OK right... so when do they become completely fixed. Does anyone know the procedure?tabbs wrote:- after all, the currency rates may still flow to some extent. The ECB uses the term central rate in English.
mic
Euros in the ten new countries
mic
my bill maps - i'm proud of them! 
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groentje
- Euro-Master
- Posts: 2999
- Joined: Wed Sep 17, 2003 6:47 pm
- Location: Brussels Capital Region, Belgium
Pounds of Jersey and Guernsey aren't really Pound Sterling, they're only coupled to it, if I understand correctly. It looks like the Franc CFA and the Euro/FRF. In that case, Jersey and Guernsey won't have Euro's either, but Jersey or Guernsey money, with the same value of euro's. They can even call it Pounds 
The entire UK uses GBP. Of course, the situation is a bit difficult, because it's not one facility that is responsible for the manufacturing of the notes and coins, but that's only a small problem. Besides, isn't the situation the same for the euro? One ECB, who is responsible for the policy making, the distribution of notes, and the different National Banks, who are responsible for the ordering of the notes and coins, and the implementation of the ECB policy. Change ECB by Bank of England, and National Banks by the different Scottish and Northern Irish banks, and the situation doesn't differ that much, does it?
The entire UK uses GBP. Of course, the situation is a bit difficult, because it's not one facility that is responsible for the manufacturing of the notes and coins, but that's only a small problem. Besides, isn't the situation the same for the euro? One ECB, who is responsible for the policy making, the distribution of notes, and the different National Banks, who are responsible for the ordering of the notes and coins, and the implementation of the ECB policy. Change ECB by Bank of England, and National Banks by the different Scottish and Northern Irish banks, and the situation doesn't differ that much, does it?
The final conversion rates will surely be close to the current central rates. But it's the Council that makes the ultimate decision:micdab wrote:OK right... so when do they become completely fixed. Does anyone know the procedure?
http://europa.eu.int/scadplus/leg/en/lvb/l25066.htm
(see the "ACCESSION PROCEDURE" section)
By the way, of the three "newbies" Cyprus plans to observe the +/- 15 percent fluctuation band while Latvia will (unilaterally) allow a maximum fluctuation of +/- 1 percent. And Malta even aims at using the central rate as a fixed rate (ie. zero fluctuation). Quite ambitious :-)
Christian
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helicase00
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- Location: Malta
on the Maltese news said that the rate at which we joined the ERM 2 is fixed and when we switch to the EURO; this will be rate. They said, so people can already start thinking in 2 currencies. However if it is fixed i dont understand whytabbs wrote:The final conversion rates will surely be close to the current central rates. But it's the Council that makes the ultimate decision:micdab wrote:OK right... so when do they become completely fixed. Does anyone know the procedure?
http://europa.eu.int/scadplus/leg/en/lvb/l25066.htm
(see the "ACCESSION PROCEDURE" section)
By the way, of the three "newbies" Cyprus plans to observe the +/- 15 percent fluctuation band while Latvia will (unilaterally) allow a maximum fluctuation of +/- 1 percent. And Malta even aims at using the central rate as a fixed rate (ie. zero fluctuation). Quite ambitious
Christian
on the website of the central bank of malta the exchange rate stayed the same since last friday however on the european central bank website; the currency is still going up and down against the euro.
also 1 EUR = approx. 0.43 MTL i dont think it was a good fixing rate, one of the highest rate the EURO had against the LIRA
for further reading about Malta and the € ...
http://www.centralbankmalta.com/updates ... urodoc.pdf
Have not read the document you linked to yet, but the three rates that the ECB published are the central rate and the two "intervention" rates. These rates are part of a bilateral agreement that is binding for both the ECB and (in the case of Malta) the Maltese central bank.helicase00 wrote:However if it is fixed i dont understand why
on the website of the central bank of malta the exchange rate stayed the same since last friday however on the european central bank website; the currency is still going up and down against the euro.
Now if the government and central bank of Malta decide that the MTL should not float within the +/- 15 percent range but stay at the central rate, then it is basically their responsibility to maintain that rate (typically by buying or selling currency if necessary). On the other hand, they have no obligation vis-à-vis the ECB to follow that "fixed rate".
Christian
A while ago we had a conversation about Europlates. All of the new countries have introduced them except Poland. So in total there are only two countries left in the entire EU who don't use Europlates yet: PL and DK.Fjon wrote:I think it's funny how most EU countries have been so relaxed about changing their license plates to the EU ones. Looking at most foreign cars I see I would say only Germany has done it correclty. In Spain, Portugal, Italy, France, Belgium, Holland, UK (especially) I have nearly seen as many cars with EU plates as those without.
In Ireland I would say that 99.9% of cars have the regular EU plates - I think they became mandatory in 1989. Why do some countries take so long to change? I can guarantee the new states will implement the change a lot quicker than (for example) Italy, UK or Denmark...
Well, I just read in the news that the Polish MI will introduce Europlates in May 2006. Here's a picture of the prototype:
my bill maps - i'm proud of them!
The "list" of countries to join the currency union in 2007 is getting shorter, it seems. I just read an article in the Swiss NZZ about the negative effect that the boosting economy in, for example, Estonia has on the inflation rates.
http://www.nzz.ch/2005/10/31/wi/articleDA16Q.html
(in German)
In the past, the European Commission and the Council put the emphasis on member states joining the currency union, even if the stability criteria were not quite met. Now the "party line" seems to be that countries which either do not meet the criteria or are not interested in becoming part of Euroland will simply stay out ...
Christian
http://www.nzz.ch/2005/10/31/wi/articleDA16Q.html
(in German)
In the past, the European Commission and the Council put the emphasis on member states joining the currency union, even if the stability criteria were not quite met. Now the "party line" seems to be that countries which either do not meet the criteria or are not interested in becoming part of Euroland will simply stay out ...
Christian
And Latvia in 2008Speukes wrote:Estonia, Lithuania, Slovenia en Cyprus want the euro in 2007, and now Slovakia is going to use the euro at January 1st 2009!
Jelle zonder internet. Het was een leuke hobby, maar niet mijn hobby. Een leven zonder internet is mijn ding. Een leven van geld uitgeven in plaats van tracken zeg maar.... hahaha. Ja, er mag gelachen worden.
Inloggen op site lukt niet meer, maakt niet uit. Ik snap toch niets van nieuwe biljetten
Inloggen op site lukt niet meer, maakt niet uit. Ik snap toch niets van nieuwe biljetten
Published in an article on euobserver.com. So, it looks like that Slovenia is the only country that's left to join the Euro area in 2007.
For more info on the state of pratical preperation of the new members states, you should have a look at http://europa.eu.int/comm/economy_finan ... ations.pdf
Scepticism grows over Estonia and Lithuania 2007 euro bid
24-01-2006
Austrian finance minister Karl-Heinz Grasser has joined the European Commission in expressing doubts over plans by Estonia and Lithuania to enter the eurozone in 2007, with the German Bundesbank criticising the bloc's rush to enlarge the single currency zone.
Estonia, Lithuania and Slovenia are planning to enter the euro next January.
However, speaking to MEPs on Monday (23 January), the Austrian finance minister currently chairing the EU on economic issues, confirmed that only Slovenia was on the right track to achieve the goal by this date.
"Regarding Estonia and Lithuania, as the figures stand, things look bad," said Mr Grasser.
A similar message came from the European Commission last week.
Economic and monetary commissioner Joaquin Almunia made clear that Tallinn and Vilnius are not yet prepared to join the eurozone, pointing out that both countries' inflation rates have been too high.
Estonia registered 4.1 percent inflation in 2005, and Lithuania 2.7 percent, while the eurozone's average during that period was 2.2 percent.
Analysts explain that the inflation rate hike in these countries was caused by higher energy prices.
The EU executive will produce an evaluation report in mid-2006, in which it will comment on the three candidates' performance on the so called Maastricht criteria, which underpin the euro with rules on public debt and inflation.
Why so much rush?
Meanwhile, the German Bundesbank issued a comment on Monday criticising EU pressure for a quick enlargement of the eurozone.
The bank argued that the rush is creating problems of setting an appropriate exchange rate, the Financial Times reported.
The Bundesbank is one of the key members of the governing board in the European Central Bank, and has previously opposed the entry of Belgium or Italy into the single currency area due to their economic problems.
Concerning the current euro candidates, the bank argued that Estonia and Hungary have significantly higher current deficits than they should have at their stages of development.
All ten member states that entered the EU in 2004 have also committed to join the eurozone.
After the first three entrants, Cyprus, Malta and Latvia are planning to join in 2008, followed by Slovakia in 2009.
The Czech Republic, Hungary and Poland are expected to enter the single currency in or after 2010.
For more info on the state of pratical preperation of the new members states, you should have a look at http://europa.eu.int/comm/economy_finan ... ations.pdf
Scepticism grows over Estonia and Lithuania 2007 euro bid
24-01-2006
Austrian finance minister Karl-Heinz Grasser has joined the European Commission in expressing doubts over plans by Estonia and Lithuania to enter the eurozone in 2007, with the German Bundesbank criticising the bloc's rush to enlarge the single currency zone.
Estonia, Lithuania and Slovenia are planning to enter the euro next January.
However, speaking to MEPs on Monday (23 January), the Austrian finance minister currently chairing the EU on economic issues, confirmed that only Slovenia was on the right track to achieve the goal by this date.
"Regarding Estonia and Lithuania, as the figures stand, things look bad," said Mr Grasser.
A similar message came from the European Commission last week.
Economic and monetary commissioner Joaquin Almunia made clear that Tallinn and Vilnius are not yet prepared to join the eurozone, pointing out that both countries' inflation rates have been too high.
Estonia registered 4.1 percent inflation in 2005, and Lithuania 2.7 percent, while the eurozone's average during that period was 2.2 percent.
Analysts explain that the inflation rate hike in these countries was caused by higher energy prices.
The EU executive will produce an evaluation report in mid-2006, in which it will comment on the three candidates' performance on the so called Maastricht criteria, which underpin the euro with rules on public debt and inflation.
Why so much rush?
Meanwhile, the German Bundesbank issued a comment on Monday criticising EU pressure for a quick enlargement of the eurozone.
The bank argued that the rush is creating problems of setting an appropriate exchange rate, the Financial Times reported.
The Bundesbank is one of the key members of the governing board in the European Central Bank, and has previously opposed the entry of Belgium or Italy into the single currency area due to their economic problems.
Concerning the current euro candidates, the bank argued that Estonia and Hungary have significantly higher current deficits than they should have at their stages of development.
All ten member states that entered the EU in 2004 have also committed to join the eurozone.
After the first three entrants, Cyprus, Malta and Latvia are planning to join in 2008, followed by Slovakia in 2009.
The Czech Republic, Hungary and Poland are expected to enter the single currency in or after 2010.
Slovenia's coins: http://www.bsi.si/html/eng/projects/euro/evro01.pdf.
