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In fact, this decision...

Автор: olegj от 16-03-2013, 20:35

In fact, this decision...

In fact, this decision was the beginning of the elimination of the Latin Monetary Union. And only because of the complexity of this final settlement process lasted for five years. Union officially ceased to exist December 31, 1926. Scandinavian Monetary Union was signed May 27, 1873 between Sweden and Denmark.

Eighteen months later, an agreement has joined Norway. With the simultaneous introduction of the gold standard in the Nordic countries, the Union has created in them a unified monetary system. In all three countries, 1 kg of pure gold coins were minted 248, the tenth coin counting unit has been declared and is named crown.

In fact, this decision...

Creating a common Nordic monetary system and the unit of account is not, however, exclude the possibility of fluctuations in rates of exchange between the two countries changing their balance of payments. In 1885, in order to eliminate these fluctuations, the central banks of issue of the three Scandinavian countries concluded an agreement under which payment orders between them paid by a parity exchange rate without charging any fees. In fact, since that time there was the first international clearing system.

In fact, this decision...

In order to limit the movement of gold between the issuing banks of the Scandinavian countries in 1894 and 1901, the agreements were signed on the mutual exchange of notes at par. Abolition of the gold standard contributed to the First World War. Communication between the currencies of the Scandinavian countries was broken, and the Scandinavian Monetary Union ceased to exist. The attempts that have been made by Europe to create a unified monetary system, have not been in vain.

Some of the elements of common financial systems of Latin and Scandinavian Monetary Union, especially the actual unification of currency, proved to be viable and feasible and have been successfully used to create euros without any major changes. His appearance euro, the dollar or the euro (the single European currency), which is currently in circulation in 16 countries in Europe, the European Union must establish in 1992. It was a new stage in the development of European integration.

The introduction of the euro took place gradually, first in cashless transactions, and then were released cash bills. January 1, 1999 at 0.00 pm CET countries of the European Economic and Monetary Union (EMU) introduced a common currency - the euro (EUR). Since then rigidly fixed exchange rates of national currencies of the participating countries to the euro, and the euro has become a full-fledged independent monetary unit. At this point, parallel and equally functioned and the euro and the national currency.

Bidding on the euro began Jan. 4, 1999. , The following conversion rates: German mark 1.95583 French franc 6.55957 Italian lira 1936.21 The Spanish peseta 166.386 Portuguese escudos 200.482 Finnish brand 5.94573 Irish pound 0.787564 The Belgian / Luxembourg franc 40.3399 Dutch guilder 2.20371 Austrian schilling 13.7603 On 01.01.2002 during the period that each country is determined independently (but not more than 6 months), were put in circulation notes and coins in euro, replacing the old banknotes and coins in the national currency. Within six months old national banknotes and coins were still able to handle along with the euro. However, after 01.06.2002, the euro became the sole legal tender in the euro area.

Fixing the exchange rates of national currencies against the euro has enabled investors to ignore currency risk when evaluating the effectiveness of projects. The emergence of the euro also has substantially save on the cost of the national currency, including costs related to accounting operations with the currencies of EU countries, insurance, foreign exchange risk, exchange controls, compilation listings in different currencies, etc. When you consider that the German mark - the most stable monetary unit of the European currencies, it is logical to assume that in countries with a less stable currencies the effect of the introduction of the euro will be even more significant.

In fact, this decision...

January 1, 1999 with the introduction of the new single currency, the euro exchange rate against the dollar it was fixed at 1 EUR = 1,1736 USD or 1 USD = 1,6665 DEM. It is now recognized that the dollar was then, as if mistakenly undervalued, while the euro - unreasonably overstated. In fact, very soon, the dollar has become continuously more expensive, while the euro - depreciate.

In March 1999, the geopolitical tensions related to military operations in Yugoslavia and the risk of destabilization of the economic situation in Europe, accelerated the euro's depreciation. In the end, followed by the resignation of the Minister of Finance of Germany Oskar Lafontaine, who was accused of a lack of planning. But even occurred almost immediately after the resignation of the Minister of Finance ECB rate cut, which, in theory, was to stimulate economic growth, have not been able to change the situation - the euro continues to fall.

At the end of November 1999 was achieved parity of the euro and the dollar. Further European currency continued to fall against the American against the background of slowing economic growth in the euro area.

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