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So what is the euro?

So what is the euro?. Look at these instructions. First , I’ll read the slides Second , I’ll check understanding and vocabulary Finally, you’ll do some exercises in your notebook. The history of the euro.

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So what is the euro?

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  1. So what is the euro?

  2. Look at these instructions • First, I’ll read the slides • Second, I’ll check understanding and vocabulary • Finally, you’ll do some exercises in your notebook.

  3. The history of the euro • ECU means the European Currency Unit. Created in 1979. Limited use. Replaced in 1999 by the euro. • In1992 it was planned to introduce a single currency by the year 2000. • In January 1999, the euro was launched as an electronic currency. In January 2002, euro notes and coins became legal tender.

  4. Match each date with its event

  5. Which countries use the euro (I)? • 16 EU countries use the euro: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Low Countries, Portugal, Slovakia, Slovenia and Spain. • The whole group is known as the Eurozone or as the Economic and Monetary Union (EMU). • The other 11 EU countries that have not adopted the euro are: Bulgaria, Czech Republic, Denmark, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Sweden and United Kingdom.

  6. Which countries use the euro (II)? • Andorra, Monaco, San Marino, the Vatican, Montenegro and Kosovo use the euro but don’t take part in its economic policy. • Denmark, Sweden and the United Kingdom can decide whether to adopt the euro or not. • The countries that accessed the EU in 2004 and 2007 have to switch to the euro when told by the ESCB. Four of them: Cyprus, Malta, Slovakia and Slovenia have already gone over to the euro.

  7. Match each European country with its stance towards the euro

  8. The four institutions of the euro • The European Central Bank (ECB), in Frankfurt, sets the interest rate for the whole Euro zone. • The European System of Central Banks consists of the central banks of the Member States and the ECB. It coordinates Euro zone monetary policies. • The ECOFIN or Council of Finance Ministers sets broad economic policy guidelines for all the European Union. The Euro Group is the meeting of the finance ministers of the Eurozone.

  9. Correct this diagram Euro

  10. Advantages of the euro • Politically, its supporters argue that the euro strengthens the European Union and helps promote cooperation and stability in Europe. • Economically, it complements the European single market (1), contributes to the free movement of goods and capital (2) and makes life easier for people by removing the costs of changing money (3).

  11. Arguments against the euro • Politically, it erodes national sovereignty: national governments will be no longer able to shape their economic policy. • Economically, the Euro zone countries are very different. • Socially, voters feel they do not control the decision-making process.

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