European Currencies What is the European Union

European Currencies

What is the European Union? • It is a group of 27 countries who have come together to have free trade and economic co-operation.

What are the aims of the EU? • Free trade: No customs/import duties between member countries. • Free movement of capital(money) & labour(workers). • Common currency: Only used by 15 member states at present.

What are the benefits of EU membership to Ireland? • EU grants which have helped develop our country. • Larger market for selling our exports. • Ireland is the only english speaking conuntry using the euro, US co. ’s set up here to have access to EU market.

What is the Eurozone? • The 15 countries within the EU which have the Euro as their currency. • AKA “Euroland”.

What are the benefits of being a member of Euroland to Irleand? • No need to convert currency when trading with these countries. • Easier to compare prices. • More employment due to US companies setting up in Ireland to have access to EU.

Members of Euroland • • Austria Belgium Cyprus Finland France Germany Greece • • Ireland Italy Luxemburg Malta Netherlands(Holland) Portugal Slovenia Spain

The other 12 EU member states • • • Bulgaria: Le • Czech Rep: Czech • Crown • Denmark: Krone • Estonia: Estonian Crown • Hungary: Forint • Latvia: Lats Lithuania: Litas Poland: Zloty Romania: Leu Slovakia: Koruna Sweden: Krona United Kingdom Pound Sterling

Rules for converting currency • Converting Euro to foreign: • Going abroad on holiday!!!(SMILE) • Multiply by the sell rate. • Converting foreign to Euro: • Coming back from holiday. (BRON/SAD) • Divide buy the buy rate.