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The Euro
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The Euro
What is the Euro?
The Euro is the new european monitary unit which locks the currencies of eleven European nations into a single common currency.
Which nations have joined the Euro?
Austria, Belgium, France, Finland, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain are the countries which will be using the Euro as their currency.
When do we begin using the Euro?
Ordinary citizens and travelers continue using the separate currencies until early 2002, when euro cash will be issued. The euro began trading on foriegn markets on December 31, 1998. On New Year's Eve at midnight in Brussels, the old currencies were no longer available to be traded in foreign exchange markets around the world. Stocks and bonds are now quoted in euros. The euro will increasingly be used for bank transactions, business deals and public finances.
Businesses have begun posting euro prices. Citizens will now see euro figures alongside national currencies on paychecks, phone bills and bank statements.
How does this affect traveling singers?
As of now, customers and travelers will see prices marked in euros, making it easier to shop across borders, and they will be able to buy in euros using checks or credit cards. But they will still have to change money for cross-border cash purchases.
As of 2002, Singers traveling and collecting pay checks within the 11 countries will no longer have to pay cash exchange fees or lose money due to currency flucuations and unexchangable coins. Singers rejoice! Gone will be the days of carrying seperate wallets for marks, shillings, french and belgian francs and lire.
What is the euro worth?
Check the exchange rate in the daily papers.
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