Eurozone crisis
Borys Kolesnikov
Wilo SE
European Union
Economy of Austria

See also


Knowledge Identifier: $Euro




Category: Economy

Launched in 1205.

Countries: Germany (14%), Europe (13%), (9%)

Main connections: Eurozone, Eurozone crisis, United States dollar

Linked to: European Central Bank, Central Bank of Ireland, National Bank of Belgium, Oesterreichische Banknoten- und Sicherheitsdruck GmbH




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Fernand Collin - In 1962, he published an article in the Yale Law Journal, where in a note on the "The Unit of Account" he expanded on the idea of a European currency in order to "to revitalize the international money markets"


Several studies failed to find any evidence of convergence following the introduction of the euro after a phase of convergence in the early 1990s add something


The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all states have done so add something


The euro was established by the provisions in the 1992 Maastricht Treaty add something


Kristjan Raud - From 1992 to 2011, when Estonia adopted the Euro, Raud's likeness was on the one Kroon banknote


All nations that have joined the EU since 1993 have pledged to adopt the euro in due course add something


Empire - Since the European Union began in 1993 as a west European trade bloc, it has established its own currency, the Euro , established discrete military forces, and exercised its limited hegemony in parts of eastern Europe and Asia


Freedom Party of Austria - The FPÖ opposed Austria's joining the EU in 1994, and promoted a popular initiative against the replacement of the Austrian schilling with the Euro in 1998, but to no avail


The United Kingdom and Denmark negotiated exemptions, while Sweden turned down the euro in a 2003 referendum, and has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements add something


Belgian Esperantist Germain Pirlot, a former teacher of French and history is credited with naming the new currency by sending a letter to President of the European Commission, Jacques Santer, suggesting the name "euro" on 4 August 1995 add something


The name "euro" was officially adopted in Madrid on 16 December 1995 add something


The name "euro" was officially adopted on 16 December 1995 add something


Priti Patel - After the 1997 General Election, the Conservative Party changing from having criteria before entering the Euro to asserting they now would only join the currency if there was a referendum on the issue


Alternative for Germany - He compared the AfD to the Pro DM party, founded in 1998 to fight the introduction of the Euro but which never gained much nationwide popular support


The guiding principle of the currency, which opened for business in 1999, were supposed to be a set of rules to limit a country's annual deficit to three per cent of gross domestic product, and the total accumulated debt to sixty per cent of G.D.P. It was a nice idea, but by 2004 the two biggest economies in the euro zone, Germany and France, had broken the rules for three years in a row add something


Economy of Europe - During this time, 12 of the 15 members of the EU became part of the Eurozone, a currency union launched in 1999, whereby each member uses a shared currency, the Euro, which replaced their former national currencies


Economy of Austria - On 1 January 1999, Austria introduced the new Euro currency for accounting purposes


After its introduction on 4 January 1999 its exchange rate against the other major currencies fell reaching its lowest exchange rates in 2000 add something


A possible reason for the divergence between the different studies is that the processes of convergence may not have been linear, slowing down substantially between 2000 and 2003, and resurfacing after 2003 as suggested by a recent study add something


Economy of Greece - In 2001 the Euro however only existed electronically, so the physical exchange from Drachma to Euro only happened on 1 January 2002


The earliest date was in Germany, where the mark officially ceased to be legal tender on 31 December 2001, though the exchange period lasted for two months more add something


Economy of Austria - Before adopting the Euro in 2002 Austria had maintained use of the Austrian schilling which was first established in December 1924


Romano Prodi - It was during Prodi's presidency, in 2002, that eleven EU member states abandoned their national currencies and adopted the Euro as their single currency


Central Bank of Montenegro - Montenegro has not issued its own currency since, as it has unilaterally adopted the Euro in 2002


Money - There has been significant counterfeiting of Euro banknotes and coins since the launch of the currency in 2002, but considerably less than for the US dollar


Economy of Austria - In January 2002, Euro notes and coins were introduced and substitute for the Austria/Austrian Schilling


Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members add something


The notes and coins for the old currencies, however, continued to be used as legal tender until new euro notes and coins were introduced on 1 January 2002 add something


Economy of Belgium - Belgium switched from the Belgian franc to the Euro as its currency after 1 January 2002


Since 5 January 2002, the national central banks and the ECB have issued euro banknotes on a joint basis add something


The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until 28 February 2002 add something


The earliest coins to become non-convertible were the Portuguese escudos, which ceased to have monetary value after 31 December 2002, although banknotes remain exchangeable until 2022 add something


Economy of Sweden - Sweden rejected the Euro in a referendum in 2003, and Sweden maintains its own currency, the Swedish krona


Moderate Party - The party campaigned for changing currency to the Euro in the 2003 referendum


Economy of Bulgaria - In 2004 alone over 2,72 billion Euro were invested by foreign companies


David Owen - As chairman of New Europe, he was the co-leader of the 'no to the Euro' campaign with Business for Sterling, which ceased when the UK Government declared in 2005 that Euro membership was off the agenda following the defeat of the EU Constitution in referendums in France and the Netherlands


Compania Transatlantica Espanola - Following the strengthening of the Euro currency between 2005 y 2006, as well as higher fuel costs, Transatlántica found it increasingly difficult to service the debts to its creditors


Schmidt Spiele - In 2006 their turnover was reportedly 33,5 million Euro


Telenor - On 31 July 2006, Telenor acquired 100 per cent share of mobile operator Mobi 63, one of two mobile operations existing in that moment in Serbia for Euro 1,513 billion


Beginning in 2007 or 2008 the old map is being replaced by a map of Europe showing countries outside the Union like Norway add something


In contrast to Greenspan's 2007 assessment, the euro's increase in the share of the worldwide currency reserve basket has slowed considerably since 2007 and since the beginning of the worldwide credit crunch related recession and European sovereign-debt crisis add something


Chemische Fabrik Kalk - Company revenue in 2007 was 7,86 million Euro, down from 10,07 million Euro in 2004


Air Italy - In 2007, Air Italy created Euro Mediterranean Airlines, a subsidiary based in Egypt, which initially operated a single Boeing 757-200, which was later replaced by a Boeing 737-800


Former US Federal Reserve Chairman Alan Greenspan gave his opinion in September 2007 that it is "absolutely conceivable that the euro will replace the US dollar as reserve currency, or will be traded as an equally important reserve currency" add something


According to Krugman, during the period between the creation of the euro and the 2008 financial crisis, countries of Southern Europe experienced abnormally high rates of wage growth due to high influx of investor money add something


Afterwards it regained and its exchange rate reached its historical highest point in 2008 add something


Based on International Monetary Fund estimates of 2008 GDP and purchasing power parity among the various currencies, the eurozone is the second largest economy in the world add something


Following the U.S. financial crisis in 2008, fears of a sovereign debt crisis developed in 2009 among fiscally conservative investors concerning some European states, with the situation becoming particularly tense in early 2010 add something


Gericom - In 2008, the annual revenue had dropped to 30 million Euro


TROX GmbH - In 2008, the company achieved a group turnover of more than 380 million Euro


European Union - One of the outgrowths of the European sovereign debt crisis of 2008 on and strains on the Euro have been, first, increased reliance on the European Central Bank and the IMF for managing intra-Union financial imbalances; second, a move toward European common banking regulation; and third, proposals for greater common political and budgetary policy for the Union


TeliaSonera - Orange S.A. proposed a 33 billion Euro acquisition offer for TeliaSonera on 5 June 2008, which was promptly rejected by the company's board


In 2009, Zimbabwe abandoned its local currency and used major currencies instead, including the euro and the United States dollar add something


Economy of Germany - Germany exited the recession in the second and third quarters of 2009, mostly due to rebounding manufacturing orders and exports - primarily from outside the Euro Zone - and relatively steady consumer demand


Gericom - Quanmax AG experienced significant growth and generated a revenue of about 60 million Euro and employed over 150 people in 2009


Babacar Gueye - On 23 July 2009 he signed a four-year contract with German club Alemannia Aachen for a transfer fee of 500,000 Euro


On 28 July 2009, São Tomé and Príncipe signed an agreement with Portugal which will eventually tie its currency to the euro add something


Air Italy - In September 2009, Euro Mediterranean Airlines was planned to be rebranded as "'Air Italy Egypt"', but by the end of the year it had vanished due to financial difficulties


Hypo Group Alpe Adria - On 14 December 2009, BayernLB, Kärntner Landesholding and Grazer Wechselseitige Versicherung sold their stakes in the bank to the Austrian government for 1 Euro each


However, in 2010, the euro started on a sharp decline add something


European Council - A number of ad hoc meetings of Heads of State or Government of the Euro area countries were held in 2010 and 2011 to discuss the Sovereign Debt crisis


Mahle GmbH - In 2010, the Mahle Group generated sales in excess of 5,2 billion Euro


Noel Le Graet - The group's turnover in 2010 amounted to approximately 163 million Euro


The Caribbean Netherlands introduced the United States dollar in 2011 add something


Branding national myths and symbols - A recent, clear example as of 2011 is the use of "Greco-Roman symbols merged into Christianity" on the Euro note


Bureau for Economic Policy Analysis - In 2011 the CPB conducted a study on the effects of the Euro for the Netherlands


Frank Stronach - In 2011, he entered Austrian politics: founding the Stronach Institute to campaign for classical liberalism and against the Euro


Mahle GmbH - In 2011, the Mahle Group generated sales in excess of 6,0 billion Euro


Baltic states - Estonia adopted the euro in January 2011 and Latvia in January 2014, whilst Lithuania aims for Euro adoption in 2015


Neil Lennon - In January 2011, Lennon reached an out of court settlement with the Bank of Ireland after a company of which he was a director defaulted on a 3,7 million Euro loan


Oliver Kamm - In September 2011, Kamm wrote in the "New Statesman" that he supports the Euro and admonishes Labour's recent criticisms of it: "Monetary union is not the cause of the crisis


Youngman - On 28 October 2011 it was reported that Youngman and the Chinese automotive retailer Pang Da Automobile Trade Co had agreed a joint 100-million Euro takeover of the Swedish carmaker Saab Automobile and its United Kingdom dealer network unit from Swedish Automobile, with Youngman and Pang Da taking 60 and 40 percent stakes respectively


Eurozone crisis - The Euro Plus Monitor report from November 2011 attests to Ireland's vast progress in dealing with its financial crisis, expecting the country to stand on its own feet again and finance itself without any external support from the second half of 2012 onwards


Eurozone crisis - On 15 November 2011, the Lisbon Council published the Euro Plus Monitor 2011


Borys Kolesnikov - According to Le Cercle Les Echos, the French newspaper, during the championship Ukraine was visited by many tourists who were very happy with the organization of EURO 2012


Pavlos Kountouriotis - One of the two gold 100-Euro coins issued by Greece in 2012 to commemorate the centenary of the Balkan Wars featured Kountouriotis and the "Averof"


Borys Kolesnikov - Speaking about the organization of EURO 2012 Martin Kallen, UEFA Operations Director, said: "It was a great tournament setting new organizational standards for the future"


Borys Kolesnikov - Three-quarters of Ukrainians believe that their country hosted EURO 2012 at a high level, and only 12 percent think otherwise


Borys Kolesnikov - UEFA President and Executive Committee thanked the Vice-Prime Minister of Ukraine Borys Kolesnikov for the excellent organization of EURO 2012 in Ukraine


Economy of Greece - This was followed by a ten-year period for eligible exchange of drachma to Euro, which ended on 1 March 2012


In May 2012, socialist François Hollande was elected as president of France and a month later the French socialist legislative position was strengthened, while German leader Angela Merkel "has appeared to be floundering and been badly let down by her advisers in recent months", one commentator said add something


Yuriy Lutsenko - On 3 July 2012, the ECHR stated that the arrest of Lutsenko violated his human rights and the court ordered the Ukrainian government to pay 15,000 Euro to Lutsenko as compensation for moral damages


Eurozone crisis - In its Euro Plus Monitor Report 2012, published in November 2012, the Lisbon Council finds that the eurozone has slightly improved its overall health


Additionally, 210 million people worldwide as of 2013 use currencies pegged to the euro add something


In total, as of 2013, 182 million people in Africa use a currency pegged to the euro, 27 million people outside the eurozone in Europe, and another 545,000 people on Pacific islands add something


These countries constitute the "eurozone", some 332 million people in total as of 2013 add something


Eurozone crisis - According to the Euro Plus Monitor Report 2013, the collective current account of Greece, Ireland, Italy, Portugal and Spain is improving rapidly and is expected to balance by mid 2013


Economy of Bulgaria - Bulgaria was expected to join the Eurozone in 2013 but after the rise of some instability in the zone Bulgaria is withholding its positions towards the Euro, combining together positive and realistic attitudes


Maria-Elisabeth Schaeffler - By 2013 the annual turnover reached approximately 10 billion Euros, and the employment tripled to over 70,000 employees, an impressive mark for a completely privately owned company


Eurozone crisis - The latest Euro Plus Monitor update from Spring 2013 notes that the eurozone remains on the right track


Jeroen Dijsselbloem - Since 21 January 2013, he is the president of the Eurogroup, a meeting of the finance ministers of the Eurozone, those member states of the European Union which have adopted the Euro as their official currency


The unemployment rate of Spain is around 25 percent in 2014, and an economic forecast says that the figure will not decrease below 20 percent until 2017 add something


AMX-56 Leclerc - Following the devaluation of the Euro its price fell dramatically, and in 2014 the K2 Black Panther surpassed the Leclerc's price record


Alternative for Germany - The German political establishment managed to stifle debate on the Euro through most of the election campaign, Until the issue of eurozone crisis emerged after the CDU German finance minister Wolfgang Schäuble admitted during an election event on 20 August that Greece would need another rescue package in 2014


As of January 2014, and since the introduction of the euro, interest rates of most members countries , have decreased add something


Gibraltar - On 23 February 2014, Gibraltar were drawn in UEFA Euro 2016 qualifying Group D with Germany, Poland, Georgia, Scotland and the Republic of Ireland


Economy of Peru - The exchange rate as of March 13, 2014 is 2,81 soles to the US dollar and 3,81 soles to the Euro


BRICS - In April 2014, Russian Ambassador at Large Vadim Lukov remarked that the dollar may be replaced by the ruble and other national currencies of the BRICS counties, and that "A large part of the fund goes toward saving the Euro and the national currencies of developed countries


Lega Nord - On 1 April 2014 Salvini presented the party's logo for the EP election, with "Basta Euro" replacing "Padania", to emphasize the new political trend, focused on Euroscepticism and the exit from the Eurozone


ELSTAT, the statistics agency of Greece, shows that Greece's unemployment rate was 27 percent in June 2014 add something


In July 2014, the averaged unemployment rate of the eurozone is 11,7 percent, slight decrease from 11,9 percent in 2013 add something


Spain's youth unemployment rate is 53,8 percent in July 2014, and this is the highest figure in the eurozone add something


Unibank (Denmark) - In 2015 Nordea had to pay the largest possible fine - over 5 million EUR


Nordea - In 2015 Nordea had to pay the largest possible fine - over 5 miljon EUR


Economy of Bulgaria - The Bulgarian government originally planned to adopt the Euro no sooner than 2015


Economy of Peru - The exchange rate as of October 15, 2015 is 3,2330 soles to the US dollar and 3,6971 soles to the Euro


OECD forecasts that Greece's unemployment rate will remain around 27 percent until 2016 add something


Economy of Romania - Euro - According to Bloomberg, the Romanian currency is the third-best performer against the euro in 2016 among currencies in CEE area gaining 1,4 percent


Pound sterling - Euro - The 2016 referendum which started the process of United Kingdom withdrawal from the European Union makes adoption of the euro highly unlikely in the near future


Wilo SE - For the year 2016, the company registered a revenue of EUR 1,327,1 million with an EBIT of EUR 107,1 million


Eurozone - In February 2016, the UK secured further confirmation that countries that do not use the Euro would not be required to contribute to bailouts for Eurozone countries


European Central Bank - Euro - On Wednesday, February 24, 2016, as part of the Bundesbank's annual news conference, Bundesbank president and European_Central_Bank Governing Council member, Jens Weidmann, dismissed deflation in light of the ECB's current stimulus program, pointing out the healthy condition of the German economy and that the euro area isn't that bad off, on the eve of the March 9-10, 2016 meetings


Borssele - A nearby area in the North Sea is scheduled for offshore wind farm development, and the first two stages for a combined 700 MegaWatt capacity was awarded to DONG Energy in July 2016 at a price of 7,27 Euro cent per kilowatt hour


United Bulgarian Bank - In December 2016 KBC Group announced the purchase of United Bulgarian Bank and Interlease for 610 Million Euro


Sioen Industries - By 2017 the turnover has reached to 363,4 million $ Euro and has a net profit of 26 million Euro


Wilo SE - For the year 2017, the company registered a revenue of EUR 1,424,8 million with an EBIT of EUR 106,3 million


Waves platform - A Euro gateway was introduced in May 2017 and a US dollar gateway in June 2017


Kaunas - In October 2017, a automotive parts and technologies manufacturer Continental AG decided to invest over 95 million Euro to build a new factory in Kaunas, which is the largest direct investment from a foreign country


Wilo SE - For the year 2018, the company registered a revenue of EUR 1,463,5 million with an EBIT of EUR 91,9 million


In late January 2018, the euro rose again above US1,25 add something


Avalanche Studios - On 30 May 2018, Nordisk Film completed and announced full acquisition of Avalanche shares for a total value of 117 million Euro


Eurozone - Euro - In February 2019, a study from the Centre for European Policy concluded that while some countries had gained from adopting the euro, several countries were poorer than they would have been had they not adopted it, with France and Italy being particularly effected


Lega Nord - Euro - In 22 February 2019, the Italian magazine "L'Espresso" had already published an investigation revealing another 3 million euro funding scheme, paid for by Kremlin-linked entities and disguised as a diesel sale