Financial Wealth Ideas

During the transition period, banks were encouraged on a voluntary basis, to exempt from commission recosting EMU national currencies to euros and vice versa, with outgoing payments, and from the revaluation of the national currencies of euro balances in the accounts during the transition period, as well as the exchange of national banknotes in the euro for its clients in early 2002, the amount of their household needs. The size and the allowable frequency of favorable exchange set by the banks, but they are required to notify customers in advance of their chosen practice. In all cases, payment for conducting banking transactions in the euro should not be different from the payment of the same operations in the former national currencies of EMU. The main components of the EMU - the single currency, which received the name "Euro", and a single European Central Bank, which is inextricably linked with each other. Just as each national currency is fully under the jurisdiction and control of the State, represented by the central bank, so a single, supranational currency necessarily requires a supra-national, an international body that would be one for the entire region of monetary policy. Second, the final stage of the third phase of the transition to Monetary Union, the EU has become a full transition to the euro. After 31 December 2001, all accounts that have long been expressed in national currencies of participating countries were necessarily converted at the official exchange rate in the euro. Since 1 January 2002, during the period that each country should identify themselves, were put into circulation banknotes seven values - 5, 10, 30, 50, 100, 200 and 500 euros, and coins of eight denominations - 1 and 2 euro, as well as 1, 2, 5, 10, 20 and 50 Euro cents, substituting the old banknotes and coins in national currency units. In a certain period of time the old national banknotes and coins are still able to treat a par with the euro. When presented in Table 2, the dates of the euro became the sole legal tender in their respective countries. Thus, by 1 January 2003, the full transition to the euro in all countries - participants of EMU has been completed. From now on, the euro became the sole legal tender in the euro area. The new currency is unexpectedly fast gained popularity and the location of the Europeans. The European Union positively valued the process. The European currency has become popular even in countries not aligned to the euro. According to exit polls conducted in Britain, Denmark and Sweden, the proportion of the population supports the idea of the entry of their countries in the euro zone in January 2002 in Denmark rose to 57.2% (against 51.9% in December 2003), and Sweden - Up to 51% (43%). Even in Britain, considered the most stubborn opponent of the switch to the euro, 47% of respondents stated that over the past six months they have become more receptive to the idea of a single European currency. Meanwhile, the three years since the introduction of euro cash in circulation, but those countries have not expressed a desire to join the EMU. In a referendum, the majority of the inhabitants of those European nations still rejected the idea of replacing their national currency units of a single European currency. It should also say that with the completion of the transition to the single European currency, the development and expansion of the European Union as a whole and the European Monetary Union has not stopped. Most recently, the European Union were adopted by the 10 new members - Hungary, Cyprus, Latvia, Lithuania, Malta, Poland, Slovakia, Slovenia, Czech Republic and Estonia. The plan provides for a transition to the adoption of some of them on the euro since 1 January 2007, and the rest - no later than 2010. Opinion residents of new EU member states also varies. For example, most residents of the Baltic States and Governments of these countries are actively in favor of the euro by 2007 or even earlier. Other new EU members - more restrained and did not see the parties to the EMU before 2010. Based on the above material, you can make the following basic conclusions: