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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 On January 1, 2002, euro notes and coins were made available, with national currencies withdrawn by March 1 of that year.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 ?
Moreover, the euro zone's institutions helped [the member states] benefit from the unified single market for the European currency and from bulk savings, when 15 years ago, this market was a dwarf in comparison to the U.S market.
A substantial devaluation of the euro, combined with serious efforts in Spain, Italy and Portugal to improve productivity, might enable them to stay in the single European currency and still regain domestic prosperity, but for Greece it is almost certainly too late.
The unprecedented statement comes after months of press reports of rows between the Prime Minister and his Chancellor over the single European currency.
The major retail operators in France have launched two initiatives in preparing for the introduction of the single European currency on Jan.
Although the dollar was quite strong as related to European currency, this didn't seem to be a deterrent for the foreign tourist.
The idea was floated by Germany's Foreign Minister Joschka Fischer, who said the plan, which would see Europe led by an elected president, went hand in hand with the single European currency.
Having started the day by falling again, this time to below parity with the Dollar, the European currency then picked up rapidly following the publication of good German economic indicators.
Asian central banks are getting the full court press on the new single European currency, the euro.
It also predicts that European e-commerce revenues will be driven up by the introduction of the single European currency on January 1, 1999, leading to greater price transparency and an increase in cross-border trade.
Obuchi plans to exchange views with the European leaders on the unified European currency euro to be introduced Jan.
The value of the euro in relation to other currencies, including the dollar, will not be known until January 1, 1999, but it is likely to be near the value of the European currency unit (ECU), which is now about $1.20.
IRS personnel have publicly suggested that the looming introduction of the new European currency, the euro, probably should be treated as a change in functional currency and a change in accounting method for qualified business units (QBUs) that convert.

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