The euro is a currency that circulates in European countries belonging to the European Union, it was created to facilitate commercial transactions within the Economic Bloc (EU), in the However, only thirteen nations have adopted it: Germany, Austria, Belgium, Slovenia, Spain, Finland, France, Greece, Ireland, Italy, Luxembourg, Netherlands and Portugal.
Countries that are part of the EU and have not adopted the euro as their currency are: Bulgaria, Cyprus, Denmark, Slovakia, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Czech Republic, United Kingdom, Romania and Sweden, as they feared that the currency would not have stability and could devalue, besides the fear of losing the autonomy.
The introduction of the euro as a single currency went through two phases. The first phase marked the use of currency strictly linked to commercial and financial relations, such as banks and stock exchanges, that is, without the circulation of currency. At this stage, the euro had a book-entry character, a fact that took place on January 1, 1999. The currencies used in this period were those of the member countries.
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In the second phase, the coin began to circulate from January 1, 2002. Initially, the currency was used by 12 countries. Five years later, in 2007, Slovenia joined the euro.
Countries that still do not use the bloc's single currency will have to meet the requirements stipulated by the European Union linked to the economic sector. Important countries refuse to use such currency, such as the United Kingdom, Denmark and Sweden. This choice is no longer valid for possible new members of the European Union, since joining the euro is one of the prerequisites for entry into the bloc.
By Eduardo de Freitas
Graduated in Geography
Would you like to reference this text in a school or academic work? Look:
FREITAS, Eduardo de. "Euro"; Brazil School. Available in: https://brasilescola.uol.com.br/geografia/euro-5.htm. Accessed on June 27, 2021.
