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80-511: The Metropolitan Council used € 155.6 million in 2002 and its income was €160.3 million. Traffic and waste management make up 97% of its expenditure. About 70% of the income consisted of customer fees for public transport and waste management. The Metropolitan Council grouped together different Public Transportation companies operating in the Metropolitan area, such as HKL , operator of the metro, Suomenlinna ferry service and bus services within

160-464: A 56% chance of default. Fitch Ratings feared that Russia would imminently default on its debts. On 27 February, BP , one of the world's seven largest oil and gas companies and the single largest foreign investor in Russia, announced it was divesting from Rosneft . The Rosneft interest comprised about half of BP's oil and gas reserves and a third of its production. The divestment was projected to cost

240-594: A budget deficit of less than 3% of their GDP, a debt ratio of less than 60% of GDP (both of which were ultimately widely flouted after introduction), low inflation, and interest rates close to the EU average. In the Maastricht Treaty, the United Kingdom and Denmark were granted exemptions per their request from moving to the stage of monetary union which resulted in the introduction of the euro (see also United Kingdom and

320-510: A deadline to do so and can delay the process by deliberately not complying with the convergence criteria (such as by not meeting the convergence criteria to join ERM II). Bulgaria and Romania are actively working to adopt the euro, while the remaining states do not have a migration plan in progress. The euro is divided into 100 cents (also referred to as euro cents , especially when distinguishing them from other currencies, and referred to as such on

400-547: A foreign trading currency in Cuba since 1998, Syria since 2006, and Venezuela since 2018. In 2009, Zimbabwe abandoned its local currency and introduced major global convertible currencies instead, including the euro and the United States dollar. The direct usage of the euro outside of the official framework of the EU affects nearly 3 million people. Outside the eurozone, two EU member states have currencies that are pegged to

480-587: A former deputy chairman of the Russian central bank, the sanctions put the Russian National Wealth Fund at risk of disappearing. With the value of the Russian ruble and the share prices for Russian equities falling on major exchanges, the Moscow Exchange was closed for a day, which was afterwards extended to over a week. As of 28 February, the price of Russia's credit default swaps signalled about

560-711: A large withdrawal massively harmed investor confidence and drastically reduced performance of the markets from which the Western companies have withdrawn. As result, the value of the assets acquired by Russian government has collapsed instantly. Valuation of Russian state-owned companies has collapsed even more, with Gazprom losing 75% of its value. The tax income Russian government receives from foreign companies also decreased by 75%. Numerous sectors of Russian economy collapsed by as much as 90%, energy export revenues dropped by 50%. According to economist Sergey Guriev , Russian economy after 2022 has practically split into two parallel ones:

640-452: A major influence over several of Armenia's important economic sectors, or even holds monopolies in some of them particularly in the areas of energy, minerals, and food. The World Bank report states that Russia is the source of all of Armenia's imports of wheat and gas. Remittances, trade, and investment are projected to suffer significantly in Armenia as a result of the Russian financial crisis and

720-473: A number of special territories of EU members also use the euro as their currency. Additionally, over 200 million people worldwide use currencies pegged to the euro . The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar . As of December 2019, with more than €1.3 trillion in circulation, the euro has one of

800-583: Is a major donor to the EFSF. To be included in the eurozone, countries had to fulfil certain convergence criteria , but the meaningfulness of such criteria was diminished by the fact it was not enforced with the same level of strictness among countries. According to the Economist Intelligence Unit in 2011, "[I]f the [euro area] is treated as a single entity, its [economic and fiscal] position looks no worse and in some respects, rather better than that of

880-524: Is also the sole currency in three overseas territories of France that are not themselves part of the EU, namely Saint Barthélemy , Saint Pierre and Miquelon , and the French Southern and Antarctic Lands , as well as in the British Overseas Territory of Akrotiri and Dhekelia . The euro has been adopted unilaterally as the sole currency of Montenegro and Kosovo. It has also been used as

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960-465: Is discouraged by the commission, as is the practice of certain shops of refusing to accept high-value euro notes. Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin. These include both commonly issued coins, such as the €2 commemorative coin for the fiftieth anniversary of the signing of the Treaty of Rome, and nationally issued coins, such as

1040-567: Is expected to affect the country's exports. Since Russia is the largest trading and economic partner for post-Soviet states in Central Asia and a major destination for millions of CIS 's migrant workers, Central Asia has been particularly hard hit by sanctions against Russia. Sanctions also included asset freezes on the Russian Central Bank , which holds $ 630 billion in foreign-exchange reserves , to prevent it from offsetting

1120-454: Is projected at 4% (± 1.5%). The World Bank's report released Sunday provides further details and numbers. In that report the World Bank revised its projection for Armenia's economic growth in 2022 from 5.3% to 1.2%, noting that "the impact of Russia's invasion of Ukraine on Armenia's economy is likely to be notably negative, but the scale remains undetermined." Sanctions and boycotts imposed by

1200-606: Is the official currency of 20 of the 27 member states of the European Union . This group of states is officially known as the euro area or, more commonly, the eurozone . The euro is divided into 100 euro cents . The currency is also used officially by the institutions of the European Union , by four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia , as well as unilaterally by Montenegro and Kosovo . Outside Europe,

1280-711: The Federal State Statistics Service had reported a national GDP loss for the second consecutive quarter. According to most estimates, every day of the war in Ukraine costs Russia $ 500 million to $ 1 billion. Russia faced a record shortage of factory workers in July 2023, with more than 43% of industrial enterprises facing a shortage, up from 35% in April. Some Western journalists expressed an opinion that international sanctions did not harm Russian economy and even quite

1360-525: The Helsinki region, and published a timetable of all public transport quarterly, and provided a public transport route planner service on the Internet. It also ran ticketing and prices, fixing prices at the same level for all public transportation, irrespective of method or transportation company. These services are now (since January 1, 2010) provided by Helsingin seudun liikenne . Most tickets were bought using

1440-468: The Russian invasion of Ukraine began in late February 2022, in the days after Russia recognized two breakaway Ukrainian republics and launched an invasion of Ukraine. The subsequent economic sanctions have targeted large parts of the Russian economy , Russian oligarchs , and members of the Russian government . Russia responded in kind. A wave of protests and strikes occurred across Europe against

1520-591: The dobra of São Tomé and Príncipe was officially linked with the euro. Additionally, the Moroccan dirham is tied to a basket of currencies, including the euro and the US dollar, with the euro given the highest weighting. These countries generally had previously implemented a currency peg to one of the major European currencies (e.g. the French franc , Deutsche Mark or Portuguese escudo ), and when these currencies were replaced by

1600-501: The " eurozone ", some 347 million people in total as of 2023 . According to bilateral agreements with the EU , the euro has also been designated as the sole and official currency in a further four European microstates awarded minting rights (Andorra, Monaco, San Marino and the Vatican City). All but one (Denmark) current, and any potential future EU members, are obliged to adopt the euro when economic conditions permit. The euro

1680-537: The ECB has sole authority to set monetary policy . The Eurosystem participates in the printing, minting and distribution of euro banknotes and coins in all member states, and the operation of the eurozone payment systems. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria , although not all participating states have done so. Denmark has negotiated exemptions, while Sweden (which joined

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1760-581: The ECB's banknotes are put into circulation by the NCBs, thereby incurring matching liabilities vis-à-vis the ECB. These liabilities carry interest at the main refinancing rate of the ECB. The other 92% of euro banknotes are issued by the NCBs in proportion to their respective shares of the ECB capital key, calculated using national share of European Union (EU) population and national share of EU GDP, equally weighted. Member states are authorised to print or to commission bank note printing. As of November 2022 , these are

1840-419: The EU in 1995, after the Maastricht Treaty was signed) turned down the euro in a 2003 non-binding referendum , and has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements. All nations that have joined the EU since 1993 have pledged to adopt the euro in due course. The Maastricht Treaty was amended by the 2001 Treaty of Nice , which closed the gaps and loopholes in

1920-457: The European Union , the Latin alphabet version of euro is used (as opposed to the less common Greek or Cyrillic) and Arabic numerals (other text is used on national sides in national languages, but other text on the common side is avoided). For the denominations except the 1-, 2- and 5-cent coins, the map only showed the 15 member states of the union as of 2002. Beginning in 2007 or 2008 (depending on

2000-448: The European Union and the United States have harmed Armenia as Russia is a significant economic and investment partner for Armenia, accounting for around a third of recent exports and imports. Russian firms accounted for more than 40% of Armenia's "net foreign direct investment stock" in the previous year. Remittances from Russia contribute for 5% of Armenia's GDP, and 40% of all tourists last year came from that country. Further, Russia has

2080-653: The IT sphere, the competition created by it caused local Armenian IT workers to leave their jobs or to work as freelancers , which means that they may work for another non-Armenian company and pay less taxes to the Armenian Government . During the Fall of 2022 Armenia also faced an aggression by the Azerbaijani armed forces. The National Statistical Committee (NSC) issued official data that showed Armenia's GDP increased by 14.8% over

2160-747: The Italian energy company Eni announced that it would cancel its investments into the Blue Stream pipeline. The same day, the world's largest shipping companies, Maersk and Mediterranean Shipping Company , suspended all container shipments to Russia, excluding foodstuffs, medical, and humanitarian supplies. Russia is reportedly experiencing brain drain due to mass emigration of more than 300,000 mainly younger Russians, many of whom are tech industry professionals, to countries like Armenia, Georgia, and Turkey. More than 50,000 Russian information technology specialists have left Russia. In response to sanctions in

2240-466: The Maastricht and Rome Treaties. The 20 participating members are EU Outermost Regions : Overseas Territories : Special Autonomous Territories : Microstates with a monetary agreement: British Overseas Territory : Unilateral adopters: The following EU member states committed themselves in their respective Treaty of Accession to adopt the euro. However they do not have

2320-579: The Portuguese escudos , which ceased to have monetary value after 31 December 2002, although banknotes remained exchangeable until 2022. A special euro currency sign (€) was designed after a public survey had narrowed ten of the original thirty proposals down to two. The President of the European Commission at the time ( Jacques Santer ) and the European Commissioner with responsibility for

2400-478: The US or the UK" and the budget deficit for the euro area as a whole is much lower and the euro area's government debt/GDP ratio of 86% in 2010 was about the same level as that of the United States. "Moreover", they write, "private-sector indebtedness across the euro area as a whole is markedly lower than in the highly leveraged Anglo-Saxon economies". The authors conclude that the crisis "is as much political as economic" and

2480-507: The Ukrainian economic growth for 2022 is likely to suffer a sharp decline estimated at a 45% decrease in annual performance as a result of the Russian invasion. On 21 July 2022, the National Bank of Ukraine devalued the hryvnia by 25%. The value of Belarusian dollar denominated bonds due in 2027 fell to a record low of 6.5 cents from 88 cents prior to the invasion. The consequences of

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2560-484: The United States were relatively strong creditors – gained attention in summer 2012 even as Germany received a debt-rating warning of its own. The euro is the sole currency of 20 EU member states : Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. These countries constitute

2640-464: The coin to commemorate the 2004 Summer Olympics issued by Greece. These coins are legal tender throughout the eurozone. Collector coins with various other denominations have been issued as well, but these are not intended for general circulation, and they are legal tender only in the member state that issued them. A number of institutions are authorised to mint euro coins: The design for the euro banknotes has common designs on both sides. The design

2720-469: The common side of all cent coins). In Community legislative acts the plural forms of euro and cent are spelled without the s , notwithstanding normal English usage. Otherwise, normal English plurals are used, with many local variations such as centime in France. All circulating coins have a common side showing the denomination or value, and a map in the background. Due to the linguistic plurality in

2800-604: The company up to $ 25 billion, and analysts noted that it was unlikely that BP would be able to recover anywhere near the value of Rosneft. The same day, the Government Pension Fund of Norway , the world's largest sovereign wealth fund , announced that it would divest itself from its Russian assets. The fund owned about 25 billion Norwegian krone ($ 2.83 billion) in Russian company shares and government bonds. On 28 February, Shell also announced that it would be pulling its investments in Russia. On 1 March,

2880-436: The conflict had both positive and negative effects on the economy of Armenia . One of the negative impacts of the war was that due to the influx of Russian migrants, the prices of the apartments in the center of Yerevan increased sharply on average 109,000 AMD per square. If before the war people could rent an apartment in the center of the capital (two-rooms and furnished to be more specific) for 500 Euros , in 2022 during

2960-509: The conflict posed a substantial economic risk for the region and internationally. She added that the IMF could help other countries impacted by the conflict, complementary to a $ 2.2 billion loan package being prepared to assist Ukraine. David Malpass , the president of the World Bank Group , said that the conflict would have far-reaching economic and social effects, and reported that the bank

3040-487: The country that issued the coin. Euro coins from any member state may be freely used in any nation that has adopted the euro. The coins are issued in denominations of €2 , €1 , 50c , 20c , 10c , 5c , 2c , and 1c . To avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands and Ireland (by voluntary agreement) and in Finland and Italy (by law). This practice

3120-449: The country), the old map was replaced by a map of Europe also showing countries outside the EU . The 1-, 2- and 5-cent coins, however, keep their old design, showing a geographical map of Europe with the EU member states as of 2002, raised somewhat above the rest of the map. All common sides were designed by Luc Luycx . The coins also have a national side showing an image specifically chosen by

3200-413: The day-to-day operating currency of its original members, and by March 2002 it had completely replaced the former currencies. Between December 1999 and December 2002, the euro traded below the US dollar, but has since traded near parity with or above the US dollar, peaking at US$ 1.60 on 18 July 2008 and since then returning near to its original issue rate. On 13 July 2022, the two currencies hit parity for

3280-517: The electronic travel cards, a smart card service run by Buscom . These travel cards supported two types of payment for trips: If the same travel card was loaded with both value and period, period took priority when applicable to the current zone. If the period ran out, or the passenger travelled to a zone where the period was not applicable, value was used instead. The travel cards were bought through certain shops and Public Transport Information Centres. The Helsinki Metropolitan Area Council managed

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3360-449: The ensuing collapse of the ruble. The price of food and other essentials has increased for Armenians due to global inflationary forces. With Armenia still battling to recover from the twin effects of a pandemic and a severe military defeat to Azerbaijan in 2020, the predicted economic damage from the conflict in Ukraine comes at a bad time for Armenia. Russia is the world's largest exporter of grains, natural gas, and fertilisers , and among

3440-523: The entertainment industry, Russia is considering the legalisation of software piracy . Cyberattacks by unidentified global hackers have also been a problem for Russia. For example, a hacking of the Russian Federal Air Transport Agency , Rosaviatsia , in late March 2022 resulted in massive disruption and the agency switching back to the use of paper document flow and postal mail. Due to budget limitations, Rosaviatsia did not have

3520-537: The euro ( Yves-Thibault de Silguy ) then chose the winning design. Regarding the symbol, the European Commission stated on behalf of the European Union : The symbol € is based on the Greek letter epsilon (Є), with the first letter in the word "Europe" and with 2 parallel lines signifying stability. The European Commission also specified a euro logo with exact proportions. Placement of the currency sign relative to

3600-543: The euro ). The name "euro" was officially adopted in Madrid on 16 December 1995. Belgian Esperantist Germain Pirlot , a former teacher of French and history, is credited with naming the new currency by sending a letter to then President of the European Commission , Jacques Santer , suggesting the name "euro" on 4 August 1995. Due to differences in national conventions for rounding and significant digits, all conversion between

3680-682: The euro , which is a precondition to joining the eurozone. The Danish krone and Bulgarian lev are pegged due to their participation in the ERM ;II . Additionally, a total of 21 countries and territories that do not belong to the EU have currencies that are directly pegged to the euro including 14 countries in mainland Africa ( CFA franc ), two African island countries ( Comorian franc and Cape Verdean escudo ), three French Pacific territories ( CFP franc ) and two Balkan countries, Bosnia and Herzegovina ( Bosnia and Herzegovina convertible mark ) and North Macedonia ( Macedonian denar ). On 1 January 2010,

3760-449: The euro their currencies became pegged to the euro. Pegging a country's currency to a major currency is regarded as a safety measure, especially for currencies of areas with weak economies, as the euro is seen as a stable currency, prevents runaway inflation, and encourages foreign investment due to its stability. In total, as of 2013 , 182 million people in Africa use a currency pegged to

3840-721: The euro, 27 million people outside the eurozone in Europe, and another 545,000 people on Pacific islands. Economic impact of the 2022 Russian invasion of Ukraine Eastern Ukraine campaign Southern Ukraine campaign Other regions Naval operations Spillover & related incidents Eastern Ukraine campaign Southern Ukraine campaign Other regions Spillover & related incidents Eastern Ukraine campaign Southern Ukraine campaign Other regions Naval operations Spillover & related incidents Post-Minsk II conflict Attacks on civilians Related The economic impact of

3920-421: The eurozone are also treated as domestic transactions; however paper-based payment orders, like cheques, have not been standardised so these are still domestic-based. The ECB has also set up a clearing system , TARGET , for large euro transactions. The euro was established by the provisions in the 1992 Maastricht Treaty . To participate in the currency, member states are meant to meet strict criteria , such as

4000-496: The exchange rate of the USD decreased, the appreciation of the AMD made the products being exported to other countries less competitive. The IT sphere was also impacted, the fact partly also connected with the appreciation of AMD . The number of Russian IT workers in Armenia increased, creating a competition amongst local IT workers and Russians. While that led to a higher supply of labor in

4080-637: The first time in nearly two decades due in part to the 2022 Russian invasion of Ukraine . Then, in September 2022, the US dollar again had a face value higher than the Euro, at around US dollar 0.95 per euro. The euro is managed and administered by the European Central Bank (ECB, Frankfurt am Main ) and the Eurosystem , composed of the central banks of the eurozone countries. As an independent central bank,

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4160-503: The following zones before 2010: The mission of the Metropolitan Council was to improve the capital area's development by high quality public transports, waste management and air protection. In addition a "development planning unit" has the purpose to increase cooperation between the four town-administrations involved, particularly regarding planning of land use. Euro The euro ( symbol : € ; currency code : EUR )

4240-437: The highest combined values of banknotes and coins in circulation in the world. The name euro was officially adopted on 16 December 1995 in Madrid . The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$ 1.1743 at the time). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it

4320-713: The impact of sanctions. On 5 May, President of the European Council Charles Michel said: "I am absolutely convinced that this is extremely important not only to freeze assets but also to make possible to confiscate it, to make it available for the rebuilding of Ukraine". Economic sanctions affected Russia from the first day of the invasion, with the stock market falling by up to 39% ( RTS Index ). The Russian ruble fell to record lows, as Russians rushed to exchange currency. Stock exchanges in Moscow and St. Petersburg were suspended until at least 18 March, making it

4400-548: The initial designs by Robert Kalina were of specific bridges, including the Rialto and the Pont de Neuilly , and were subsequently rendered more generic; the final designs still bear very close similarities to their specific prototypes; thus they are not truly generic. The monuments looked similar enough to different national monuments to please everyone. The Europa series, or second series, consists of six denominations and no longer includes

4480-667: The largest wheat exporter globally. By August 2022, Russia was selling almost as much oil as before its invasion of Ukraine . Sales to the Middle East and Asia helped make up for declining exports to Europe, and due to the higher price, Moscow revenues were $ 20 billion monthly compared to $ 14.6 billion a year before (2021). Despite international sanctions during the Russo-Ukrainian War , Russian energy sales have increased in value, and its exports have expanded with new financing options and payment methods for international buyers. At

4560-518: The longest closure in Russia's history. On 26 February, S&P Global Ratings downgraded the Russian government's credit rating to "junk", causing funds that require investment-grade bonds to dump Russian debt, making further borrowing very difficult for Russia. The Central Bank of Russia announced interventions , its first since the 2014 annexation of Crimea , to stabilise the market. On 28 February, it raised interest rates to 20% and banned foreigners from selling local securities. According to

4640-427: The military economy, that runs on orders placed by the government with the military industries and payments to soldiers, which has observed growth; and the civilian sector that heavily suffers from high inflation, price increases, underemployment and high credit rates. High growth in the military economy results in the macroeconomic indicators biased towards the defense orders, so the collapse of civilian production by 10%

4720-530: The nation's economic growth. In 2020, the COVID-19 recession and the oil price war with Saudi Arabia also affected the Russian economy. Additional sanctions occurred in the lead-up to the invasion in 2021. The Russian stock market declined by twenty percent during the military buildup. Kristalina Georgieva , the managing director of the International Monetary Fund (IMF), warned that

4800-680: The national currencies ceased to be legal tender varied from member state to member state. 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. Even after the old currencies ceased to be legal tender, they continued to be accepted by national central banks for periods ranging from several years to indefinitely (the latter for Austria, Germany, Ireland, Estonia and Latvia in banknotes and coins, and for Belgium, Luxembourg, Slovenia and Slovakia in banknotes only). The earliest coins to become non-convertible were

4880-554: The national currencies had to be carried out using the process of triangulation via the euro. The definitive values of one euro in terms of the exchange rates at which the currency entered the euro are shown in the table. The rates were determined by the Council of the European Union , based on a recommendation from the European Commission based on the market rates on 31 December 1998. They were set so that one European Currency Unit (ECU) would equal one euro. The European Currency Unit

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4960-510: The necessary backups of the hacked data. On 11 April, Russian Railways defaulted on 268 million dollars of bonds after failing to make payments on a Swiss franc bond. In late July 2022, the IMF upgraded Russia's GDP estimate by 2.5%, but some economists see a long-term problem for the Russian economy, and explain its resilience only by a short-term increase of energy prices. Russia was able to leverage its economic power by cutting gas supplies to Europe, and play up its agricultural might as

5040-688: The numeric amount varies from state to state, but for texts in English published by EU institutions, the symbol (or the ISO -standard "EUR") should precede the amount. Following the U.S. financial crisis in 2008, fears of a sovereign debt crisis developed in 2009 among investors concerning some European states, with the situation becoming particularly tense in early 2010 . Greece was most acutely affected, but fellow Eurozone members Cyprus , Ireland , Italy , Portugal , and Spain were also significantly affected. All these countries used EU funds except Italy, which

5120-413: The opposite, they allowed Russian groups to acquire assets of Western companies withdrawing from Russia. This has been clarified by Forbes economists who explained that over 1000 companies withdrawn from Russia and while they were forced to sell their assets at 50% discount, these losses make 1-2% of their global revenues. Russian government itself declared it "prefers the companies remains in Russia" as such

5200-640: The previous year during the third quarter. Economy Minister wrote "The economy has recovered quickly after the September shock". Information and communication sectors had the largest growth of 59.2% when compared to the same time in 2021; financial and insurance sectors expanded by 57.3%; and transportation and warehousing sectors rose by 41.3%. Wholesale and retail trade, auto and motorcycle repair (20%), building (19.9%), manufacturing (18%), administration and related sectors (16.2%), and lodging and catering (12.8%) also recorded high growth rates. The Armenian government forecasts their economy will grow by 7%, while inflation

5280-403: The printers: Capital within the EU may be transferred in any amount from one state to another. All intra-Union transfers in euro are treated as domestic transactions and bear the corresponding domestic transfer costs. This includes all member states of the EU, even those outside the eurozone providing the transactions are carried out in euro. Credit/debit card charging and ATM withdrawals within

5360-502: The public; a design competition will also be held. Since 1 January 2002, the national central banks (NCBs) and the ECB have issued euro banknotes on a joint basis. Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated. The ECB issues 8% of the total value of banknotes issued by the Eurosystem. In practice,

5440-455: The result of the fact that the euro area lacks the support of "institutional paraphernalia (and mutual bonds of solidarity) of a state". The crisis continued with S&P downgrading the credit rating of nine euro-area countries, including France, then downgrading the entire European Financial Stability Facility (EFSF) fund. A historical parallel – to 1931 when Germany was burdened with debt, unemployment and austerity while France and

5520-436: The rising cost of living. The war in Ukraine has also resulted in significant loss of human capital , destruction of agricultural trading infrastructure, huge damage to production capacity, including through the loss of electricity, and a reduction in private consumption of more than a third relative to pre-war levels. Beginning in 2014, Russia has been facing sanctions over its annexation of Crimea which have stunted

5600-480: The same time, the Russian budget had a record deficit of 1.45 trillion rubles by August, mostly due to collapse of tax income from fossil fuel exports from 70 billion down to 33.7 billion rubles per month, with total reduction of monthly budget incomes by 10%. In September, the Russian Ministry of Finance notified all public sectors of a reduction in spending by 10%. Some estimates suggest that reconstruction of

5680-464: The successor to the European Currency Unit (ECU). 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. 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. The official date on which

5760-411: The war the price has risen 50%. Another negative effect of the Russian migrants who came to Armenia was the appreciation of AMD. According to Google Finance, the exchange rate of dollar to dram was less than 400 AMD (395.2915 AMD more precise). The problems with the appreciation of the dram is that when Russians came into Armenia , they fueled the demand for dram and this, combined with the fact that

5840-454: The war-torn annexed territories would cost Russia between $ 100 and $ 200 billion. The reconstruction of Mariupol alone will likely cost more than $ 14 billion. A state budget published on 29 September by the Kremlin revealed that 3.3 billion roubles (about US$ 59 million) had been set aside to rebuild the regions. In November 2022 it was reported that Russia had officially entered a recession as

5920-588: The world's largest suppliers of crude oil and metals, including palladium , platinum , gold, cobalt , nickel , and aluminium. The invasion threatened the energy supply from Russia to Europe, with natural gas prices in Europe reaching an all-time high of $ 3,700 per thousand cubic meters on 7 March at ICE Futures , and Brent oil prices rising above $ 130 a barrel for the first time since 2008. This caused European countries to seek to diversify their energy supply routes. On 7 March, German chancellor Olaf Scholz and other European leaders pushed back against

6000-433: The €500 with issuance discontinued as of 27 April 2019. However, both the first and the second series of euro banknotes, including the €500, remain legal tender throughout the euro area. In December 2021, the ECB announced its plans to redesign euro banknotes by 2024. A theme advisory group, made up of one member from each euro area country, was selected to submit theme proposals to the ECB. The proposals will be voted on by

6080-560: Was already two years old. While the conversion rates for the initial eleven currencies were determined only hours before the euro was introduced, the conversion rate for the Greek drachma was fixed several months beforehand. The currency was introduced in non-physical form ( traveller's cheques , electronic transfers, banking, etc.) at midnight on 1 January 1999, when the national currencies of participating countries (the eurozone) ceased to exist independently. Their exchange rates were locked at fixed rates against each other. The euro thus became

6160-496: Was an accounting unit used by the EU, based on the currencies of the member states; it was not a currency in its own right. They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally pound sterling ) that day. The procedure used to fix the conversion rate between the Greek drachma and the euro was different since the euro by then

6240-505: Was created by the Austrian designer Robert Kalina . Notes are issued in €500 , €200 , €100 , €50 , €20 , €10 , and €5 . Each banknote has its own colour and is dedicated to an artistic period of European architecture. The front of the note features windows or gateways while the back has bridges, symbolising links between states in the union and with the future. While the designs are supposed to be devoid of any identifiable characteristics,

6320-513: Was not reflected in the GDP. The National Bank of Ukraine suspended currency markets, announcing that it would fix the official exchange rate. The central bank also limited cash withdrawals to ₴ 100,000 per day and prohibited withdrawal in foreign currencies by members of the general public. The PFTS Ukraine Stock Exchange stated on 24 February that trading was suspended due to the emergency events. On 10 April 2022, Bloomberg News service reported that

6400-549: Was preparing options for significant economic and fiscal support to Ukrainians and the region. Despite unprecedented international sanctions against Russia, payments for energy and raw materials were largely spared from these measures, as were food supplies because of the potential impact on world food prices . Russia and Ukraine are major producers of wheat that is exported through the Bosporus to Mediterranean and North African countries. The expulsion of some Russian banks from SWIFT

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