1. Introduction


1.1 The European Single Currency – The Euro

On 1 January 1999, a single European currency (the euro) was introduced in eleven EU countries. Greece has been participating in the euro area (or euroland) as its 12th member, since 1st January 2001. The countries of the Euro Zone are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Luxembourg, Netherlands, Portugal and Spain. The countries of the EU that remained outside the Euro land were the United Kingdom, Denmark and Sweden.
The twelve EU countries formed an economic and monetary union (EMU) and started using the single currency – the euro. These countries locked the exchange rates of their national currencies to the euro (for Greece 1€ = 340.75 GDR) and are sharing the new currency. However, euro notes and coins were introduced on 1 January 2002.
The twelve countries share a single interest rate, set by the European Central Bank (ECB), and a single foreign exchange rate. The ECB is......

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Title: ‘greec And The Euro,
Approximate Word Count: 13564
Approximate Pages: 55 (250 words per double-spaced page)

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