DOCSLIB.ORG

Adult Numeracy and the Conversion to the Euro in the Slovak Republic

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Adult Numeracy and the Conversion to the Euro in the Slovak Republic Middlesex University Research Repository An open access repository of Middlesex University research http://eprints.mdx.ac.uk Kubascikova-Mullen, Jana (2013) Adult numeracy and the conversion to the euro in the Slovak Republic. PhD thesis, Middlesex University. [Thesis] Final accepted version (with author’s formatting) This version is available at: https://eprints.mdx.ac.uk/13129/ Copyright: Middlesex University Research Repository makes the University’s research available electronically. Copyright and moral rights to this work are retained by the author and/or other copyright owners unless otherwise stated. The work is supplied on the understanding that any use for commercial gain is strictly forbidden. A copy may be downloaded for personal, non-commercial, research or study without prior permission and without charge. Works, including theses and research projects, may not be reproduced in any format or medium, or extensive quotations taken from them, or their content changed in any way, without first obtaining permission in writing from the copyright holder(s). They may not be sold or exploited commercially in any format or medium without the prior written permission of the copyright holder(s). Full bibliographic details must be given when referring to, or quoting from full items including the author’s name, the title of the work, publication details where relevant (place, publisher, date), pag- ination, and for theses or dissertations the awarding institution, the degree type awarded, and the date of the award. If you believe that any material held in the repository infringes copyright law, please contact the Repository Team at Middlesex University via the following email address: [email protected] The item will be removed from the repository while any claim is being investigated. See also repository copyright: re-use policy: http://eprints.mdx.ac.uk/policies.html#copy Middlesex University Research Repository: an open access repository of Middlesex University research http://eprints.mdx.ac.uk Kubascikova-Mullen, Jana, 2013. Adult numeracy and the conversion to the euro in the Slovak Republic. Available from Middlesex University’s Research Repository. Copyright: Middlesex University Research Repository makes the University’s research available electronically. Copyright and moral rights to this thesis/research project are retained by the author and/or other copyright owners. The work is supplied on the understanding that any use for commercial gain is strictly forbidden. A copy may be downloaded for personal, non- commercial, research or study without prior permission and without charge. Any use of the thesis/research project for private study or research must be properly acknowledged with reference to the work’s full bibliographic details. This thesis/research project may not be reproduced in any format or medium, or extensive quotations taken from it, or its content changed in any way, without first obtaining permission in writing from the copyright holder(s). If you believe that any material held in the repository infringes copyright law, please contact the Repository Team at Middlesex University via the following email address: [email protected] The item will be removed from the repository while any claim is being investigated. Adult Numeracy and the Conversion to the Euro in the Slovak Republic A Thesis Submitted to Middlesex University in Partial Fulfilment of the Requirements for the Degree of Doctor of Philosophy Jana Kubascikova-Mullen Economics and International Development Student Number: M00521833 Middlesex University, London May 2013 Declaration of Originality I hereby declare that this project is entirely my own work and that any additional sources of information have been duly cited. I hereby declare that any internet sources and any published or unpublished works from which I have quoted or draw references have been referenced fully in the text and in the contents list. I understand that failure to do this will result in the failure of this project due to Plagiarism. I understand I may be called for a viva and if so, must attend. I acknowledge that it is my responsibility to check whether I am required to attend and that I will be available during the viva period. Signed ............................. Dated .............................. Name of Supervisors Dr Hafiz Khan Dr Jeff Evans Dr Marian Rizov II ABSTRACT This thesis investigates Slovak citizens’ attitudes towards the Euro changeover and the numerical demands imposed on them in the context of the currency change. The numerical demands varied considerably from country to country depending on the simplicity or complexity of the conversion rates. This research into currency change follows in the tradition of economic psychology. A number of studies have examined the problems with currency conversion, including the development of price intuition, using this approach (Marques and Dehaene, 2004; Ranyard et al. , 2003; Hofmann et al., 2007). The present research draws on this, and in particular on ideas from the ‘Psycho-Social’ (Hofmann et al., 2007) approach within the economic psychology and from Adult Numeracy tradition (Evans, 2000; Lave, 1988). The model used here studies the relationship between cognitive performance and affective variables, an approach based on Evans (2000). This account of the currency changeover emphasises the importance of the context in which numerical thinking takes place, and aims to study the adult learner with conversion/calculation tasks in everyday life contexts. In order to illustrate the support given by the state, organisations and communities on national and local levels to guide the currency conversion, descriptions of various documents are presented. This repeated cross-sectional study elicits responses from a series of representative samples of citizens in the Slovak Republic on their attitudes to the Euro, their context- specific conversion strategies (Hofmann et al., 2007), and the development of ‘price intuition’ (Marques and Dehaene, 2004). Respondents were selected based on a tightly- designed quota sampling method, controlling for region, age and gender to collect the required number of responses from each group. The research was conducted at five III different points in time: the ‘pilot study’ was conducted before the introduction of the Euro in April 2008; Phase 1 took place during the dual circulation in January 2009, Phase 2 in August 2009; and Phase 3 in January 2011. All four phases used primary survey data. Additional clinical interviews were conducted in July 2012. Some results are compared to the Eurobarometer surveys conducted in other EU countries to place the findings in a broader context. A key idea is that of an adaptation strategy. Hofmann et al., (2007) proposed that there were four different forms of adaptation: a conversion strategy, an anchor strategy, a marker value strategy, and an intuitive strategy. At the beginning of the Euro changeover, the conversion strategy was the most frequently used strategy by all socio-economic groups and none of the other strategies were used very often. However, two years after the changeover citizens became more selective and used different adaptation strategies for different problem solving tasks with the intuitive strategy being the most frequently applied. Furthermore, Slovak citizens share some common concerns with citizens of other countries, such as the perception that prices in the Euro currency appear cheaper; something known as the ‘Euro Illusion’. The illusion was stronger when people started to rely on intuition to make purchasing decisions. Overall, the empirical results show that the Slovak citizens adapted rather well to the new currency and the policy makers managed to avoid unexpected price increases which were common in other Eurozone countries. The experience and lessons learnt could be informative and supportive for new entrants and policy makers, as the Euro is likely to be introduced in other countries, particularly Central and Eastern European countries. Since this study has been done the Euro has been introduced in Estonia and Latvia could be joining as early as January 2014 followed by Lithuania in 2015. IV Acknowledgements First of all I am grateful to Dr Jeff Evans for giving me the opportunity to start a PhD and his esteemed guidance during these last five years. Also, I am very grateful to Middlesex University for providing funding and resources to support this project. Middlesex is an intellectually stimulating, culturally diverse and interdisciplinary university; a great place to do a PhD! I am grateful to many people who have helped me to complete this thesis. My deepest gratitude is to my supervisors: Dr Jeff Evans, Dr Hafiz Khan and Dr Marian Rizov. Their support has been invaluable on both an academic and a personal level. Thank you for your support and encouragement in producing this project and for your excellent feedback. Thank you to all PhD colleagues and friends for providing a wonderful research environment, not only for all their useful suggestions but also for being there to listen when I needed it. I will miss all the enjoyable lunch breaks. A special thank you to: Hanna, Anya, Lin, Emine, Katerina, Alma, Sarah, Ghulam and many more. A big ‘Thank You’ goes out to the 375 people who participated in this study. Without them this research could not be completed. Finally, it would have been impossible to complete this project without the kind support and help of my family. Thank you for allowing me to pilot test my
Load more

Recommended publications
  • M O N T H L Y B U L L E T
    MONTHLY BULLETIN September 2001 EUROPEAN CENTRAL BANK EN ECB EZB EKT BCE EKP BULLETIN MONTHLY September 2001 MONTHLY BULLETIN September 2001 © European Central Bank, 2001 Address Kaiserstrasse 29 D-60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 D-60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Internet http://www.ecb.int Fax +49 69 1344 6000 Telex 411 144 ecb d This Bulletin was produced under the responsibility of the Executive Board of the ECB. Translations are prepared and published by the national central banks. All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The cut-off date for the statistics included in this issue was 13 September 2001. ISSN 1561-0136 Contents Editorial 5 Economic developments in the euro area 7 Monetary and financial developments 7 Price developments 29 Output, demand and labour market developments 36 Fiscal developments 47 The global macroeconomic environment, exchange rates and the balance of payments 49 Boxes: 1 Implications of the cash changeover for currency in circulation and monetary aggregates in the euro area 10 2 Financing and investment of the non-financial sectors of the euro area in 2000 14 3 Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 August 2001 18 4 Recent declines in commodity prices easing upward pressures on producer prices 32 5 The August 2001 Survey of Professional Forecasters (SPF) 35 6 The sensitivity of euro area growth to the
    [Show full text]
  • Monthly Bulletin, September 2001
    MONTHLY BULLETIN September 2001 EUROPEAN CENTRAL BANK EN ECB EZB EKT BCE EKP BULLETIN MONTHLY September 2001 MONTHLY BULLETIN September 2001 © European Central Bank, 2001 Address Kaiserstrasse 29 D-60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 D-60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Internet http://www.ecb.int Fax +49 69 1344 6000 Telex 411 144 ecb d This Bulletin was produced under the responsibility of the Executive Board of the ECB. Translations are prepared and published by the national central banks. All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The cut-off date for the statistics included in this issue was 13 September 2001. ISSN 1561-0136 Contents Editorial 5 Economic developments in the euro area 7 Monetary and financial developments 7 Price developments 29 Output, demand and labour market developments 36 Fiscal developments 47 The global macroeconomic environment, exchange rates and the balance of payments 49 Boxes: 1 Implications of the cash changeover for currency in circulation and monetary aggregates in the euro area 10 2 Financing and investment of the non-financial sectors of the euro area in 2000 14 3 Monetary policy operations and liquidity conditions in the reserve maintenance period ending on 23 August 2001 18 4 Recent declines in commodity prices easing upward pressures on producer prices 32 5 The August 2001 Survey of Professional Forecasters (SPF) 35 6 The sensitivity of euro area growth to the
    [Show full text]
  • LATVIJAS INTERESES EIROPAS SAVIENĪBĀ 2013/1 Izdevumu Finansē No Eiropas Komisijas Un Latvijas Valdības Noslēgtās Vadības Partnerības Līdzekļiem
    2013 / 1 LATVIJAS INTERESES EIROPAS SAVIENĪBĀ 2013/1 Izdevumu finansē no Eiropas Komisijas un Latvijas valdības noslēgtās Vadības partnerības līdzekļiem. Tās mērķis ir sabiedrības informēšana par Eiropas Savienību. Izdevuma autors uzņemas pilnu atbildību par izdevuma saturu, un Eiropas Komisija neatbild par to, kā var tikt izmantota izdevumā iekļautā informācija. Redakcijas kolēģija: Daunis Auers (Latvijas Universitāte), Andris Gobiņš (Eiropas Kustība Latvijā), Māris Graudiņš (Eiropas Parlamenta Informācijas birojs Latvijā), Guna Japiņa (Latvijas Ārlietu ministrija), Mindaugs Jurkinas (Viļņas Universitāte), Anna Marija Legloaneka (Starptautisko studiju un pētījumu centrs, Sciences Po), Imants Lieģis, Žaneta Ozoliņa (Latvijas Universitāte), Fabricio Tasinari (Dānijas Starptautisko pētījumu institūts), Bens Tonra (Dublinas Universitāte). Zinātniskā redaktore Žaneta Ozoliņa Projekta vadības grupa Iveta Reinholde, Nora Vanaga Literārā redaktore Inga Kanasta-Zabarovska Angļu valodas redaktore Zinta Uskale Maketētāja Inese Siliniece Māksliniece Kristīne Plūksna Redakcijas kolēģijas adrese: Latvijas Politologu biedrība Lomonosova iela 1A, Rīga, LV-1019 Tālrunis: 67140533 e-pasts: [email protected] www.politologubiedriba.lv Iespiests SIA Dardedze hologrāfija ISSN 2243-6049 Ķengaraga iela 10a, Rīga Saturs Redaktora sleja 5 Valdis Dombrovskis. Ceļš uz eiro: mūsu iespējas un izaicinājumi 7 I. Eiropas Savienības institūCijas 11 Inese Vaidere. Eirozonas pilnveidošana kā tās pastāvēšanas nosacījums 11 Vija Mičūne. Eiropas Stabilizācijas mehānisma
    [Show full text]
  • European Commission
    EUROPEAN COMMISSION PRESS RELEASE Brussels, 3 January 2014 A successful start for the euro changeover in Latvia On 1 January 2014, Latvia adopted the euro as its official currency and the changeover is running smoothly and according to plan. The previous national currency – the lat – is now being phased out during a transitional two-week dual circulation period when both currencies have legal tender status. By the end of Thursday 2 January, 30 % of payments in shops were being made in euro only and 94 % of customers were getting their change in euro. No major problems were observed in banks or in the retail sector. According to a recent Commission survey1, a large proportion of Latvians already had euro cash two days before the changeover: 52 % had euro banknotes and 64 % had euro coins – typically from trips abroad, but many also from an exchange in a bank or post office in Latvia or coins from euro starter kits. The widespread holdings of euro cash in advance of €-day contribute to a smoother cash changeover. The conversion of ATMs (cash dispensers) went smoothly and virtually all ATMs have been distributing euro banknotes as from the first hour of 1 January. Furthermore, several branches of the three largest banks were open for cash services on Wednesday 1 January. Point-of-sale terminals for card payments in shops were likewise successfully converted to euro in time for the opening of shops on 2 January. Due to the New Year holidays, commercial activity during the first two days of the changeover was lower than normal.
    [Show full text]
  • Jean-Claude Trichet: the Euro - a Major Structural Reform of the European Economy
    Jean-Claude Trichet: The Euro - a major structural reform of the European economy Speech by Mr Jean-Claude Trichet, Governor of the Banque de France, at the NIKKEI Euro Symposium, London, 5 November 2001. * * * Ladies and gentlemen, it is a great pleasure and an honour for me to be speaking here today, at the Nikkei Euro Symposium, in front of such a distinguished audience. I am particularly pleased to express my views on the euro and its prospects following the launch of the notes and coins, which will be a reality within 8 weeks The economic and financial ties between Europe and Japan have been strengthened significantly over the recent period : European investors and companies have stepped up their market presence in Japan these last two years ; likewise, Japanese foreign direct investments in the Euro area and Japanese portfolio investments in euro since January 1999 have highlighted the confidence in the European single currency. I would like to explain why the euro and Monetary Union have been successful from the outset, and the conditions and prospects for building on this achievement. I will then discuss the historical event of the introduction of banknotes and coins at the end of this year. I. The euro and Monetary union are based on a credible monetary policy, and contribute to an APPROPRIATE economic and monetary equilibrium in Europe 1. The euro is based on a credible, stability-oriented monetary policy a) I would like to point out that, from a technical point of view, the launch of the euro on financial markets, on 1 January 1999, has been an indisputable success, and that the Eurosystem, made up of the ECB and the National Central Banks of the euro area, has fully achieved the objectives assigned to it in the following areas: – operational efficiency, highlighted by the precise adjustment of banking liquidity and effective steering of short-term interest rates; – the security provided by the procedures and systems implemented, both for the execution of interbank transactions, and vis-à-vis large-value payments.
    [Show full text]
  • Coin Capsules
    Register 2015 For the love of collecting Accessories for numismatists We are pleased to present our new catalog, Accessories for Numismatists 2015, containing our extensive range of accessories for coin and currency enthusiasts. Our raison d’être is to provide all collectors with attractive, high quality accessories at the best possible value, whether they are complete beginners or experienced and ambitious numismatists. The global popularity of our products proves to us every day that our passion and over 95 years of experience is worthwhile. More than 6,000 products bear the LIGHTHOUSE brand name, which has become a symbol of quality and usefulness. We are constantly expanding our range of products whichs allows you to enhance your collection while enjoying your hobby. Your feedback is very important to us. Please support us with your comments or suggestions and do not hesitate to contact us at [email protected] In addition to many well respected numismatic bestsellers, the catalog features several exciting new products, such as our INTERCEPT TECHNOLOGYTM line of boxes and snaplocks, and a revised section on magnifiers, and analog and digital microscopes. Have fun browsing; we are confident there is something for everyone! Best regards, Axel Stürken Kurt Stürken Max Stürken Lighthouse Publications, Inc. · 10 Washington Avenue, Unit B · Fairfield, NJ 07004 Toll free (888) 269-1513 · Tel. (201) 342-1513 (M-F 9:00-4:30 EST) · Fax (201) 342-7142 Email: [email protected] · www.lighthouse.us USA EH • Effective October 1, 2014 • Ref. No. 333 531 Prices and products are subject to change without notice.
    [Show full text]
  • Preparing the Introduction of the Euro a Short Handbook European Commission
    European Commision Preparing the introduction of the euro a short handbook European Commission Preparing the introduction of the euro ..................................1 Introduction ..............................................................................5 Chapter 1:.................................................................................6 The six building blocks of a successful cash changeover.........................................6 1. A large frontloading of the banking sector ................................... 7 2. A significant sub-frontloading ............................................................ 9 3. A supply of euro coins mini kits to the citizens............................. 10 4. An immediate adaptation of the ATMs ........................................ 11 5. An easy access to the banks for the exchanges and withdrawals over the counter.......................................................... 12 6. A change given exclusively in euro by the retail sector .......... 13 Chapter 2:...............................................................................15 Preparing citizens for the euro changeover .......................15 Challenges for future euro-area Member States' communication on the euro.................................................15 1. Introduction ........................................................................................... 16 2. Objectives of the national communication strategy on the euro ...........................................................................................
    [Show full text]
  • Eesti Maksebilansi Aastaraamat 2008
    Eesti Pank EEsti Pank annual RepoRt 2010 2011 the inserts of Eesti Pank’s annual report 2010 for the year preceding the changeover depict the Estonian kroon banknotes that were in circulation in the years 1992–2010. as well as the circulating banknotes, the insert also includes the only Estonian kroon collector banknote, which was issued in 2008. the explanatory texts by each banknote briefly describe the people and motifs depicted on the banknote. the 1- and 2-kroon banknotes were designed by Rihet-urmas Ploomipuu and printed by the unites states Banknote Company (the later 2-kroon series were printed at the Giesecke Devrient GmbH print house). the 5-, 10-, 25-, 100- and 500-kroon banknotes were designed by Vladimir taiger. the first series of these notes were printed by thomas De la Rue and Company ltd; the later series were printed at the print houses of De la Rue Currency, Giesecke Devrient GmbH and Bundesdruckerei GmbH. the designers of the 10-kroon collector banknote were Günther Reindorff and Vladimir taiger. the front of the banknote is an exact copy of the 10-kroon banknote designed by Günther Reindorff before World War II, while the reverse is from the 10-kroon banknote of the re-established Republic of Estonia and was designed by Vladimir taiger. the collector banknotes were printed by the De la Rue Currency print house. 2 CONTENTS MAIN FEATURES AND FUNCTIONS OF EESTI PANK................................................................. 9 Foreword by ThE GOvernor of Eesti Pank.................................................................. 12 Central bank accountabIlity ......................................................................................... 17 ThE strategic Objectives of Eesti Pank in 2010 ......................................................... 21 ChANGEOvER TO ThE EURO ..................................................................................................
    [Show full text]
  • 5. Issuing Activity and Currency in Circulation
    C H A P T E R 5 ISSUING ACTIVITY AND CURRENCY IN CIRCULATION 5 C H A P T E R 5 5 ISSUING ACTIVITY AND CURRENCY IN CIRCULATION 5.1 SLOVAK CURRENCY ISSUANCE which came out on 1 December 2008. All the coins were produced by the state mint, Mincovňa In 2008, with the Slovak Republic due to join the Kremnica, š. p., which was also charged with the euro area on 1 January 2009, Národná banka Slo- sale of annual collector sets. venska ensured that the amount and denomina- tion structure of Slovak koruna banknotes and In preparation for the changeover from the Slo- coins were sufficient to meet the needs of cur- vak currency to the euro and for the fact that rency circulation until the end of 2008. banks needed to be frontloaded with sufficient euro banknotes and euro coins, Národná banka There was no printing of Slovak banknotes or Slovenska ensured the production of 499 million minting of Slovak circulation coins in 2008, ex- euro coins in all denominations and deliveries cept for the 32 800 coins of each valid denomina- of 188 million euro banknotes in all denomina- tion that were issued for annual collector sets. tions. During the year, Národná banka Slovenska issued Euro banknotes lent to NBS out of the Eurosys- four commemorative collector coins that were tem’s stocks were delivered from the Oesterreich- minted from precious metals and marked cer- ische Nationalbank in the fourth quarter of 2008. tain significant events and anniversaries. These Euro coins were minted by Mincovňa Kremnica, included a 200 koruna silver coin commemorat- š.
    [Show full text]
  • Introduction of the Euro Survey January 1-8, 2002
    Minotaur Media: introduction of the euro The BBC and “Europe” Introduction of the euro Survey January 1-8, 2002 An examination of the treatment of the issue of the introduction of euro notes and coins in Europe on the main BBC national news and current affairs programmes, based on the full transcripts of the relevant broadcasts. Conducted by Minotaur Media for Global Britain Contact: David Keighley, Minotaur Media, 01273 734852, email [email protected] Minotaur Media: 1 Minotaur Media: introduction of the euro Summary During the period of January 1st – 8th the BBC broadcast over 80 separate reports on the introduction of Euro notes and coins in the following programmes alone – Radio 4’s Today and PM programmes, BBC 1’s Ten o’ Clock News and BBC2’s Newsnight. These were recorded, transcribed and analysed for this survey. An opinion poll, conducted at the end of January by MORI for Shroder Saloman Smith Barney, showed that the balance of opposition in the UK against entry into the Euro had fallen to 18%. This was the lowest recorded level since January 1999, down from the 31% recorded in October 2001. The BBC’s positive coverage of the introduction of the euro could well have contributed to this significant change in public attitude. Although the BBC reports purported to give an objective overview of eurozone citizens’ reactions to their new currency, in reality reports were biased, casting the currency and reaction to it in an unduly positive light, for which there was little (no) objective justification. BBC correspondents on location, rather than their newsdesk anchors, were most at fault.
    [Show full text]
  • European Commission
    EUROPEAN COMMISSION PRESS RELEASE Brussels, 3 January 2014 A successful start for the euro changeover in Latvia On 1 January 2014, Latvia adopted the euro as its official currency and the changeover is running smoothly and according to plan. The previous national currency – the lat – is now being phased out during a transitional two-week dual circulation period when both currencies have legal tender status. By the end of Thursday 2 January, 30 % of payments in shops were being made in euro only and 94 % of customers were getting their change in euro. No major problems were observed in banks or in the retail sector. According to a recent Commission survey1, a large proportion of Latvians already had euro cash two days before the changeover: 52 % had euro banknotes and 64 % had euro coins – typically from trips abroad, but many also from an exchange in a bank or post office in Latvia or coins from euro starter kits. The widespread holdings of euro cash in advance of €-day contribute to a smoother cash changeover. The conversion of ATMs (cash dispensers) went smoothly and virtually all ATMs have been distributing euro banknotes as from the first hour of 1 January. Furthermore, several branches of the three largest banks were open for cash services on Wednesday 1 January. Point-of-sale terminals for card payments in shops were likewise successfully converted to euro in time for the opening of shops on 2 January. Due to the New Year holidays, commercial activity during the first two days of the changeover was lower than normal.
    [Show full text]
  • Euro Banknotes and Coins in Ireland 8
    XXXTable of contents Foreword 3 Introduction 4 Preparing for the cash changeover in 2002 5 Cash changeovers by country 6 Euro banknotes and coins in Ireland 8 Banknote production, circulation, counterfeits; looking ahead 9 Design and features of the banknotes and coins 10 Euro cash as a symbol 12 Tenth anniversary of the euro banknotes and coins 13 2 XXXForeword Ten years ago, on 1 January 2002, euro banknotes and coins were introduced in 12 Member States of the European Union. The introduction of the euro cash was an unprecedented challenge, but it went smoothly, and billions of banknotes and coins started to circulate in a matter of days. Five more Member States have adopted the euro in recent years, so a total of 17 Member States – and 332 million people – now use the currency. It has become a symbol of Europe, and the banknotes and coins have become a part of our daily lives. The people of the euro area countries can be assured that the Eurosystem is fully committed to preserving price stability in the medium term, in line with its definition: below, but close to, 2%. Since the launch of the currency in 1999, thirteen years ago, the annual inflation rate of the euro area has been maintained on average close to 2%. The Eurosystem will do all that is necessary to continue to be a solid and reliable anchor of price stability in the present challenging times. Mario Draghi Patrick Honohan President Governor European Central Bank Central Bank of Ireland © IMAGO ECONOMICA 3 XXX Introduction This press kit, produced by the as footage on the production of euro Should you require further information, European Central Bank and Central banknotes.
    [Show full text]