Euro
Today, in this class we are going to look at the second largets form of currency in the world, a form of currency that was introduced just a few years ago. In the beginning of the year 2002, the euro became the single currency to be in twelve different coutries. The path to this direction was not an easy one and before becoming what we konw it to be today, the euro had to pass through three different stages of development. In July of 1990, the participating countries had to stop restricting currencies from other countries. By that I mean France had to accept Spain's currency and Spain had to accept France's currency. This isn't as easy as it sounds because a few countries did not want to accept the weaker countries' currency. They were afraid that the value was not stable. In 1994 the Europena Monetary Institute, or EMI, coordinated how money was to be managed by the major banks. It also formed a European System of Central Banks that would accept only the euro and none of the many other types of currency from the participating counties. The final stage began in 1999. At this time the conversion rate between national currencies and the euro was fixed. For example, if it was 3 Francs for one euro, then any person could exchange their 3 Francs for 1 euro at anytime after 1998. At this time the euro was being used in electronic transfers and credit but was not being used as actual cash.
今日の単語
1. conversion (名) 交換 *conversion rate 交換レート
2. transfer (名) 取引