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see European Monetary SystemEuropean Monetary System,
arrangement by which most nations of the European Union (EU) linked their currencies to prevent large fluctuations relative to one another. It was organized in 1979 to stabilize foreign exchange and counter inflation among members.
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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
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005


(Economic and Monetary Union) The consolidation of European currencies into one monetary unit called the "euro," which phased in on January 1, 1999. Accounting systems that dealt with the currencies of the participating countries had to deal with both native and euro values. On January 1, 2002, euro notes and coins were made available, with national currencies withdrawn by March 1 of that year. Public and private companies spent more than $150 billion (USD equivalent) modifying their information systems. As of January 1, 2015, the following countries use the euro:

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References in periodicals archive ?
Air France-KLM has offered 35 euro cents per share - but even that only values the Italian flag carrier at about 485 million euros ($704.8m), less than half what the market thought it was worth on Thursday.
Earnings per share rose nearly 14 per cent to 77.7 euro cents, out of which a final dividend of 12.7 euros cents per share is to be paid, giving a total dividend of 19.87 euro cents, an increase of nearly 16 per cent on the previous year.
The highest price for SMS within the EU will be 6 euro cents per message.
Philippe confirmed the January 1 tax increase which will see petrol prices go up by three euro cents a litre (about 3 US cents) and diesel by 6 euro cents.
The anger is mainly over a hike in the diesel fuel tax, which has gone up seven euro cents per liter (nearly 30 U.S.
Cash withdrawals at the till are charged from 0.15 euro cents to EUR 2 at the till.
Drivers also get a free Spain and Portugal fuel discount card which saves up to seven euro cents a litre.
In Madrid trading Thursday, Abengoa's shares fell 2.2% to 67 euro cents (75 U.S.
Each banknote will have a life expectancy of around 4 years and cost between 6 and 10 euro cents each to produce.
Assuming a compressed air consumption of 2.5 [Nm.sup.3] per part at a price of 1.26 euro cents per [Nm.sup.3], the cost of one compressed-air blowing cycle amounts to 3.15 euro cents per part.