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==Creation==
==Creation==
In January 1999 the [[exchange rate]]s of countries that had passed the criteria (and were not exercising an opt-out) were fixed to the euro. The [[European Central Bank]] ([[ECB]]) came into being. Euro coins and notes were introduced to the general public on the 1st of January 2002 as [[legal tender]], alongside national [[currencies]]. In March 1998, when the calculations in countries that had met the convergence criteria were finalized, eleven countries were admitted to join the [[European Monetary Union]]: [[Austria]], [[Belgium]], [[Finland]], [[France]], [[Germany]], [[Ireland]], [[Italy]], [[Luxembourg]], [[Netherlands]], [[Portugal]] and [[Spain]]. In June 2000 [[Greece]] was admitted. [[Slovenia]] joined in 2007, and [[Malta]] and [[Cyprus]] joined in 2008. Since 2011 the Euro is the currency of [[Estonia]]. On January 1, 2014 the Euro was imported in [[Latvia]]. In 2015 [[Lithuania]] joined the Euro zone.
In January 1999 the [[exchange rate]]s of countries that had passed the criteria (and were not exercising an opt-out) were fixed to the euro. The [[European Central Bank]] ([[ECB]]) came into being. Euro coins and notes were introduced to the general public on the 1st of January 2002 as [[legal tender]], alongside national [[currencies]]. In March 1998, when the calculations in countries that had met the convergence criteria were finalized, eleven countries were admitted to join the [[European Monetary Union]]: [[Austria]], [[Belgium]], [[Finland]], [[France]], [[Germany]], [[Ireland]], [[Italy]], [[Luxembourg]], [[Netherlands]], [[Portugal]] and [[Spain]]. In June 2000 [[Greece]] was admitted. [[Slovenia]] joined in 2007, and [[Malta]] and [[Cyprus]] joined in 2008. Since 2011 the euro is the currency of [[Estonia]]. On January 1, 2014 the euro was introduced in [[Latvia]]. In 2015 [[Lithuania]] joined the Eurozone.
==Criteria for adoption==
==Criteria for adoption==
2. The total [[national debt|government debt]] must be below 60% of GDP.<br />
2. The total [[national debt|government debt]] must be below 60% of GDP.<br />
3. The country must have an [[inflation]] rate within 1.5% of the lowest 3 inflation rates of EU countries.<br />
3. The country must have an [[inflation]] rate within 1.5% of the lowest 3 inflation rates of EU countries.<br />
4. Nominal Long-term [[interest]] rates must be within 2% of the [[interest rate]] of countries with the lowest 3 [[inflation rate]]s.<ref name="ec.europa.eu">http://ec.europa.eu/economy_finance/euro/adoption/who_can_join/index_en.htm</ref><br />
4. Nominal long-term [[interest]] rates must be within 2% of the [[interest rate]] of countries with the lowest 3 [[inflation rate]]s.<ref name="ec.europa.eu">http://ec.europa.eu/economy_finance/euro/adoption/who_can_join/index_en.htm</ref><br />
In addition to these criteria a member state's currency must fluctuate within the margins allowed. Countries were allowed to join the common currency if their budget deficit and total [[government debt]] were approaching the reference values at a 'satisfactory pace', but not actually on them.
In addition to these criteria, a member state's currency must fluctuate within the margins allowed. Countries were allowed to join the common currency if their budget deficit and total [[government debt]] were approaching the reference values at a 'satisfactory pace', but not actually on them.
==Non-participant members==
==Non-participant members==
In the [[United Kingdom]] the currency is still the [[pound]], but before the Eurozone crisis there was pressure to convert to the Euro that is used throughout Europe. The [[UK]] and [[Denmark]] are the only European Union member states with an 'opt-out' (allowing them to select not to join the common currency despite meeting the criteria). In addition to the four criteria of entry set out in the [[Maastricht Treaty]] the Chancellor of the Exchequer laid out 5 economic tests the United Kingdom must meet to join; at the last report it had met one, with three others dependent on the final condition which had not been met. Many [[conservative]]s in the UK ([[Tories]]) resist conversion to the European currency because a reliance on a common currency represents a loss in [[sovereignty]] and control. In particular, there is fear that joining the synchronized EU policy may result in sub-optimal interest rates in difficult periods.<ref name="ec.europa.eu"/>
In the [[United Kingdom]], the currency is still the [[pound]], but before the Eurozone crisis there was pressure to convert to the euro that is used throughout Europe. The [[UK]] and [[Denmark]] are the only European Union member states with an 'opt-out' (allowing them to select not to join the common currency despite meeting the criteria). In addition to the four criteria of entry set out in the [[Maastricht Treaty]], the Chancellor of the Exchequer laid out five economic tests the United Kingdom must meet to join; at the last report, it had met one, with three others dependent on the final condition, which had not been met. Many [[conservative]]s in the UK ([[Tories]]) resist conversion to the European currency because a reliance on a common currency represents a loss in [[sovereignty]] and control. In particular, there is fear that joining the synchronized EU policy may result in sub-optimal interest rates in difficult periods.<ref name="ec.europa.eu"/>
==Value==
==Value==
[[Image:626px-Euro coins version II.png|right|thumb|300px|Euro coins]]
[[Image:626px-Euro coins version II.png|right|thumb|300px|Euro coins]]
Initially the value of the euro fell on the exchange markets, while many expected it to do the opposite. However it has strengthened in the years since, partly due to the falling value of the dollar. The ECB is charged with maintaining the inflation rate in the Eurozone between 0 and 2%.
Initially the value of the euro fell on the exchange markets, while many expected it to do the opposite. However, it has strengthened in the years since, partly due to the falling value of the dollar. The ECB is charged with maintaining the inflation rate in the Eurozone between 0% and 2%.
By the end of 2006, after about five years of the euro, a French magazine Le Pèlerin reported that 52% of the [[French]] feel that the euro is a "bad thing", blaming it for price hikes and [[job loss]]es. 71% of French [[blue-collar workers]] said that euro has hurt them personally.<ref>[https://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/12/28/cneuro28.xml French hostility to euro begins to gather pace], The Telegraph, 27 December 2006</ref>
By the end of 2006, after about five years of the euro, a French magazine Le Pèlerin reported that 52% of the [[French]] feel that the euro is a "bad thing", blaming it for price hikes and [[job loss]]es. 71% of French [[blue-collar workers]] said that the euro has hurt them personally.<ref>[https://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/12/28/cneuro28.xml French hostility to euro begins to gather pace], The Telegraph, 27 December 2006</ref>
As of July 2021, the euro is worth approximately [[US]]$1.19 and GB£0.85.<ref>http://www.xe.com/</ref>
As of July 2021, the euro is worth approximately [[US]]$1.19 and GB£0.85.<ref>http://www.xe.com/</ref>