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Poster.EN 2007 1 1-03-2007, 15:10:39 European Commission One currency for one Europe Th e euro - a force for world Th e European Institutions - economic stability Stable international currencies contribute greatly to the stability of the global economy. Th is working together is important not only for trade and investment but also, longer-term, for rising standards of Th e road to the euro living and economic growth in both the industrialised nations and developing countries. As the Th e European Parliament, whose members largest trading bloc in the world, and the greatest source of investment in other countries, the are directly elected, is consulted on legislative proposals, and EU has a clear interest in world economic stability. Th is is why sound economic management in in many areas it also shares with the Council of the European the euro area is so important – it gives world markets confi dence and brings the stability that Th ere are now more than Union the power to adopt legislation (in the ‘co-decision growth demands. 2007 60 million broadband internet procedure’). ECON is the standing committee on economic 2007 Bulgaria and Romania connections in the EU. You can play a and monetary aff airs that considers EMU issues. join the Community, bringing Slovenia is the fi rst of the 2007 game in real time with a friend on the its membership to 27 and newer Member States to adopt the Th e European Central Bank other side of the world, phone home adding the lev and the leu euro. Th e euro area now numbers Th e ECB in Frankfurt is the core of the European System of Central Banks for free, and even get high defi nition Th e European Commission to its currencies. Over 490 13 countries and contains over 315 policies and legislation and monitors (ESCB), comprising the national central banks of all EU Member States. Th e television – all online. Internet proposes million people now live in the million people, almost two thirds of its implementation. Proposals relating to EMU are ECB is independent of national governments and conducts the monetary hotspots allow wireless access in towns, European Union. Like the Member the EU population. Euro banknotes prepared by DG ECFIN – the Directorate-General policy of the euro area with a mission to maintain price stability. Stable on planes and in cafés. States which joined in 2004, they and coins celebrate their fi fth year in for Economic and Financial Aff airs. prices with low infl ation allow companies and investors to plan with will introduce the euro once they citizens’ pockets. Euro area Member greater certainty, encouraging growth and employment. While the ECB have fulfi lled the entry criteria. States issue a special 2-euro coin Th e Council of the European Union, which is leads monetary policy, which deals with the supply of money, fi scal policy to commemorate the fi fty-year made up of representatives of Member State governments, decides – covering taxation and expenditure – remains the responsibility of individual anniversary of the signature of the on and adopts Commission proposals. Th e ECOFIN Council, governments within the agreed bounds of the SGP. consisting of national ministers of fi nance and economic aff airs, deals Treaty of Rome, which gave birth to the European Community. 2006 Galileo is ‘on air’. Th e European H with EMU matters. Th e European Union 2004 satellite navigation system receives its fi rst now numbers 25, welcoming the test signals from space. When it becomes i Czech Republic (koruna), Estonia s operational in 2008, Galileo will provide (kroon), Cyprus (pound), Latvia t pinpoint navigation for cars, ships and (lat), Lithuania (litas), Hungary o planes anywhere around the globe. It will (forint), Malta (lira), Poland (zloty), use a constellation of 30 satellites at more r Mobility - a key element Slovenia (tolar) and Slovakia © ESA E Earlier currencies than 20 000 km above the earth. y in EU integration (koruna). c in Europe Mobility, whether for business, leisure or to live in another part of Europe, is 2002 A new year and a new currency. a o Th e euro replaces national currencies that important for many socio-economic reasons: people can go where the best Th e largest monetary changeover n n have a long history. Th e oldest is the Greek employment opportunities are; students can study abroad; and tourism expands in history takes place as euro coins and banknotes replace the national o drachma, in use over 2 500 years ago. and contributes to regional economies. Th e single market has removed many d Th e Roman emperors used coins to communicate barriers to mobility. Professional qualifi cations are recognised across the EU; travel currencies of the euro area. Th e new 2000s Millions of MP3 players are sold – tiny m their victories and their policies, and the Roman markets are liberalised – encouraging lower-cost, more frequent travel; and in euro is the crowning achievement of devices that carry a lifetime’s worth of high- p denarius and aureus were accepted from the British the EU Erasmus programme, over 1 million students have attended university in 2000 Th e Heads of State and Government decades of work towards EMU. quality music and video in your pocket. Digital i of the EU launch the Lisbon Agenda – a photography replaces photographic fi lm and o Isles to Turkey – the fi rst pan-European currency. another EU country. c Coins were often named after units of measure, such series of ambitious reforms to make the photos are shared by millions online. Unheard of l European Union the most dynamic and before 2004, ‘blogs’ – online diaries – enter the a i as the Italian lira and the Finnish markka; t this is because they originally contained a fi xed competitive knowledge-based economy in mainstream and by 2006 there are more than 50 n i Designing the euro the world by 2010. million of them online. c amount of gold and silver. Th e gold franc d Th e designs on euro banknotes follow the theme ‘ages and styles of Europe’, s (from the inscription francorum rex on early depicting architectural images from seven periods in European cultural history coins, meaning ‘King of the Franks’.) was fi rst m – for example, Romanesque styles on the €10 note. Th e images emphasise struck in 1360 to celebrate the release of Th e euro is launched in the windows and gateways, refl ecting the European spirit of openness and co- 1999 King John II, captured by the English. 11 Member States forming the euro operation. Euro banknotes are the same throughout the euro area. Euro coins o Th e thaler coin was fi rst 1999 Th e Schengen area, fi rst agreed area. But banknotes and coins are not have a common design on one side, and a country-specifi c design on the n minted in 1519 in the Czech in the Luxembourg town of Schengen available yet – the euro is still a ‘virtual’ reverse. Each euro-area member chose its own series of designs, refl ecting its Republic. Th e thaler, or daler, in 1985, is extended to 13 countries in currency. Greece joins the euro area in e specifi c history or culture. was used for many years in Europe the Treaty of Amsterdam. Much of the 2001. t but only survives today as EU now has a single external border and 1997 Low-cost airlines bring a the ‘dollar’. people, including non-EU nationals, can frequent air travel within the reach of 1998 Th e independent European Central r Monetary unions of the past move freely around the Schengen area. many more people – boosting tourism Bank is founded in Frankfurt. y Monetary unions were tried in the past in Europe. Th e Latin Monetary and travel throughout Europe. By 2000, Union united France, Belgium, Switzerland, Greece and Bulgaria in 1867 with they are carrying tens of millions of u gold and silver coins, and a Scandinavian Monetary Union was established 1997Th e Stability and Growth Pact is passengers per year in the EU. S Th e six founding members of the n 1957 Preparations for €-day in 1875. Th ese failed because the price of gold varied with respect to silver, agreed at the Amsterdam European European Union each have their own money: o destabilising the currencies. A successful monetary union was that of the Council. i Belgium (franc), Germany (mark), France (franc), Euro banknotes and coins were launched all over the o German Federation. A customs union was completed by 1834 and currency Austria, Finland and Sweden join c Italy (lira), Luxembourg (franc), and the Netherlands euro area on 1 January 2002. In preparation, over 14 EMU - ensuring stability 1995 n exchange rates were fi xed. Th en came a single currency, the Reichsmark, the the newly formed European Union, bringing 1995 Th e European Council i (guilder). Th e word ‘money’ comes from ancient billion euro banknotes, worth €633 billion, were printed and convergence e forerunner of the Deutschmark. membership to 15 and adding the schilling, meeting in Madrid announces Rome – from the Temple of Juno Moneta where and 52 billion euro coins struck – using 250 000 tonnes t Th e economies of the candidates for EMU needed to markka and krona. Th e Austrian Mint was the name of the future European coins were minted. of metal. Around €140 billion was distributed to high y street banks and retailers in the days before the launch. converge – to become more like each other – in order established in 1194 to make coins from the ransom single currency – the euro – to be 1990s Mobile phone subscriptions At fi rst, the euro was used side-by-side with national to ensure economic stability.
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