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The European Union and the EURO
The European Single Currency

The European Union and the EURO

The European Union (EU) is a family of democratic European countries, committed to working together for peace and prosperity.

It is not a State intended to replace existing States, nor is it just an organisation for international cooperation.

The EU is, in fact, unique. Its member states have set up common institutions to which they delegate some of their sovereignty so that decisions on specific matters of joint interest can be made democratically at European level.

The historical roots of the European Union lie in the Second World War. The idea was born because Europeans were determined to prevent such killing and destruction ever happening again.

In the early years, the cooperation was between six countries and mainly about trade and the economy.

Now the EU embraces 28 countries, 4 million km and 480 million people, and it deals with a wide range of issues of direct importance for our everyday life.

Europe is a continent with many different traditions and languages, but also with shared values such as democracy, freedom and social justice.

The EU defends these values. It fosters cooperation among the peoples of Europe, promoting unity while preserving diversity and ensuring that decisions are taken as close as possible to the citizens.

In the increasingly interdependent world of the 21st century, it is more necessary than ever for every European citizen to work together with people from other countries in a spirit of curiosity, openness and solidarity.

The subject of European Monetary Union (EMU) was an important and controversial issue for the members of the European Union since the date of the monetary and currency union -- March 1, 2002.

While politicians and diplomats met and went forward with the formal arrangements for a single European currency, at the grass roots level there were considerable anxiety on the part of average EU citizens.

Will convergence bring economic prosperity, or will the measures required for entry into the EMU further depress the already stagnant job market in much of Europe?

These and other difficult questions will have to be addressed as one of the world's largest regional trading blocs moved ahead.

The Euro and the European Monetary Union have numerous advantages!

Exporters are no longer at a disadvantage against their European competitors in the European internal market and in the markets of non-EU states as a result of devaluation of their competitors currencies.

Companies now have a reliable basis on which to plan.

Tourists will not any more have to exchange currency, which means their holidays will be cheaper.

The European Union and the EURO
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