History of the Euro

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What is the Euro and when was it launched?
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The Euro is the official currency of the Eurozone, launched on January 1, 1999, as an electronic currency and in 2002 as physical currency.
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Which treaty laid the foundation for the creation of the Euro?
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The Maastricht Treaty of 1991 laid the foundation for the Euro.
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How did the Euro impact trade among European Union members?
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The Euro facilitated trade by eliminating currency exchange risks and costs among member states.
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Which organization is responsible for the monetary policy of the Euro?
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The European Central Bank (ECB) is responsible for the Euro's monetary policy.
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Which countries opted out of using the Euro?
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The UK, Denmark, and Sweden opted out of using the Euro at its launch.
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What challenges did the Euro face during the European debt crisis?
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The Euro faced challenges like unequal economic performance and high debt levels in member states.
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How many countries were in the initial Eurozone?
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Eleven EU countries were in the initial Eurozone in 1999.
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What role does the Stability and Growth Pact play in the Eurozone?
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The Stability and Growth Pact ensures fiscal discipline among Eurozone members.
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Why was the European Financial Stability Facility (EFSF) created?
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The EFSF was created to provide financial assistance to Eurozone countries in financial trouble.
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What are the economic convergence criteria for adopting the Euro?
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The criteria include stable inflation, healthy public finances, stable exchange rates, and converging interest rates.
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How did the introduction of the Euro affect pricing and inflation perception?
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The Euro led to perceived increases in prices for consumers as prices were rounded after conversion.
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What is the Eurozone?
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The Eurozone is a group of EU countries that have adopted the Euro as their currency.
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What are the key denominations of Euro banknotes?
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Euro banknotes come in denominations of €5, €10, €20, €50, €100, €200, and €500.
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How did the Euro aim to enhance political unity in Europe?
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By fostering closer economic ties and integration among member states, aiming for shared financial stability.
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Which currency did the Euro replace in Germany and France?
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The Euro replaced the Deutsche Mark in Germany and the French Franc in France.
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