The euro was introduced as a plastic money as of on January 1, 1999 whereas the coins and tickets euro were put in circulation from January 1, 2002. The European monetary policy is directed by the ECB. All the European Monetary System is still rather recent and this lack of retreat prevents the speakers from determining the reactions of the ECB under various conditions of market and vis-a-vis various economic configurations. Moreover, the tensions increasingly marked between the European countries and the decisions of the ECB cause concern for the markets. One shows in particular Jean-Claude Trichet to continue a policy of the strong euro which
weigh on European exports.
The European currency is however an undeniable success. The central banks hold an increasing share of euros in their reserves, which contributes to the fall relative of the importance of the dollar to the international level. With European widening and the forecasts of entry of novel members in the euro area, of many European currencies are dependent in a more or less strong way with the euro. Among them, one finds in particular:
Maltese lira (MTL) (passage to the euro on January 1, 2008),the Cypriot book (CYP) (passage to the euro on January 1, 2008),
the Estonian crown (EEK),
the Lithuanian litas (LTL),
the Danish crown (DKK),
the Latvian lat (LVL),new the lev Bulgarian (BGN).
Many trade of these countries practise double posting euro/national currency and authorize the payments in the two currencies. Foreign exchange rate applied is then very close to that of the central course established by the MCE II (new Mechanism of Européen foreign exchange rate, set up after the introduction of the euro). Other currencies, except European Union, are also related to the euro through a foreign exchange rate, fixed or variable, of which:
Francs CFA BCEAO (XOF) or BEAC (XAF)
The escudo capverdien (CVE)
Frank CFP (XPF)
The mark of Bosnia-Herzégovine (BAM)
The Comorian franc (KMF)( Finance Information City )
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