Euro remains the most prominent challenges of the global monetary system
Topic has been read 34 times
04/01/2012
In the thirteenth anniversary of the launch
BAGHDAD - A follow-up morning
Preoccupied with the world this year in the fate of the euro, do you really will collapse or that it would maintain its existence?
For this event and raised echoes of the fate of the large global economy as the second most important currency, the euro after the U.S. dollar at the level of the global monetary system.
We find it useful to refer to a brief history of the currency and the stages through which the memory of a coincidence to adopt a unified currency in 17 European countries are: Spain, Germany, Belgium Finland France Greece Ireland Italy Luxembourg Netherlands Austria Portugal Slovakia, Slovenia, Malta, Cyprus, Estonia.
The idea of the single European currency euro old age of the European Union itself, but began to be applied in practice in 1970 by Werner plan put forward by Prime Minister Pierre Werner of Luxembourg, which was the nucleus of the European Economic and Monetary Union.
The hope of this plan, the application of a single currency in the European Economic Union by 1980. But was soon replaced by the idea collapsed in 1972, the European Union currency exchange, and later in 1979 the European Monetary System.
Goal of the European monetary system was to maintain the stability of local currencies. To achieve this goal, the establishment of formal currency exchange currency exchange account under the name of ECHO (ECU), which can be one described as the single European currency for the euro earlier.
In 1988 adopted the European Commission under the chairmanship of Jacques Delors report of the so-called Delors. This report laid the foundation for the application of the implementation of the single European currency by applying the three phases.
The first stage for the emergence of the euro has in the July 1, 1990 through an agreement allowing the movement of capital between the countries of the Union.
On January 1, 1994 began the second phase through the establishment of the European Monetary Institute, which was prior to the establishment of the ECB later.
On 16 December 1995 was agreed to name the new currency Euro (Euro) instead of the old name, after long deliberation.
There have been many other proposed names, including Frank-European, European Golden, European crowns.
However, the conferees agreed not to be the new label of the coin attributed to any of the proposed currency located in one of the Member States. France has proposed to keep the name that was used during this period, ECHO, but all these suggestions failed to suggest to the German Finance Minister Theodor Waigel name euros.
On 13 December 1996, ministers agreed the EU Treaty on maintaining the stability of the euro, which provided for the Member States to maintain the stability of their economies and thus local exchange rate of the euro.
The third phase was formed with the European Council between 1-3 May 1998 and agreed on additional items, the most important states determine the applicable currency and economy.
June 19, 2000 in the European Council decided to include Greece for countries within the monetary and economic union starting in 2001 and in the first half of 2009 was the adoption of the euro as the main currency in Slovakia.
On January 1, 1999 was the value of the euro against the currencies of the member states and the euro became the currency since that day banking for the first time.
The next day the stock exchanges Frankfurt, Paris and Milan, write down the value of the securities in euros, has also been linked to local currencies in the Member States in euros instead of dollars.
Also allowed since then to open bank accounts in the new currency. Began distributing the new currency to banks and financial institutions in the Member States since the second half of 2001, and in December of the same year, the banks started selling samples of the new currency to the public.
Began official trading of the euro in January 1, 2002, and became the official currency of the Member States instead of local currencies, which was stopped accepting the old currency payment only in certain places (such as banks for example).
Replaced by central banks in Member States in the period following the old currency of each country in euros. This period different from state to state, in Germany, for example, allowed the replacement of the German mark until 2005.
In 2010, Greece started the crisis which affected the exchange rate of euro against the dollar, which fell to its lowest level in four years after the euro exchange rate has a record in July 15, 2008 for a price of $1.5990 U.S. dollars.
Minimum deal value against the U.S. dollar reached by the euro in October 26, 2000, then reached U.S. $0.8225.
And away from the queues in front of enthusiastic automatic teller machines to withdraw money that accompanied the December 31, 2001 launch of the first euro banknotes, passed the anniversary of tenth of the single European currency, quietly reflecting the deep crisis with them.
There was humility official celebrations of what was in that period is the biggest transformation of cash at all - 14.9 billion and a securities and 52 billion pieces of coins offered for overnight trading in the twelve countries that founded the euro area.
And so on, the circles of minting commemorative coins waiting for a piece of 2 euros is supposed to be issued as of this week in the euro zone countries, which became 17 Today. In Frankfurt, the European Central Bank published on its website a video of a short reminder of the benefits of the euro.
The President of the European Central Bank, Mario Draghi on the tape during the past decade, the single currency became a symbol of integration and cooperation in Europe.
He also said despite the challenges faced by Europe and the world today, the citizens of the euro area can be assured that the European Central Bank will remain true to its mission to maintain price stability.
Indeed, even if the rate of inflation felt by anyone, relatively high because some consumer sectors ongoing Aghtment the transition of trading in the euro to increase prices, the inflation measured in real terms remained in each year in the range of 2% since the single currency.
With the elimination of barriers to the exchange, allowed the euro also stimulate the exchanges between the countries that adopted and this is reported, especially small and medium enterprises in Germany.
but it is with this outcome in the context of weak economic conditions.
Preferred political leaders in recent days to invite their citizens to meet the challenges out of this crisis that is unprecedented, according to the wishes of the French President Nicolas Sarkozy.
According to German Chancellor Angela Merkel, the year 2012 may be more difficult than experienced by the euro area.
The debt crisis that started from Greece two years ago when he admitted Athens as compromised on account of the adoption of the euro, amounted to Portugal, Ireland, and today threatens all the countries of the euro area despite the rescue plans and summits Europe held at the last minute and that continued throughout the year 2011.
Topic has been read 34 times
04/01/2012
In the thirteenth anniversary of the launch
BAGHDAD - A follow-up morning
Preoccupied with the world this year in the fate of the euro, do you really will collapse or that it would maintain its existence?
For this event and raised echoes of the fate of the large global economy as the second most important currency, the euro after the U.S. dollar at the level of the global monetary system.
We find it useful to refer to a brief history of the currency and the stages through which the memory of a coincidence to adopt a unified currency in 17 European countries are: Spain, Germany, Belgium Finland France Greece Ireland Italy Luxembourg Netherlands Austria Portugal Slovakia, Slovenia, Malta, Cyprus, Estonia.
The idea of the single European currency euro old age of the European Union itself, but began to be applied in practice in 1970 by Werner plan put forward by Prime Minister Pierre Werner of Luxembourg, which was the nucleus of the European Economic and Monetary Union.
The hope of this plan, the application of a single currency in the European Economic Union by 1980. But was soon replaced by the idea collapsed in 1972, the European Union currency exchange, and later in 1979 the European Monetary System.
Goal of the European monetary system was to maintain the stability of local currencies. To achieve this goal, the establishment of formal currency exchange currency exchange account under the name of ECHO (ECU), which can be one described as the single European currency for the euro earlier.
In 1988 adopted the European Commission under the chairmanship of Jacques Delors report of the so-called Delors. This report laid the foundation for the application of the implementation of the single European currency by applying the three phases.
The first stage for the emergence of the euro has in the July 1, 1990 through an agreement allowing the movement of capital between the countries of the Union.
On January 1, 1994 began the second phase through the establishment of the European Monetary Institute, which was prior to the establishment of the ECB later.
On 16 December 1995 was agreed to name the new currency Euro (Euro) instead of the old name, after long deliberation.
There have been many other proposed names, including Frank-European, European Golden, European crowns.
However, the conferees agreed not to be the new label of the coin attributed to any of the proposed currency located in one of the Member States. France has proposed to keep the name that was used during this period, ECHO, but all these suggestions failed to suggest to the German Finance Minister Theodor Waigel name euros.
On 13 December 1996, ministers agreed the EU Treaty on maintaining the stability of the euro, which provided for the Member States to maintain the stability of their economies and thus local exchange rate of the euro.
The third phase was formed with the European Council between 1-3 May 1998 and agreed on additional items, the most important states determine the applicable currency and economy.
June 19, 2000 in the European Council decided to include Greece for countries within the monetary and economic union starting in 2001 and in the first half of 2009 was the adoption of the euro as the main currency in Slovakia.
On January 1, 1999 was the value of the euro against the currencies of the member states and the euro became the currency since that day banking for the first time.
The next day the stock exchanges Frankfurt, Paris and Milan, write down the value of the securities in euros, has also been linked to local currencies in the Member States in euros instead of dollars.
Also allowed since then to open bank accounts in the new currency. Began distributing the new currency to banks and financial institutions in the Member States since the second half of 2001, and in December of the same year, the banks started selling samples of the new currency to the public.
Began official trading of the euro in January 1, 2002, and became the official currency of the Member States instead of local currencies, which was stopped accepting the old currency payment only in certain places (such as banks for example).
Replaced by central banks in Member States in the period following the old currency of each country in euros. This period different from state to state, in Germany, for example, allowed the replacement of the German mark until 2005.
In 2010, Greece started the crisis which affected the exchange rate of euro against the dollar, which fell to its lowest level in four years after the euro exchange rate has a record in July 15, 2008 for a price of $1.5990 U.S. dollars.
Minimum deal value against the U.S. dollar reached by the euro in October 26, 2000, then reached U.S. $0.8225.
And away from the queues in front of enthusiastic automatic teller machines to withdraw money that accompanied the December 31, 2001 launch of the first euro banknotes, passed the anniversary of tenth of the single European currency, quietly reflecting the deep crisis with them.
There was humility official celebrations of what was in that period is the biggest transformation of cash at all - 14.9 billion and a securities and 52 billion pieces of coins offered for overnight trading in the twelve countries that founded the euro area.
And so on, the circles of minting commemorative coins waiting for a piece of 2 euros is supposed to be issued as of this week in the euro zone countries, which became 17 Today. In Frankfurt, the European Central Bank published on its website a video of a short reminder of the benefits of the euro.
The President of the European Central Bank, Mario Draghi on the tape during the past decade, the single currency became a symbol of integration and cooperation in Europe.
He also said despite the challenges faced by Europe and the world today, the citizens of the euro area can be assured that the European Central Bank will remain true to its mission to maintain price stability.
Indeed, even if the rate of inflation felt by anyone, relatively high because some consumer sectors ongoing Aghtment the transition of trading in the euro to increase prices, the inflation measured in real terms remained in each year in the range of 2% since the single currency.
With the elimination of barriers to the exchange, allowed the euro also stimulate the exchanges between the countries that adopted and this is reported, especially small and medium enterprises in Germany.
but it is with this outcome in the context of weak economic conditions.
Preferred political leaders in recent days to invite their citizens to meet the challenges out of this crisis that is unprecedented, according to the wishes of the French President Nicolas Sarkozy.
According to German Chancellor Angela Merkel, the year 2012 may be more difficult than experienced by the euro area.
The debt crisis that started from Greece two years ago when he admitted Athens as compromised on account of the adoption of the euro, amounted to Portugal, Ireland, and today threatens all the countries of the euro area despite the rescue plans and summits Europe held at the last minute and that continued throughout the year 2011.