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Information about the Euro |
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The common European currency has already begun to affect life even in the Czech Republic. As part of Citibank’s world-wide strategy to inform the public about the new currency, we provide you with information that will make it easier to understand the euro and how it affects you. What is the Euro?At the Maastricht Conference of the European Community in the year 1992, it was decided to create the European Monetary Union (EMU) and its European currency (later it received the name euro, which is divided into eurocents) by the end of the decade. The primary goal was to continue the integration process, which began in Europe during the fifties. Tightening the links between the economies is also meant to support the economic development in the Eurozone countries and create a stable and strong currency that is able to compete with the American dollar and the Japanese yen. As of January 1, 1999, the currency officially began to exist, fixed to the individual currencies of the member countries and the euro also began to be traded on the foreign exchange markets. All of the national currencies that were part of the monetary union slowly vanished with the creation of the common currency. From that time, the monetary policy was managed by the European Central Bank (specifically, the European system of central banks, of which the national central banks are still part). Up until the end of the year 2001, the euro existed only as a currency that could be used for cashless payments. The first coins and banknotes were issued in the year 2002. Member StatesBelgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal, Greece, Finland, Slovenia, Malta and Cyprus. Calculated coefficients
Banknotes and CoinsBanknotes and coins were issued on January 1, 2002. During the initial period up until July 1, 2002, banknotes and coins in euros and in the national currencies were both in circulation. National banknotes and coins were gradually phased out, and from January 1, 2002, they were no longer in distribution and were replaced by euros and eurocents.What the euro means to youThe primary advantage of the euro, even for citizens of non-member countries, is the possibility to use the euro for normal payments. You can execute payments in EUR, open accounts in EUR and, when traveling to member countries, conveniently use just the one currency. There is no longer a need to exchange foreign currency when going from one country to another, prices are easily comparable and enable more effective choices. If you use your payment card for payments abroad, you can pay with the Euro today.Citibank and the euroCitibank enables you to the open a Citibank current account in euros. If you often travel to countries in the Eurozone, when you use your debit card for payments, and save on the exchange transactions. More informationYou will find more information on the common European currency on the following web pages: Information in English: Official Web Page of the EU about the Euro Information in Czech:Ministry of Finance ČR
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