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EURO CURRENCY,[object Object]
PRESENTATED BY :,[object Object],SOUMITA PATRA                           67,[object Object],DIPTAKSHYA BANARJREE            76,[object Object],AVIJIT BHATTACHARYYA                91,[object Object],SOUMALYA SEN                          120,[object Object],SREEJI S NAIR                            100,[object Object]
INTRODUCTION,[object Object],[object Object]
 Eleven member states have adopted it collectively known as Eurozone.(Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, etc.)
Taking official estimates of  2007 GDP, the Eurozone is the 2nd largest economy in the world.
The euro was introduced to world financial markets as an currency in 1999 and launched coin and Banknote on 1st, January 2002.
All nations that have joined the EU since the 1993 implementation of the Maastricht Treaty
The euro sign (€) is the currency sign used for the euro the official currency of the European Union(EU).
The design was presented to the public by the European Commission on 12th December , 1996.
The international three-letter code (according to ISO standard ISO 4217) for the euro is EUR,[object Object]
Signed on 7 February 1992 between members of European community
Led to the creation of EURO.,[object Object]
Eleven countries have been selected as the members of EMU. As part of the EMU, these eleven countries now make up the world's second-largest economy, after the United States
Greece and Sweden, failed to meet the convergence requirements in time to join the EMU in the first round. Sweden failed to satisfy two of the conditions:
laws governing Sweden's central bank were not compatible with the Maastricht Treaty and the currency exchange rates in Sweden were not sufficiently stable for the previous two years. Greece failed to meet all of the requirements,[object Object]
It encouraged cooperation between the national banks of the member states of the EU
Further budget constraints are required in countries ( Italy and Belgium) meet the requirements of the pact. ,[object Object]
CONVERGENCE CRITERIA,[object Object],[object Object]
Annual government deficit: the ratio of the annual government deficit to gross domestic product (GDP) must not exceed 3%
Government debt: the ratio of gross government debt to GDP must not exceed 60% at the end of the preceding financial year.
Long-term interest rates.  In practice, the nominal long-term interest rate must not exceed by more than 2 percentage points that of, at most, the three best-performing Member States,[object Object]
Corporate banking may well start using earlierAdoption of Euro in corporate sector,[object Object],[object Object]
Expected their customers and suppliers to use Euros in transactions
Internationally oriented medium sized companies will probably also turn quickly to  new currency in many of their functions
 Smaller domestically oriented companies, self employed and households will keep more or less to national currency until euro coins or notes and coins are introduced,[object Object]
Possible to make non cash payments in Euro ex. tax
Companies were  particularly concerned to pay  income and     corporation tax returns in DEM until 2001
Preferred to use Euro right earlierShortening of cash changeover phase in Germany,[object Object],[object Object]
Banks and retailers continue to give out DEM coin they receive as can be used for any vending machine,[object Object]
Neither investors nor debtors holding long term contracts will enjoy advantage or suffer disadvantage through changeover of currency,[object Object]
Established  principle that who wants to use the euro can but no one can be forced to
Determines the legal status of euro vs. the national currencies
Euro EG opened company,stock exchange,accounting&currency law to the Euro
Paved way for changeover on the financial markets & exchangesthat  lead companies to adjust their accounts,equity capital structures,[object Object]
THE EUROPEAN CENTRAL BANK,[object Object],EUROPEAN ECONOMIC AND MONETARY UNION (EMU):,[object Object],EMU consists three stages ,[object Object],1ST Stage(1 July 1990 to 31 December 1993):,[object Object],[object Object]
The treaty enters into force on the 1 November 1993.2nd stage(1 January 1994 to 31 December 1998):,[object Object],[object Object],[object Object]

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EURO Currency