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Supplementary reading

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The euro currency

The euro (€) is the official currency of 16 of the 27 member states of the European Union (EU). The states, known collectively as the Eurozone, are Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands. Portugal, Slovakia, Slovenia, and Spain. The currency is also used in the further five European countries, with and without formal agreements and is consequently used daily by some 327 million Europeans. Over 175 million people worldwide use currencies which are pegged to the euro, including more than 150 million people in Africa. The euro is the second largest reserve currencyand the second most traded currency in the world after the U.S.dollar. As of November 2008, with more than €751 billion in circulation, the euro is a currency with the highest combined value of cash in circulation in the world, having surpassed the U.S. dollar.

The Eurozone is the second largest economy in the world. The name euro was officially adopted on 16 December 1995. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at the ratio of 1:1. Euro coins and banknotesentered circulation on 1 January 2002.

Agree or disagree:

1. The euro is the largest reserve currency in the world.

2. A country must have formal agreements to the euro.

3. The Eurozone economy plays a very important part in the world.

4.The euro banknotes appeared in 1995.

5.The US dollar is the largest traded currency in the world.

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