In January of 1992, its initial 12 members founded the European Union (EU). They were, in alphabetical order, Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, and United Kingdom (XE 1). In 1995, Austria, Finland, and Sweden join the EU (CQResearcher 1027).

A few years later, it was decided the EU would adopt a common currency. This new currency would be called the Euro. Its main function would be to reduce swings in currency values to make it cheaper to trade both within Europe, and with surrounding nations. It would also help to balance the power that the US Dollar has over the global economy. It would also help to stabilize prices. It has other benefits within the participating parties, such as making prices fall by forcing companies to become competitive by fighting for the lowest price. It will also raise awareness of unfair pricing by not having to convert between currencies (CQResearcher 1027). Co

The euro is almost equivalent to the dollar. It can account for 20% of the global trade, compared to the USA's 16%, and Japan's 10%. It should also benefit American's exports, which totaled $140 billion in 1997 (CQResearcher 1028). "The Euro zone will be the world's leading trade power, and it will carry an economic weight comparable to that of the United States" (CQResearcher 1027). Euroland was responsible for $1400 billion in exports in 1997 (Understanding 18).

On January 1, 1999, the first 11 members adopted the new currency. Greece followed up by adopting the new currency on January 1, 2001 (Understanding 9). "Twelve European states, joining 290 million inhabitants, will share the same currency for the first time since the fall of the roman Empire"(CQResearcher 1027). On January 1, 2002, the Euro was introduced to the public (CQResearcher 1028). The national currencies will disappear one year after that (Pacific 1).

"The Euro, Our Money" is what TV advertisements across the EU were saying. The eight new coins and seven new banknotes are being pushed with relentless effort (Science Monitor 2). The EU is did everything in their power to help people with the new currency. Committees have been created to educate and train people on the Euro. Mock bills were developed to familiarize people with this new denomination (Travel Weekly 1).

The crucial time has passed and the general conclusion is that the Euro has been a complete success. Not only in it's distribution, but in the uniting of many nations and the balancing of the global economy.

Some common words found in the essay are:
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Approximate Word count = 1060
Approximate Pages = 4 (250 words per page double spaced)