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Article: Euro, The
- Article from:
- International Encyclopedia of the Social Sciences
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Euro, The
BIBLIOGRAPHY
The euro regime is an epochal economic paradigm of supranational macroeconomics, based on a common continental economy with a common currency. On January 1, 1999, eleven of the original fifteen European Union (EU) members (Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain) elected to voluntarily surrender their monetary sovereignty and adopt the euro as a common currency, which would be managed by a common central bank, The European Central Bank (ECB). Greece joined the following year. This group of nations, known as the EU12, became the euro regime. Denmark, Sweden, and the United Kingdom have thus far not ...