In preparation for our upcoming trip to Ireland, I went to the bank to convert US dollars into Euros. The exchange rate was 1.425 and I avoided any additional fees since I made the transaction at my bank. In essence, I exchanged $400 for €280.
The Euro is the currency of the European Union (EU) and was officially adopted on December 16, 1995. The currency was then introduced to world financial markets as an accounting currency on January 1, 1999, with Euro coins and banknotes entering circulation three years later on January 1, 2002.
The symbol of the Euro was designed by Belgian Alain Billiet and the story behind the design (according to the European Commission) is the following: “Inspiration for the € symbol itself came from the Greek epsilon (Є) – a reference to the cradle of European civilization – and the first letter of the word Europe, crossed by two parallel lines to ‘certify’ the stability of the euro.”
I was personally introduced to the Euro in the currency’s inaugural year since it coincided with my semester abroad. Back in January of ’02 it was trading much lower than it is currently – the exchange rate hovered around .86; this meant that for the “same” $400, I received €465.
I love the strategy behind consolidating the currencies across Europe into one, but have some issues with the execution. It’s of my xenophobic opinion that they rely too heavily on coins – the smallest bill is a €5 note, so change smaller than that is issued in €1 and €2 coins. I also find it a bit unsettling that the value of the note is directly correlated with the physical size of said note.