become overvalued, hurting European exporters and potentially exposing the European economy to influence by external factors who hold large quantities of euros. International status and usage of the euro The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced

neg: Euro Euro The euro (sign: €; code: EUR) is the official currency of 19 of member states of the European Union, as well as some of the territories of the EU. This group of states is known as the eurozone or euro area. It is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is subdivided into 100 cents. The currency is also officially used by the institutions of the European Union and its territories, four other European countries, as well as unilaterally by two others, and is consequently used

neg: Economy of Europe value to the euro. In some of these countries, there is a fixed exchange rate between the national currency and the euro and in this case the currency is actually a submultiple of the euro. In other countries, the national currency's value fluctuates within a band (generally 15%) around a set rate. Currencies pegged to the euro include the currencies of Bulgaria, Bosnia and Herzegovina and Cape Verde. Denmark has a foreign exchange band tied to the euro. The CIS is also planning to introduce a single currency among its members. Below is a list of the central banks and

neg: Russia national football team Hiddink would leave his position as manager, with the expiration of his contract on 30 June. Russia directly qualified for Euro 2012 by winning qualifying Group B, defeating Slovakia, the Republic of Ireland, Macedonia, Armenia and Andorra. Russia were drawn into Group A with Poland, Czech Republic, Greece. Led by Dick Advocaat, Russia were considered before the starting of the tournament as the dark horses of the competition as they had been unbeaten since nearly 15 games and managed to record an impressive 3–0 win against Italy only one week before the Euro 2012's opening game kick-off. The "Sbornaya" started

neg: Kosovo and the euro of unilateral euro adoption "would be spelled out at the latest in the event of possible negotiations on EU accession." Diplomats have suggested that it's unlikely countries will be forced to withdraw the euro from circulation. Kosovo and the euro Before Kosovo declared its independence in 2008, Kosovo unilaterally adopted the euro as its currency in 2002 when it was a United Nations mandate; although, it is not an official eurozone member. During the disintegration of Yugoslavia in the 1990s Kosovo unsuccessfully attempted to gain independence, and in 1998-1999 the situation escalated with the Kosovo War. Kosovo declared independence on

neg: Euro in Madrid. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, and by March 2002 it had completely replaced the former currencies. While the euro dropped subsequently to US$0.83 within two years (26 October 2000), it has traded above the U.S. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008. In late 2009, the

neg: Euro starter kits Euro starter kits Euro starter kits are packs of euro coins of all the eight denominations sealed in a plastic bag. The scope of these kits is primarily to familiarise the citizens of a nation that is going to join the eurozone with the new currency, the euro. Another objective is to fill up cash registers well in advance of €-Day. Usually these kits are available from the local banks some weeks before the euro changeover. Mainly there are two types of starter packs: business starter kits and kits for the general public. The difference is in the number of

neg: History of the euro and devaluations set back aspirations for European monetary union. However, in March 1979 the European Monetary System (EMS) was created, fixing exchange rates onto the European Currency Unit (ECU), an accounting currency, to stabilise exchange rates and counter inflation. It also created the European Monetary Cooperation Fund (EMCF). In February 1986 the Single European Act formalised political co-operation within the Community including competency in monetary policy. European Council summit in Hannover on 14 June 1988 began to outline monetary co-operation. France, Italy and European Commission backed a fully monetary union with a central bank, which British Prime Minister Margaret Thatcher

neg: International status and usage of the euro of Malta have been denominated in euros, although the Order's official currency remains the Maltese scudo. The Maltese scudo itself is pegged to the euro and is only recognised as legal tender within the Order. The euro is a major global reserve currency, sharing that status with the US dollar (USD), which continues to be the primary reserve of most commercial and central banks. Since its introduction, the euro has been the second most widely held international reserve currency after the US dollar. The euro inherited this status from the German mark, and since its introduction, it has increased its

neg: International status and usage of the euro is attractive for international transactions when it demonstrates stability, a well-developed financial market to trade the currency, and acceptability to others. While the euro has made substantial progress, a few challenges undermine the ascension of the euro as a major reserve currency. Persistent excessive budget deficits of some member nations, economically weak new members, conservatism of financial markets, and inertia or path dependence are important factors keeping the euro as a junior international currency to the US dollar. However, at the same time, the USD has increasingly suffered from a double deficit and has its own concerns. As the euro

neg: Greek government-debt crisis left-leaning Greeks into the economic mainstream and so ran large deficits to finance military expenditures, public sector jobs, pensions and other social benefits. As a percentage of GDP, Greece had the second-biggest defense spending in NATO, after the US. Pre-Euro, currency devaluation helped to finance Greek government borrowing. Thereafter this tool disappeared. Greece was able to continue borrowing because of the lower interest rates for Euro bonds, in combination with strong GDP growth. Economist Paul Krugman wrote, "What we’re basically looking at ... is a balance of payments problem, in which capital flooded south after the creation of the euro,

neg: Irish pound show prices in Irish pounds beneath the price in Euro for up to five years after the changeover, enabling people to see the price in old currency and check whether prices had been improperly inflated. Irish pound The Irish pound () was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the usual notation was the prefix £ (or IR£ where confusion might have arisen with the pound sterling or other pounds). The Irish pound was superseded by the euro on 1 January 1999. Euro currency did not begin circulation until the beginning of 2002. The

neg: Finnish markka Finnish markka The Finnish markka (, , currency code: FIM) was the currency of Finland from 1860 until 28 February 2002, when it ceased to be legal tender. The markka was replaced by the euro (€), which had been introduced, in cash form, on 1 January 2002, after a transitional period of three years when the euro was the official currency but only existed as 'book money'. The dual circulation period – when both the Finnish markka and the euro had legal tender status – ended on 28 February 2002. The markka was divided into 100 pennies (, with numbers