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On 31 December 1998, the Council of the European Union fixed the irrevocable exchange rate, effective 1 January 1999, for German mark to euros as DM 1.95583 = €1. [3] In 1999, the Deutsche Mark was replaced by the euro; its coins and banknotes remained in circulation, defined in terms of euros, until the introduction of euro notes and coins ...
The Reichsmark was replaced by the Deutsche Mark at a rate of 10:1 (1:1 for cash and current accounts) in June 1948 in the Trizone [5] and later in the same year by the East German mark in the Soviet Occupation Zone (colloquially also "Ostmark", since 1968 officially "Mark der DDR").
This was to be done by annexing resource-rich industrial territory in the west and east and imposing cash payments to Germany, similar to the French indemnity that followed German victory over France in 1870. [1] However, the exchange rate of the mark against the US dollar steadily devalued from 4.2 to 7.9 marks per dollar between 1914 and 1918 ...
Upon adoption of the Deutsche Mark in East Germany on 1 July 1990, the East German Mark was converted at par for wages, prices and basic savings (up to a limit of M 4,000 per person, except a smaller number for children and a larger number for pensioners). Larger amounts of savings, company debts and housing loans were converted at a 2:1 rate ...
The remaining convertible mark of Bosnia and Herzegovina is a currency that officially replaced the German mark as de facto currency of the ruptured economy and hyper-inflation of local divided currencies after the Bosnian war, pegged to the German mark 1:1 at the time, and further pegged to Euro at the rate at which German mark was replaced, i ...
The European Exchange Rate Mechanism (ERM II) is a system introduced by the European Economic Community on 1 January 1999 alongside the introduction of a single currency, the euro (replacing ERM 1 and the euro's predecessor, the ECU) as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe.
The convertible mark, the currency of Bosnia and Herzegovina, was fixed to 1 German mark when it was introduced on the basis of the Dayton agreement. Consequently, after introduction of the euro, the convertible mark has used the German-mark-to-euro rate at 1.95583 BAM per euro.
Additionally, Axel A. Weber (1991) claims that the EMS was a de facto Deutsche Mark zone. Moreover, it was often called “tying one's hands” because the policy adopted a fixed exchange rate which had short-run effects.