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MANY COUNTRIES, ONE CURRENCY
Twelve
countries coming together for a stronger Europe
By
Maude Schram
What
if every time you went into a different state before you entered you had
to wait in a long line to switch money? That is what most people in
Europe had to do when they entered a different country.
Lauren and Braxton’s
families are going to vacation in Ireland. They live in Germany and the
year is 1994. Like all Germans, they use Deutsche Marks.
At the
airport in Ireland, they need to stand in a long line to switch their
Deutsche Marks to the Irish currency. Irish punt is the money that
Ireland used.
Miss Kaila
is a German citizen. She is a hard working citizen and decides to take a
vacation in Ireland. The year is 2005.
At the
airport Miss Kaila does not need to wait in a long line to switch
currency. Why you are probably wondering, Miss Kaila did not have to
stay in a long line?
In 12 countries
including Germany and Ireland, they have given up their old currency and
now use a common currency called the euro.
The 12 European
Countries
Twelve countries in
Europe have switched to euros (€). Can you try and guess them? I am sure
you tried very hard and you probably got several right. Well, here they
are: France, Germany, Spain, Italy, Ireland, Portugal, Luxemburg,
Greece, Finland, the Netherlands, Austria and Belgium. You are probably
wondering what money they used before euros, right? Well, in France they
used Francs, in Germany they used Deutsche Marks, Spain consumed
Pesetas, in Belgium, they consumed Belgium francs, in Ireland Irish
punts, in Italy they employed liras, in Finland they applied Makkas, in
Greece they used Drachmas, in Portugal they consumed Escudos, Austria
employed Schillings, the Netherlands guilders and last, Luxemburg
employed Luxemburg francs.
As you can tell
“francs” were used in several countries but still they were different
and therefore had to be traded.
I know to you it is
just like going to Canada from the US. Let me explain it better. Our
countries are so small and packed together that it is practically like
they are states and not countries.
If you live in
Cincinnati, Ohio and you want to go to the Newport aquarium in Newport,
Kentucky, you will probably leave your house one hour early because you
would need to switch the Ohio currency to the Kentucky currency. That is
how in Europe we had to change money every time we wanted to switch
countries.
What if a new set of
money came and it would be same for every state or country? You would
have to give up your old currency before a certain date. Who would
choose the design?
When Did the
Countries Join the Euro or EC?
In December 17, 1946
the European Federalist Union is made in Paris, France.
In 1958,
the European Community (EC) was established to promote trade and
cooperation between its members. The first six members were France,
West Germany, Belgium, Italy, Luxemburg and the Netherlands.
In 1973,
the United Kingdom, Ireland and Denmark joined the EC.
Greece
joined the EC in 1981.
Portugal
and Spain joined in 1986.
In 1991
there was a treaty called the Maastricht treaty and it was the first
time anyone had talked about a Union that would have a certain common
currency, and would join together for money reasons. They met in
Maastricht, Netherlands; they wanted to have a European currency by January 1st 1999.
They wanted to have a stronger Europe.
In 1992,
the treaty of the European Union introduced the Economic and Monetary
Union (E.M.U). It is an agreement for participating countries that
allowed the old currencies to be switched to a common currency.
In 1994
the European Monetary Institute was created as a step toward
establishing the European Central Bank (ECB) and a common currency.
In 1995
the European Council of Madrid (Spain’s capital) decided to call the new
money euro and said it should be divided into cents.
Also in
1995, Austria, Sweden and Finland joined the EC. That made 15 countries.
In 1997,
the design was decided in June in Amsterdam, Netherlands.
In 1999, the big day came. The 11
countries which joined included Austria, Belgium, Finland, France,
Germany, Ireland, Italy, Luxemburg, the Netherlands, Portugal and Spain.
Since they had joined this process, they could not switch money any
more.
In 2001
Greece became the 12th country to adopt the euro.
In 2002
once most of countries were settled, this was the biggest change in
money the world had ever seen!
After June
30, 2002 postage stamps with their old currency were not valid any more.
What Euros Look Like
Each euro
coin looks the same on the front. An example would be; a 5¢ French euro
front
would be the same
as a Spanish
5¢ euro.
This goes for all of them.
The
countries still want independence so on the back of each coin there is a
different design depending on the country and money.
The euro
bills are each a different color and size depending on their amount.
European’s Opinions
Some people feel
differently about the euros. It probably depends which country they live
in.
Like you
probably don’t even need to care about euros, unless if you have been to
one of those 12 countries. I bet you will/would care an extra lot if you
had gone before and after January 1st 1999 to one of these 12
countries. To you it would probably make a big difference. It would make
an even bigger difference if you were a citizen.
“I think it is
easier because it is worth about the same amount as the dollar” said
Martin Schram, who is a first grader at Mariemont Elementary who is also
French. Some people think it is the same with or without euros. But
others think that it is more helpful.
“It is simpler to
travel through Europe because you don’t have to stay in long lines to
switch currencies”, said Natalie M. from Belgium.
The euro is a true
revolution in itself!
What would Europe be
like without the euros?
This article has been written by Maude
Schram, casual writer to
www.bestcreditcardsonline.com.
This article is the property of Maude Schram and
www.bestcreditcardsonline.com,
which has been offering credit cards services since 2002. To find
out more visit
www.bestcreditcardsonline.com.
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