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101-506: The Luisenpark was built between 1892 and 1903, formed upon the legacy of scientist Carl William Casimir Fox, who bequeathed 20,000 Deutsche Marks in his will to the city of Mannheim for the making of a new park. This amount was not sufficient for total financing, but formed a foundational start. Construction work began at the end of 1892. The design of the park was done by the Siesmayer brothers, Frankfurt landscape gardeners. Conditions for

202-519: A Braille representation of the notes denomination), colour-shifting ink (on the DM ;500 and DM 1000 denominations), a see-through registration device and ultraviolet-visible security features. First to be issued were the DM 100 and DM 200 denominations on 1 October 1990 (although the banknote shows " Frankfurt am Main , 2. Januar 1989"). The next denomination was DM 10 on 16 April 1991, followed by DM 50 on 30 September 1991. Next

303-717: A colorless inorganic oxide mixture applied to the security thread. Banknotes featuring that were designated BBk Ia within the Bundesbank. All banknotes of the third series bore the penalty for counterfeiting and forgery on the upper right corner of the reverse, from German penal code section 146: " Wer Banknoten nachmacht oder verfälscht, oder nachgemachte oder verfälschte sich verschafft und in Verkehr bringt, wird mit Zuchthaus/Freiheitsstrafe nicht unter zwei Jahren bestraft. " ("Who falsifies or counterfeits banknotes, or procures falsified or counterfeit banknotes and releases them into circulation,

404-501: A country was to run a deficit, they would have to justify it to the rest of the EU while countries with a debt more than 60% of GDP would face greater scrutiny. The plans would apply to all EU members, not just the eurozone, and have to be approved by EU leaders along with proposals for states to face sanctions before they reach the 3% limit in the Stability and Growth Pact . Poland has criticised

505-666: A day before a meeting of the Economic and Financial Affairs Council (Ecofin) of the Council of the European Union . The Group is not an official Council formation but when the full EcoFin council votes on matters only affecting the eurozone, only Euro Group members are permitted to vote on it. Since the global financial crisis of 2007–2008 , the Euro Group has met irregularly not as finance ministers, but as heads of state and government (like

606-547: A fiscal union in the eurozone can mitigate devastating effects of the single currency on the eurozone peripheral countries. But he adds that the currency bloc will not work perfectly even if a fiscal transfer system is built, because, he argues, the fundamental issue about competitiveness adjustment is not tackled. The problem is, since the eurozone peripheral countries do not have their own currencies, they are forced to adjust their economies by decreasing their wages instead of devaluation. The financial crisis of 2007–2008 prompted

707-452: A greatly expanded market for German exports. Overnight, consumer goods appeared in the stores, because they could be sold for higher prices. While the availability of consumer goods is seen as a giant success story by most historians of the present, the perception at the time was a different one: prices were so high that average people could not afford to shop, especially since prices were free-ranging but wages still fixed by law. Therefore, in

808-512: A minimum of two years without the presence of "severe tensions" for the currency exchange rate. In September 2011, a diplomatic source close to the euro adoption preparation talks with the seven remaining new member states who had yet to adopt the euro at that time (Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland, and Romania), claimed that the monetary union (eurozone) they had thought they were going to join upon their signing of

909-762: A mint mark, indicating where the coin was minted. D indicates Munich, F Stuttgart, G Karlsruhe and J Hamburg. Coins minted during the Second World War include the mint marks A (Berlin) and B (Vienna). The mint mark A was also used for German mark coins minted in Berlin beginning in 1990 following the reunification of Germany. These mint marks have been continued on the German euro coins . Between 1 July 1990 (the currency union with East Germany ) and 1 July 1991, East German coins in denominations up to 50 pfennig s continued to circulate as Deutsche Mark coins at their face value, owing to

1010-583: A new stricter version of the Stability and Growth Pact , signed on 2 March 2012 by all member states of the European Union (EU), except the Czech Republic, the United Kingdom, and Croatia (subsequently acceding the EU in July 2013). The treaty entered into force on 1 January 2013 for the 16 states which completed ratification prior of this date. As of 1 April 2014, it had been ratified and entered into force for all 25 signatories. Olivier Blanchard suggests that

1111-558: A number of reforms in the eurozone. One was a U-turn on the eurozone's bailout policy that led to the creation of a specific fund to assist eurozone states in trouble. The European Financial Stability Facility (EFSF) and the European Financial Stability Mechanism (EFSM) were created in 2010 to provide, alongside the International Monetary Fund (IMF), a system and fund to bail out members. However,

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1212-578: A rate of 1:1 for the first M 4,000 and 2:1 for larger amounts. Before reunification, each citizen of East Germany coming to West Germany was given Begrüßungsgeld (welcome money), a per capita allowance of DM 100 in cash. The government of Germany and the Bundesbank were in major disagreement over the exchange rate between the East German mark and the German mark. France and the United Kingdom were opposed to German reunification, and attempted to influence

1313-549: A rather short life. While previously damaged notes could be replaced from reserve stocks, this stock was also coming to an end, necessitating a reprint. Typical security features at the time were guilloches, a multi-level head watermark and a security thread. Note numbers that fluoresced under UV light and green, yellow, and blue. 27 fluorescent fibers embedded in the paper appeared on most banknotes; however, some specimens without these features were in circulation. Starting in 1976, banknotes were equipped with machine-readable feature -

1414-455: A result of the financial crisis of 2007–2008 . In Iceland, there was an increase in interest in joining the European Union, a pre-condition for adopting the euro. However, by 2010 the debt crisis in the eurozone caused interest from Poland, as well as the Czech Republic, Denmark and Sweden to cool. In the opinion of journalist Leigh Phillips and Locke Lord 's Charles Proctor, there is no provision in any European Union treaty for an exit from

1515-402: A short transition period, they took out of circulation and rendered invalid their pre-euro national coins and notes. Between 2007 and 2023, eight new states have acceded: Croatia, Cyprus, Estonia, Latvia, Lithuania, Malta, Slovakia, and Slovenia. Three French dependent territories that are not part of the EU have adopted the euro, with France ensuring eurozone laws are implemented: The euro

1616-540: A small number of D-Mark coins or bills, e.g. Gib mir mal ein paar Märker ("Just give me a few marks") and Die lieben Märker wieder ("The lovely money again", with an ironic undertone). The subdivision unit is spelled Pfennig ( masc. ; [ˈpfɛnɪç] ), which unlike Mark does have a commonly used plural form: Pfennige ( [ˈpfɛnɪɡə] ), but the singular could also be used instead with no difference in meaning. (e.g.: ein (one) Pfennig , dreißig (thirty) Pfennige or dreißig (thirty) Pfennig ). The official form

1717-410: A temporary shortage of small coins. These coins were legal tender only in the territory of the former East Germany. In colloquial German the 10pf coin was sometimes called a groschen (compare: groat ). Likewise, sechser ('sixer') could refer to a coin of 5pf. Both colloquialisms refer to several pre-1871 currencies of the previously independent states (notably Prussia ), where a groschen

1818-600: A window from marauding soldiers attempting to take the castle in Karlsruhe . The park contains a number of amusements and gardens, including a Chinese garden, rose garden, arboretum , and greenhouses for display and for tree ferns . 49°28′57.69″N 8°29′50.63″E  /  49.4826917°N 8.4973972°E  / 49.4826917; 8.4973972 Deutsche Marks The Deutsche Mark ( German: [ˈdɔʏtʃə ˈmaʁk] ; "German mark "), abbreviated " DM " or " D-Mark " ( [ˈdeːˌmaʁk] ),

1919-476: Is also used in countries outside the EU. Four states (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins. Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group. Akrotiri and Dhekelia (located on the island of Cyprus) belong to the United Kingdom, but there are agreements between

2020-477: Is an informal body of finance ministers that makes fiscal policy for the currency union, and the European System of Central Banks is responsible for fiscal and monetary cooperation between eurozone and non-eurozone EU members. The European Central Bank (ECB) makes monetary policy for the eurozone, sets its base interest rate , and issues euro banknotes and coins. Since the financial crisis of 2007–2008 ,

2121-482: Is common representation, a common political agenda should be agreed upon. Leading EU figures including the commission and national governments have proposed a variety of reforms to the eurozone's architecture; notably the creation of a Finance Minister, a larger eurozone budget, and reform of the current bailout mechanisms into either a "European Monetary Fund" or a eurozone Treasury . While many have similar themes, details vary greatly. The 20 largest economies in

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2222-535: Is compared to other currencies, as in its 53-year history, the purchasing power of the German mark was reduced by over 70%. The first Deutsche Mark coins were issued by the Bank deutscher Länder in 1948 and 1949. From 1950, the inscription Bundesrepublik Deutschland (Federal Republic of Germany) appeared on the coins. These coins were issued in denominations of 1pf, 2pf, 5pf, 10pf, and 50pf. The 1pf and 2pf coins were struck in bronze clad steel (although during some years

2323-454: Is entitled to authorise the design and printing of euro banknotes and the volume of euro coins minted, and its president is currently Christine Lagarde . The eurozone is represented politically by its finance ministers, known collectively as the Eurogroup , and is presided over by a president, currently Paschal Donohoe . The finance ministers of the EU member states that use the euro meet

2424-494: Is intended for circulation. Commemorative silver DM10 coins have also been issued which have periodically found their way into circulation. Unlike other European countries, Germany retained the use of the smallest coins (1pf and 2pf) until adoption of the euro. denomination below denomination below The weights and dimensions of the coins can be found in an FAQ of the Bundesbank . Unlike other countries (such as Australia) there

2525-496: Is legally exempt from joining the eurozone unless its government decides otherwise, either by parliamentary vote or referendum . The United Kingdom likewise had an opt-out prior to withdrawing from the EU in 2020. The remaining six countries are obliged to adopt the euro in future, although the EU has so far not tried to enforce any time plan. They should join as soon as they fulfill the convergence criteria, which include being part of ERM II for two years. Sweden , which joined

2626-802: Is liable to imprisonment for at least two years". The third series banknotes entered circulation on 10 February 1961, with the DM 20 note. DM 100 and DM 50 followed next year, and DM 5 and DM 10 in 1963. High-denomination DM 1000 and DM 500 followed in 1964 and 1965, respectively. The banknotes were printed exclusively in West Germany; in Bundesdruckerei in West Berlin and in Giesecke+Devrient in Munich . The third series banknotes ceased to be legal tender on 30 June 1995, when

2727-672: Is named after princess Luise Marie Elizabeth of Prussia , a close relative of three German emperors: William I was her father, Frederick III was her brother and William II was her nephew. On September 26, 1856, when she was eighteen-years old, she married the Prince Regent, later Grand Duke of Baden , Frederick I . She carried out crucial pioneering work for the Wohlfahrtspflege in Baden. As an eighty-year-old, she, along with her daughter, Queen Victoria of Sweden , had to flee through

2828-547: Is part of a proper name, while the noun "Mark", like all German nouns, is always capitalized. The English loanword "Deutschmark" has a slightly different spelling and one syllable fewer (possibly due to the frequency of silent e in English, or due to English's lack of adjectival endings), and a plural form in -s . In Germany and other German speaking countries, the currency's name was often abbreviated as D-Mark ( fem. , [ˈdeːmaʁk] ) or simply Mark ( fem. ) with

2929-593: Is singular. Before the switch to the euro, the Deutsche Mark was the largest international reserve currency after the United States dollar . The percental composition of currencies of official foreign exchange reserves from 1995 to 2022. Eurozone The euro area , commonly called the eurozone ( EZ ), is a currency union of 20  member states of the European Union (EU) that have adopted

3030-542: Is to not exceed 60%. The primary means for fiscal coordination within the EU lies in the Broad Economic Policy Guidelines which are written for every member state, but with particular reference to the 20 current members of the eurozone. These guidelines are not binding, but are intended to represent policy coordination among the EU member states, so as to take into account the linked structures of their economies. For their mutual assurance and stability of

3131-584: The Deutsche Bundesbank . The Deutsche Mark earned a reputation as a strong store of value at times when other national currencies succumbed to periods of inflation . It became a source of national pride and an anchor for the country's economic prosperity, particularly during the years of the Wirtschaftswunder in the 1950s. The population in the Saar Protectorate rejected in a referendum

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3232-664: The Czech Republic , Denmark , Hungary , Poland , Romania , and Sweden ) are EU members but do not use the euro. Before joining the eurozone, a state must spend at least two years in the European Exchange Rate Mechanism (ERM II). As of January 2023, the central bank of Denmark and the Bulgarian central bank participate in ERM II. Denmark obtained a special opt-out in the original Maastricht Treaty , and thus

3333-791: The European Monetary System with its Exchange Rate Mechanism and the related new common currency ECU . On 1 January 1999, the euro replaced the ECU ;1:1 at the exchange rate markets. During 1979–1999, the Deutsche Mark functioned as a de facto anchor for the ECU, meaning there was only a minor difference between pegging a currency against the ECU and pegging it against the Deutsche Mark. Sources: EC convergence reports 1996-2014 , Italian lira , Spanish peseta , Portuguese escudo , Finnish markka , Greek drachma , Sterling The eurozone

3434-578: The French franc . On 9 July 1959 the Deutsche Mark replaced the Saar franc at a ratio of 100 francs = DM 0.8507. The Deutsche Mark played an important role in the reunification of Germany. It was introduced as the official currency of East Germany in July 1990, replacing the East German mark ( Mark der DDR ), in preparation for unification on 3 October 1990. East German marks were exchanged for Deutsche Marks at

3535-641: The German gold mark was based on gold rather than silver (at 2.79 marks per gram of fine gold), a fixed exchange rate between the Vereinsthaler and the mark of 3 marks = 1 Vereinsthaler was used for the conversion. The first mark, known as the Goldmark , was introduced in 1873. With the outbreak of World War I , the mark was taken off the gold standard. The currency thus became known as the Papiermark , especially as high inflation , then hyperinflation occurred and

3636-512: The IMF as a bloc, rather than each member state separately: "It is absurd for those 15 countries not to agree to have a single representation at the IMF. It makes us look absolutely ridiculous. We are regarded as buffoons on the international scene". In 2017 Juncker stated that he aims to have this agreed by the end of his mandate in 2019. However, Finance Commissioner Joaquín Almunia stated that before there

3737-612: The Ostmark —literally Eastmark ) was introduced a few days afterwards in the form of Reichsmark and Rentenmark notes with adhesive stamps to stop the flooding in of Reichsmark and Rentenmark notes from the West. In July 1948, a completely new series of East German mark banknotes was issued. Later in 1948, the Bank deutscher Länder ("Bank of the German States") assumed responsibility, followed in 1957 by

3838-626: The Soviet Union to stop it. However, in late 1989 France extracted German commitment to the Monetary Union in return for support for German reunification. The German mark had a reputation as one of the world's most stable currencies; this was based on the monetary policy of the Bundesbank . The policy was "hard" in relation to the policies of certain other central banks in Europe. The "hard" and "soft"

3939-586: The euro ( € ) as their primary currency and sole legal tender , and have thus fully implemented EMU policies. The 20 eurozone members are: The seven non-eurozone members of the EU are Bulgaria , the Czechia , Denmark , Hungary , Poland , Romania , and Sweden . They continue to use their own national currencies, although all but Denmark are obliged to join once they meet the euro convergence criteria . Among non-EU member states, Andorra , Monaco , San Marino , and Vatican City have formal agreements with

4040-398: The main refinancing operations were variable rate tenders, as opposed to fixed rate tenders. The figures indicated in the table from 2000 to 2008 refer to the minimum interest rate at which counterparties may place their bids. [REDACTED] The following table states the ratio of public debt to GDP in percent for eurozone countries given by EuroStat. The euro convergence criterion

4141-448: The 2pf was issued in solid bronze) while 5pf and 10pf were brass clad steel and the 50-pfennig was in cupronickel . In 1950, cupronickel DM1 coins were released, while a cupronickel DM2 and a .625 silver DM5 were released in 1951. Cupronickel replaced silver in the DM5 in 1975. The DM2 and DM5 coins have often been used for commemorative themes, though typically only the generic design for the DM5

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4242-525: The Allies each zone was governed independently as regards monetary matters. The US occupation policy was governed by the directive JCS 1067 (in effect until July 1947), which forbade the US military governor "to take any steps to strengthen German financial structure". As a consequence a separate monetary reform in the U.S. zone was not possible. Each of the Allies printed its own occupation currency . The Deutsche Mark

4343-403: The Bundesbank decided to issue a new series of Deutsche Mark banknotes. The colours for each denomination remained unchanged from the previous series but the designs underwent significant changes and a DM 200 denomination was introduced. Famous national artists and scientists were chosen to be portrayed on the new banknotes. Male and female artists were chosen in equal numbers. The buildings in

4444-488: The Bundesbank in Germany. Banknotes and coins can even be sent to the Bundesbank by mail. In 2012, it was estimated that as many as 13.2 billion marks were in circulation, with one poll from 2011 showing a narrow majority of Germans favouring the currency's restoration (although only a minority believed this would bring any economic benefit). Polls in the early 2020s indicated only a minority of Germans supported reintroduction of

4545-572: The Council of Ministers had not voted to fine those states. Subsequently, reforms were adopted to provide more flexibility and ensure that the deficit criteria took into account the economic conditions of the member states, and additional factors. The Fiscal Compact (formally, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union), is an intergovernmental treaty introduced as

4646-618: The DM 5 coin used to be also called a Heiermann , whereas in Bavaria the DM 2 coin was called Zwickl and this expression is now used for the €2 coin in the region. There were four series of German mark banknotes: The notes with a value greater than DM 200 were rarely seen. A reserve series (BBk II) was commissioned on 1 July 1960, consisting of DM 10, DM 20, DM 50 and DM 100 banknotes. 670 million BBk II banknotes in value of 25 billion marks were printed. The notes were printed between 1963 and 1974 in fear if

4747-577: The Deutsche Mark. A mark had been the currency of Germany since its original unification in 1871. Before that time, the different German states issued a variety of different currencies, the most common being the North German thaler and the South German gulden . By 1857, both currencies were linked to the Vereinsthaler , a silver coin containing 16 + 2 ⁄ 3 grams of pure silver. Although

4848-559: The Dutch government, favour the creation of an expulsion provision for the case whereby a heavily indebted state in the eurozone refuses to comply with an EU economic reform policy. In a Texas law journal, University of Texas at Austin law professor Jens Dammann has argued that even now EU law contains an implicit right for member states to leave the eurozone if they no longer meet the criteria that they had to meet in order to join it. Furthermore, he has suggested that, under narrow circumstances,

4949-512: The EFSF and EFSM were temporary, small and lacked a basis in the EU treaties. Therefore, it was agreed in 2011 to establish a European Stability Mechanism (ESM) which would be much larger, funded only by eurozone states (not the EU as a whole as the EFSF/EFSM were) and would have a permanent treaty basis . As a result of that its creation involved agreeing an amendment to TEFU Article 136 allowing for

5050-539: The ESM and a new ESM treaty to detail how the ESM would operate. If both are successfully ratified according to schedule, the ESM would be operational by the time the EFSF/EFSM expire in mid-2013. 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. In June 2010, a broad agreement

5151-645: The EU in 1995 after the Maastricht Treaty was signed, is required to join the eurozone. However, the Swedish people turned down euro adoption in a 2003 referendum and since then the country has intentionally avoided fulfilling the adoption requirements by not joining ERM II, which is voluntary. Bulgaria joined ERM II on 10 July 2020. Interest in joining the eurozone increased in Denmark, and initially in Poland, as

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5252-492: The EU in 2013 , adopted the euro in 2023. All new EU members joining the bloc after the signing of the Maastricht Treaty in 1992 are obliged to adopt the euro under the terms of their accession treaties. However, the last of the five economic convergence criteria which need first to be complied with in order to qualify for euro adoption, is the exchange rate stability criterion, which requires having been an ERM-member for

5353-402: The EU to use the euro as their official currency and issue their own coins. In addition, Kosovo and Montenegro have adopted the euro unilaterally, relying on euros already in circulation rather than minting currencies of their own. These six countries, however, have no representation in any eurozone institution. The Eurosystem is the monetary authority of the eurozone, the Eurogroup

5454-541: The Eastern Bloc would start systematically counterfeiting the BBk I series of banknotes to cripple the economy, then they would quickly be replaced by emergency notes. Another reserve series for West Berlin (BBk IIa) was commissioned on 1 July 1963, consisting of DM 5, DM 10, DM 20, DM 50 and DM 100 banknotes. 115 million West Berlin banknotes were printed, total value 4 billion marks. 15 billion marks worth of

5555-535: The European Council). It is in this forum, the Euro summit , that many eurozone reforms have been decided upon. In 2011, former French President Nicolas Sarkozy pushed for these summits to become regular and twice a year in order for it to be a 'true economic government'. In April 2008 in Brussels , future European Commission President Jean-Claude Juncker suggested that the eurozone should be represented at

5656-540: The European Union had met the euro convergence criteria , and the eurozone came into existence with the official launch of the euro (alongside national currencies) on 1 January 1999 in those countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Greece qualified in 2000 and was admitted on 1 January 2001. These twelve founding members introduced physical euro banknotes and euro coins on 1 January 2002. After

5757-653: The European Union , the Council of the European Union addressed the monetary agreements France had with the CFA Zone and Comoros, and ruled that the ECB had no obligation towards the convertibility of the CFA and Comorian francs . The responsibility of the free convertibility remained in the French Treasury . Kosovo and Montenegro unilaterally adopted the euro as their sole currency without an agreement and, therefore, have no issuing rights. These states are not considered part of

5858-676: The European Union can expel member states from the eurozone. The monetary policy of all countries in the eurozone is managed by the European Central Bank (ECB) and the Eurosystem which comprises the ECB and the central banks of the EU states who have joined the eurozone. Countries outside the eurozone are not represented in these institutions. Whereas all EU member states are part of the European System of Central Banks (ESCB), non EU member states have no say in all three institutions, even those with monetary agreements such as Monaco. The ECB

5959-458: The Federal Republic of Germany's official currency from its founding the following year. On 31 December 1998, the Council of the European Union fixed the irrevocable exchange rate, effective 1 January 1999, for German mark to euros as DM 1.95583 = €1. In 1999, the Deutsche Mark was replaced by the euro; its coins and banknotes remained in circulation, defined in terms of euros, until

6060-424: The Nazis, and which the Allies had not removed. He did this, as he often confessed, on Sunday because the offices of the American, British, and French occupation authorities were closed that day. He was sure that if he had done it when they were open, they would have countermanded the order. The introduction of the new currency was intended to protect western Germany from a second wave of hyperinflation and to stop

6161-453: The U.S. and Britain launched an airlift of food and coal and distributed the new currency in West Berlin as well. Since the 1930s, prices and wages had been controlled, but money had been plentiful. That meant that people had accumulated large paper assets, and that official prices and wages did not reflect reality, as the black market dominated the economy and more than half of all transactions were taking place unofficially. The reform replaced

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6262-400: The US since 1982. Concerning fiscal policies, 12% of the US federal budget is used for transfers to states and local governments. The US government does not impose restrictions on state budget policies, whereas the Treaty of Maastricht requires each eurozone member country to keep its budget deficit below 3% of its GDP. In 2008, a study by Alberto Alesina and Vincenzo Galasso found that

6363-437: The United Kingdom and Cyprus and between United Kingdom and EU about their partial integration with Cyprus and partial adoption of Cypriot law, including the usage of euro in Akrotiri and Dhekelia. Several currencies are pegged to the euro, some of them with a fluctuation band and others with an exact rate. The Bosnia and Herzegovina convertible mark was once pegged to the Deutsche mark at par, and continues to be pegged to

6464-419: The accession treaty may very well end up being a very different union, entailing a much closer fiscal, economic, and political convergence than originally anticipated. This changed legal status of the eurozone could potentially cause them to conclude that the conditions for their promise to join were no longer valid, which "could force them to stage new referendums" on euro adoption. Seven countries ( Bulgaria ,

6565-485: The adoption of euro promoted market deregulation and market liberalization . Furthermore, the euro was also linked to wage moderation, as wage growth slowed down in countries that adopted the new currency. Oliver Hart , who received the Nobel Memorial Prize in Economic Sciences in 2016, criticized the euro, calling it a "mistake" and emphasising his opposition to monetary union since its inception. He also expressed opposition to European integration , arguing that

6666-410: The advance of forgery technology, the Bundesbank decided to introduce additional security features on the most important denominations (DM 50, DM 100 and DM 200) as of 1996. These were a hologram foil in the center of the note's obverse, a matted printing on the note's right obverse, showing its denomination (like on the reverse of the new euro banknotes ), and the EURion constellation on

6767-437: The ascent of the Luisenparks for supraregional meaning was the resolution of the Mannheimer local council on November 18, 1969, to develop the Luisenpark as well as the Herzogenriedpark (to accomplish the Bundesgartenschau 1975). At that time the park was extended to a size of 41 hectares by the inclusion of a former racecourse. The sales of 186,000 season tickets, which was not even reached by all federal horticultural shows,

6868-495: The background of the notes' obverses had a close relationship to the person displayed (e.g., place of birth, place of death, place of work), as well as the second background picture (Lyra and the musician Schumann). The reverses of the notes refer to the work of the person on the obverse. The new security features were: a windowed security thread (with the notes' denominations in microprinting), watermarks, microprinting, intaglio printing (viewing-angle dependent visibility as well as

6969-450: The banknotes were held in Bundesbank's custom-built underground bunker in Cochem in Rheinland-Pfalz , the rest was stored in Bundesbank's vault in Frankfurt . In 1957, with Bank deutscher Länder and the states' central banks merging to form the Bundesbank, new banknotes were being designed, as "Bank deutscher Länder" on the previous series was no longer correct. The previous series' notes had been made out of less durable paper and had

7070-407: The currency became exclusively made up of paper money. The Papiermark was replaced by the Rentenmark (RM) from 15 November 1923, and the Reichsmark (ℛ︁ℳ︁) in 1924. During the first two years of occupation the occupying powers of France, United Kingdom, United States, and the Soviet Union were not able to successfully negotiate a possible currency reform in Germany. Due to the strains between

7171-412: The currency, members of the eurozone have to respect the Stability and Growth Pact , which sets agreed limits on deficits and national debt , with associated sanctions for deviation. The Pact originally set a limit of 3% of GDP for the yearly deficit of all eurozone member states; with fines for any state which exceeded this amount. In 2005, Portugal, Germany, and France had all exceeded this amount, but

7272-570: The deficit or the debt rules. In 1997, Arnulf Baring expressed concern that the European Monetary Union would make Germans the most hated people in Europe. Baring suspected the possibility that the people in Mediterranean countries would regard Germans and the currency bloc as economic policemen. In 2001, James Tobin thought that the euro project would not succeed without making drastic changes to European institutions, pointing out

7373-445: The difference between the US and the eurozone. Concerning monetary policies, the system of Federal Reserve banks in the US aims at both growth and reducing unemployment, while the ECB tends to give its first priority to price stability under the Bundesbank 's supervision. As the price level of the currency bloc is kept low, the unemployment level of the region has become higher than that of

7474-652: The economy. The currency reforms were simultaneous with the $ 1.4 billion in Marshall Plan money coming in from the United States, which primarily was used for investment. In addition, the Marshall plan forced German companies, as well as those in all of Western Europe, to modernize their business practices, and take account of the wider market. Marshall plan funding overcame bottlenecks in the surging economy caused by remaining controls (which were removed in 1949), and opened up

7575-517: The euro today at the Deutsche mark's old rate (1.95583 per euro). The Bulgarian lev was initially pegged to the Deutsche Mark at a rate of BGL 1000 to DEM 1 in 1997, and has been pegged at a rate of BGN 1.95583 to EUR 1 since the introduction of the euro and the redenomination of the lev in 1999. The West African and Central African CFA francs are pegged exactly at 655.957 CFA to 1 EUR. In 1998, in anticipation of Economic and Monetary Union of

7676-413: The eurozone by the ECB. However, sometimes the term eurozone is applied to all territories that have adopted the euro as their sole currency. Further unilateral adoption of the euro ( euroisation ), by both non-euro EU and non-EU members, is opposed by the ECB and EU. The chart below provides a full summary of all applying exchange-rate regimes for EU members , since the birth, on 13 March 1979, of

7777-509: The eurozone has established and used provisions for granting emergency loans to member states in return for enacting economic reforms. The eurozone has also enacted some limited fiscal integration ; for example, in peer review of each other's national budgets. The issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone change. No eurozone member state has left, and there are no provisions to do so or to be expelled. In 1998, eleven member states of

7878-574: The eurozone should be included in the relevant treaties. On the issue of leaving the eurozone, the European Commission has stated that "[t]he irrevocability of membership in the euro area is an integral part of the Treaty framework and the Commission, as a guardian of the EU Treaties, intends to fully respect [that irrevocability]." It added that it "does not intend to propose [any] amendment" to

7979-498: The eurozone. In fact, they argued, the Treaties make it clear that the process of monetary union was intended to be "irreversible" and "irrevocable". However, in 2009, a European Central Bank legal study argued that, while voluntary withdrawal is legally not possible, expulsion remains "conceivable". Although an explicit provision for an exit option does not exist, many experts and politicians in Europe have suggested an option to leave

8080-453: The fourth series notes had been in circulation for 3–5 years. There were a total of five issues of the third series, main differences being the dates, and signatures of the Presidents and Vice Presidents of Bundesbank: The design of German banknotes remained unchanged during the 1960s, 1970s and 1980s. During this period, forgery technology made significant advances and so, in the late 1980s,

8181-444: The idea of withholding regional funding for those who break the deficit limits, as that would only impact the poorer states. In June 2010 France agreed to back Germany's plan for suspending the voting rights of members who breach the rules. In March 2011 was initiated a new reform of the Stability and Growth Pact aiming at straightening the rules by adopting an automatic procedure for imposing of penalties in case of breaches of either

8282-549: The introduction of euro notes and coins on 1 January 2002. The Deutsche Mark ceased to be legal tender immediately upon the introduction of the euro—in contrast to the other eurozone states, where the euro and legacy currency circulated side by side for up to two months. Mark coins and banknotes continued to be accepted as valid forms of payment in Germany until 1 March 2002. The Deutsche Bundesbank has guaranteed that all German marks in cash form may be changed into euros indefinitely, and one may do so in person at any branch of

8383-414: The latter term also often used in English. Like Deutsche Mark , D-Mark and Mark do not take the plural in German when used with numbers (like all names of units), the singular being used to refer to any amount of money (e.g. eine (one) Mark and dreißig (thirty) Mark ). Sometimes, a very colloquial plural form of Mark , Märker [ˈmɛʁkɐ] was used either as hypocoristic form or to refer to

8484-410: The note's reverse. Furthermore, the colours were changed slightly to hamper counterfeiting. The German name of the currency is Deutsche Mark ( fem. , German pronunciation: [ˈdɔʏtʃə ˈmaʁk] ); its plural form in standard German is the same as the singular. In German, the adjective "deutsche" (adjective for "German" in feminine singular nominative form) is capitalized because it

8585-455: The number of 8.1 million visitors, and the removal of the Luisenpark fence, convinced the city council to operate the Luisenpark as city park with entrance fee. On October 21, 1975, the decision was made for a closed Luisenpark with an entrance fee. At first they agreed on two trial years, but over 38,000 annual tickets sold were a convincing argument to keep the park in this form. The Luisenpark

8686-406: The old money with the new Deutsche Mark at the rate of one new per ten old. This wiped out 90% of government and private debt, as well as private savings. Prices were decontrolled, and labor unions agreed to accept a 15% wage increase, despite the 25% rise in prices. The result was the prices of German export products held steady, while profits and earnings from exports soared and were poured back into

8787-566: The proposal to turn it into a "European territory". Despite French pre-referendum claims that a "no" vote would mean that the Saar would remain a French protectorate it in fact resulted in the incorporation of the Saar into the Federal Republic of Germany on 1 January 1957. The new German member state of the Saarland maintained its currency, the Saar franc , which was in a currency union at par with

8888-529: The rampant barter and black market trade (where cigarettes were used as currency). Although the new currency was initially only distributed in the three western occupation zones outside Berlin, the move angered the Soviet authorities, who regarded it as a threat. The Soviets promptly cut off all road, rail and canal links between the three western zones and West Berlin , starting the Berlin Blockade . In response,

8989-493: The relevant Treaties, the current status being "the best way going forward to increase the resilience of euro area Member States to potential economic and financial crises. The European Central Bank , responding to a question by a Member of the European Parliament , has stated that an exit is not allowed under the Treaties. Likewise there is no provision for a state to be expelled from the euro. Some, however, including

9090-435: The reverse, which read Deutsche Bundesbank (instead of Bundesrepublik Deutschland ), as the Bundesbank was the issuing authority in this case. A total of one million gold DM 1 coins were minted (200,000 at each of the five mints) and were sold beginning in mid-2001 through German coin dealers on behalf of the Bundesbank . The issue price varied by the dealer but averaged approximately US$ 165. German coins bear

9191-405: The status of legal tender but were rarely seen outside of collectors' circles. On 27 December 2000, the German government enacted a law authorizing the Bundesbank to issue, in 2001, a special .999 pure gold DM 1 coin commemorating the end of the German mark. The coin had the exact design and dimensions of the circulating cupro-nickel DM 1 coin, with the exception of the inscription on

9292-604: The summer of 1948 a giant wave of strikes and demonstrations swept over West Germany, leading to an incident in Stuttgart where strikers were met by US tanks ("Stuttgarter Vorfälle"). Only after the wage-freeze was abandoned, Deutschmark and free-ranging prices were accepted by the population. In the Soviet occupation zone of Germany (later the German Democratic Republic ), the East German mark (also named "Deutsche Mark" from 1948 to 1964 and colloquially referred to as

9393-412: The world including eurozone as a single entity, by nominal GDP (2020) at their peak level of GDP in billions US$ . The values for EU members that are not also eurozone members are listed both separately and as part of the EU. HICP figures from the ECB, overall index: Interest rates for the eurozone, set by the ECB since 1999. Levels are in percentages per annum. Between June 2000 and October 2008,

9494-487: Was born with its first 11 member states on 1 January 1999. The first enlargement of the eurozone , to Greece, took place on 1 January 2001, one year before the euro physically entered into circulation. The next enlargements were to states which joined the EU in 2004 , and then joined the eurozone on 1 January of the year noted: Slovenia in 2007, Cyprus in 2008, Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, and Lithuania in 2015. Croatia, which acceded to

9595-436: Was finally reached on a controversial proposal for member states to peer review each other's budgets prior to their presentation to national parliaments . Although showing the entire budget to each other was opposed by Germany, Sweden and the UK, each government would present to their peers and the Commission their estimates for growth, inflation, revenue and expenditure levels six months before they go to national parliaments. If

9696-466: Was in respect to the aims of inflation and political interference. This policy was the foundation of the European Central Bank 's present policy towards the euro. The German mark's stability was greatly apparent in 1993, when speculation on the French franc and other European currencies caused a change in the European Exchange Rate Mechanism . However, it should be remembered that "hard" is relative only if it

9797-549: Was no attempt or proposal suggested for the withdrawal of the 1pf and 2pf coins. Both coins were still in circulation in 2001 and supermarkets in particular still marked prices to the nearest pfennig. This penchant for accuracy continues with the euro (while Finland or the Netherlands for example, price to the nearest 5 cents) with the 1-cent coin still encountered in Germany. There were a considerable number of commemorative silver DM 5 and DM 10 coins , which actually had

9898-405: Was officially introduced on Sunday 20 June 1948 by Ludwig Erhard . Large amounts were exchanged for 10 ℛ︁ℳ︁ to 65pf. In addition, each person received a per capita allowance of DM 60 in two parts, the first being DM 40 and the second DM 20. A few weeks later Erhard, acting against orders, issued an edict abolishing many economic controls which had been originally implemented by

9999-436: Was subdivided into 12 pfennig s, hence half a groschen into 6. After 1871, 12 old pfennig s would be converted into 10pf of the mark, hence 10pf coins inherited the groschen name and 5pf coins inherited the sechser name. Both usages are only regional and may not be understood in areas where a groschen coin did not exist before 1871. In particular, the usage of sechser is less widespread. In northern Germany

10100-472: Was the DM 20 note on 20 March 1992 (printed on 2 August 1991). The reason for this gradual introduction was, that public should become familiar with one single denomination, before introducing a new one. The change was finished with the introduction of the DM 5, DM 500, and DM 1000 denominations on 27 October 1992. The DM 500, and DM 1000 denominations were rarely seen in circulation due to value and all were introduced in one step. With

10201-463: Was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until the adoption of the euro in 2002. In English, it was typically called the " Deutschmark " ( / ˈ d ɔɪ tʃ m ɑːr k / DOYTCH -mark ). One Deutsche Mark was divided into 100 pfennigs . It was first issued under Allied occupation in 1948 to replace the Reichsmark and served as

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