Changes

In January 1999 the exchange rates of countries that had passed the criteria (and were not exercising an opt-out) were fixed the 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.  Initially in March of 1998, when the calculations as to which countries had met the convergence criteria occured, 11 countries, Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain were admitted to join the European Monetary Union.  In June of 2000 Greece was admitted.  

In January 1999 the exchange rates of countries that had passed the criteria (and were not exercising an opt-out) were fixed the 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.  Initially in March of 1998, when the calculations as to which countries had met the convergence criteria occured, 11 countries, Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain were admitted to join the European Monetary Union.  In June of 2000 Greece was admitted.  

In the United Kingdom the currency is still the [[pound]], but there is pressure to convert to the euro that is used throughout Europe.  As of 2007 the United Kingdom and Denmark are the only European Union member countries 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 1.) Many conservatives in England ([[Tories]])resist conversion to the European currency because a reliance on someone else's currency represents a loss in sovereignty and control. For exactly the same reason, English socialists tend to reject the euro as well. In particular, there is fear of England becoming dependent on the fiscal policies of the larger combination of Germany, Italy, and France.

In the United Kingdom the currency is still the [[pound]], but there is pressure to convert to the euro that is used throughout Europe.  As of 2007 the United Kingdom and [[Denmark]] are the only European Union member countries 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 1.) Many conservatives in England ([[Tories]]) resist conversion to the European currency because a reliance on someone else's currency represents a loss in sovereignty and control. For exactly the same reason, English socialists tend to reject the euro as well. In particular, there is fear of England becoming dependent on the fiscal policies of the larger combination of Germany, Italy, and France.

[[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 recent times 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 recent times 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%.