The acceptance of the euro among the European public varied from one country to another, for example in countries whose currency was as low as Italy and Greece, the euro received a broader welcome from countries with a stronger currency such as Germany and France. The strong euro against most of the old currencies gave the impression that the euro came along with the high prices. In other matters, such as travel and tourism, the euro was highly welcomed by tourists because they were able to change the currency and facilitate the payment.
The emergence of the euro
The idea of a single European currency The euro is the same age as the European Union itself, but it began to be implemented in 1970 by Werner's plan, which was put forward by Luxembourg Prime Minister Pierre Werner, the nucleus of the European Economic and Monetary Union. It was hoped that a single currency would be applied in the European Economic Community by 1980.
Evolution of the euro
But the idea quickly collapsed and was replaced by the European Monetary Union in 1972 and later in 1979 by the European Monetary System. The goal of the European monetary system was to maintain the stability of local currencies. To achieve this goal, a formative currency was created to calculate the currency exchange under the Ecole (ECU), which one might describe as the previous single European currency of the euro. In 1988, the European Commission under Jacques Delors adopted the so-called Delors report. This report laid the foundation for the implementation of the implementation of the single European currency through the application of three phases.
Developments in the Euro
The first phase of the euro's creation took place on July 1, 1990 through an agreement allowing the transfer of capital between the countries of the Union. On January 1, 1994, the second phase began with the establishment of the European monetary institution, which was the former founding of the European Central Bank later, On December 16, 1995, it was agreed to name the new currency in Euro instead of the old one after long deliberation. There were several other names proposed, including Frank European, Golden European, European Krona, But the meeting agreed that the new denomination of the proposed currency should not be attributed to any currency present in a Member State.
The third phase was formed with the convening of the Council of Europe between 1-3 May 1998 and agreed on additional items, the most important of which is determining the countries applicable to the currency and the unified economy. On June 19, 2000, the Council of Europe decided to include Greece in the countries of the monetary and economic union starting in 2001 and on the first of 2009 the euro was adopted as the main currency in Slovakia. On 1 January 2014, the euro became the currency of Latvia as well.
In 1620, Mayflower moved from Rutherth in East London to the New World and carried religious dissidents looking for a new life abroad ,They should initially settle for gold coins and an English budget, but they understand their money, The green card's acquisition of that position for years without a real competitor made it difficult to have a strong alternative, even though the US dollar reserves fell to a four-year low in the fourth quarter of last year.
The idea of a dollar
After the exchange between the settlers themselves became very important, settlers began to use other goods in the barter process. In the northern colonies they used corn and cod, for example, and in many southern colonies they preferred tobacco. Many of these goods have been declared legal, although some have not been successful as currency, The price of the goods was different from the payment method using hard currency, gold or silver or money of some kind, instead of using a form of legal currencies such as shells, because hard currency was the most acceptable and therefore the most useful.
Is it a competitor to the dollar
In March 2009, China and Russia called for a new global currency that would become the currency of the world's reserve currency, independent and non-volatile, as well as removing the shortcomings resulting from the use of national currencies linked to credit, China has already called on the International Monetary Fund (IMF) to do so as a result of concerns that the trillions it holds in US currency will become less valuable as a result of the US spending deficit And the issuance of US Treasury bonds to support debt, The dependence on the dollar as the main reserve currency in the world is not due to the position of the US economy in the global economy, because in this perspective the US currency will lose in competition.
The First World Currency
The reason for this is that since the Second World War, the US share of global GDP has fallen from about 30% to 18%, surpassing China's share by only 2%, and the share of emerging markets in global GDP increased from 40% to 60%, Despite all that, the global financial policy has not changed in accordance with those developments and the dollar has maintained its status, and the password is Bretton Woods.
The Bretton Woods is a historic agreement on cash exchange rate management, and the name of the agreement was attributed to the place where it was held in 1944, whereby the US dollar became the currency of the world's cash reserve and linked to the price of gold metal, Under the agreement, central banks will maintain fixed exchange rates between their currencies and the dollar. In return, the United States will replace the US dollar with gold on demand, Until the 1970s, about two-thirds of the world's GDP was based on the dollar, and the rest was largely divided between the British pound and the Soviet ruble.