INDEPTH: THE EURO
About the euro
Amy Olmstead & Gary Graves | Dec. 2001 Updated Sept. 2003
"The euro. Our money."
Bills
Fifteen billion bills have been printed. The bills are available in denominations of 5, 10, 20, 50, 100, 200 and 500 euros. Each note is different in size and colour. Their designs draw on common European cultural themes. They all include security features such as raised printing and holograms.
Coins
More than 60 billion coins were minted initially. They were denominated in 1 and 2 euros, and 1, 2, 5, 10, 20 and 50 cents. Each value is different in size, colour and thickness. Each denomination also has a common European face as well as a national face honouring the country where it was minted.
Euro Zone
Twelve of the fifteen member states of the European Union participate in the common currency: They include Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland.
The euro enhances the EU’s economic clout. The union has a population of 301 million people, compared to 271 million in the U.S. The EU accounts for almost 20 per cent of the world's gross domestic product, slightly less than the U.S. As such, the euro is considered one of the most important world currencies, second only to the U.S. dollar.
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| BACKGROUNDER: |
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| TIMELINE: |
April 1951: Paris Treaty signed
March 1957: Treaties of Rome signed
March 1979: European Monetary System created
Feb. 1986: Single European Act signed
Feb. 1992: The Maastricht Treaty signed
Jan. 1994: European Monetary Institute created
Dec. 1995: EU backs euro as name for single currency
June 1998 : European Central Bank established
Jan. 1999: Euro is launched
Jan. 2001: Greece adopts euro
Aug. 2001: European Central Bank releases final details of euro banknote
Sept. 2001: Euros made available to banks and some retailers
Dec. 2001: Euro 'starter packs' with coins distributed
Jan. 2002: Euro bills enter common circulation
March 2002: Old currencies no longer accepted as legal tender
Sept. 2003: Sweden rejects euro
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