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Euro Currency, image, image, image - Coggle Diagram
Euro Currency
Functions and benefits
It ensures your freedom and autonomy. Banknotes and coins are the only form of money that people can keep without involving a third party
It’s legal tender. Creditors, such as shops and restaurants, cannot refuse cash, unless both they and the customer have agreed on another means of payment in advance
It ensures your privacy. Cash transactions respect our fundamental right to have our privacy, data and identity protected in financial matters
It’s inclusive. Cash provides payment and savings options for people with limited or no access to digital money, making it crucial for the inclusion of socially vulnerable citizens such as the elderly or lower-income groups
It helps you keep track of your expenses. Cash allows you to keep closer control of your spending, for example by preventing you from overspending
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It’s secure. Cash has proven to be secure in terms of cyber crime, fraud and counterfeiting
It’s a store of value. Cash is more than just a payment instrument. It allows people to hold money for saving purposes without default risk. It is useful for small person-to-person gifts and payments
History
99.[2] The euro's creation had been a goal of the European Union (EU) and its predecessors since the 1960s
On 1 January 1999, 11 EU countries launched the euro as their new common currency. The euro was initially an electronic currency. Euro banknotes and coins were introduced three years later
The Maastricht Treaty entered into force in 1993 with the goal of creating economic and monetary union by 1999 for all EU states except the UK and Denmark
The name euro was officially adopted on 16 December 1995 in Madrid. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1
Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, and by March 2002 it had completely replaced the former currencies
Countries of use
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The euro is also used in 6 non-EU countries: Andorra, Monaco, Montenegro, San Marino, Vatican City and Kosovo
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The euro is managed and administered by the European Central Bank (ECB, Frankfurt am Main) and the Eurosystem (composed of the central banks of the eurozone countries). As an independent central bank, the ECB has sole authority to set monetary policy
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