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The name euro was officially adopted on 16 December 1995 in Madrid. [16] 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 (US$1.1743 at the time). Physical euro coins and banknotes entered into circulation on 1 January 2002, making ...
Prices of items costing less than one euro are often written using a local abbreviation like ct. (particularly in Spain and Lithuania); c. (Ireland); Λ (Greece ); snt. or written -, without any symbol (Finland). For example, 10 cents may be written as 10 ct., 10c., 10Λ, 10 snt. or -,10, depending on location.
10 euro note from the new Europa series written in Latin (EURO) and Greek (ΕΥΡΩ) alphabets, but also in the Cyrillic (ЕВРО) alphabet, as a result of Bulgaria joining the European Union in 2007. Bulgarian uses Cyrillic. The 1st series of euro banknotes had the word euro written in Latin and Greek alphabets.
When writing currency amounts, the location of the symbol varies by language. For currencies in English-speaking countries and in most of Latin America, the symbol is placed before the amount, as in $20.50. In most other countries, including many in Europe, the symbol is placed after the amount, as in 20,50€.
The euro was established in 1999, but "for the first three years it was an invisible currency, used for accounting purposes only, e.g. in electronic payments". [2] In 2002, notes and coins began to circulate. The euro rapidly took over from the former national currencies and slowly expanded around the European Union.
For example, the purchasing power of the US dollar relative to that of the euro is the dollar price of a euro (dollars per euro) times the euro price of one unit of the market basket (euros/goods unit) divided by the dollar price of the market basket (dollars per goods unit), and hence is dimensionless. This is the exchange rate (expressed as ...
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A widely traded currency pair is the relation of the euro against the US dollar, designated as EUR/USD. The quotation EUR/USD 1.2500 means that one euro is exchanged for 1.2500 US dollars. Here, EUR is the base currency and USD is the quote currency (counter currency). This means that 1 Euro can be exchangeable to 1.25 US Dollars.