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euro |
Also found in: Dictionary/thesaurus, Medical, Financial, Acronyms, Wikipedia, Hutchinson | 0.06 sec. |
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euro: see European Monetary System European Central Bank (ECB) and a common currency. The ECB, which was established in 1998, is responsible for setting a single monetary policy and interest rate for the adopting nations, in conjunction with their national central banks. ..... Click the link for more information. . euroSingle currency of 15 countries of the European Union (EU), including Germany, France, and Italy. It is also the official currency in several areas outside the EU. The euro was adopted as a unit of exchange in January 1999. Those who advocated the currency believed it would strengthen Europe as an economic power, increase international trade, simplify monetary transactions, and lead to pricing equality throughout Europe. Euro currency notes and coins were introduced in January 2002 and became the sole national currency in all participating countries by March 1. Britain and Sweden decided not to adopt the euro immediately, and voters in Denmark rejected it. EuroSee EMU. euro the official currency unit, divided into 100 cents, of the member countries of the European Union who have adopted European Monetary Union; these are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portgual, and Spain; also used by Andorra, Bosnia and Hercegovina, French Guiana, Guadeloupe, Kosovo, Martinique, Mayotte, Monaco, Montenegro, R?union, San Marino, and the Vatican City How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Broken down by event, Munich Re anticipates a loss of 75 million euro from Hurricane Charley; a 65 million euro hit from Hurricane Frances; a loss of 215 million euro from Hurricane Ivan; a loss of between 80 million euro and 100 million euro from Hurricane Jeanne; and a loss of 40 million euro from typhoons Songda and Chaba in Japan. The conversion as of 1999 has to be made through the euro (triangulation)--for example, Dutch guilders to euros to French francs, using the fixed conversion factors for guilders and francs to the euro. The insured losses appear likely to exceed 2 billion euro (approximately $2 billion), with some estimates reaching as high as $4 billion, based on figures released by insurers and reinsurers across the region. |
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