President of the European Central Bank
The President of the European Central Bank is the head of the European Central Bank, the institution responsible for the management of the euro and monetary policy in the Eurozone of the European Union. The President heads the executive board, governing council and general council of the ECB, he represents the bank abroad, for example at the G20. The President is appointed by a qualified majority vote of the European Council, de facto by those who have adopted the euro, for an eight-year non-renewable term; however the first President, did not serve his full term Wim Duisenberg was the President of the European Monetary Institute when it became the ECB, just prior to the launch of the euro, on 1 June 1998. Duisenberg became the first President of the ECB; the French interpretation of the agreement made with the installation of Wim Duisenberg as ECB President was that Duisenberg would resign after just four years of his eight-year term, would be replaced by the Frenchman Jean-Claude Trichet. Duisenberg always denied that such an agreement was made and stated in February 2002 that he would stay in office until his 68th birthday on 9 July 2003.
In the meanwhile Jean-Claude Trichet was not cleared of legal accusations before 1 June 2002, so he was not able to begin his term after Duisenberg's first four years. On 9 July 2003 Trichet was not cleared, therefore Duisenberg remained in office until 1 November 2003. Duisenberg died on 31 July 2005. Jean-Claude Trichet served during the European sovereign debt crisis. Trichet's strengths lay in keeping consensus and visible calm in the ECB. During his tenure, Trichet has had to fend off criticism from French President Nicolas Sarkozy who demanded a more growth-orientated policy at the ECB. Germany supported Trichet in demanding the bank's independence be respected. However, he was criticised from straying from his mandate during the crisis by buying the government bonds of eurozone member states. ECB board members Axel A. Weber and Jürgen Stark resigned in protest at this policy if it helped prevent states from defaulting. IMF economist Pau Rabanal argued that Trichet "maintained a expansionary monetary policy," but "sacrificed the ECB's inflation target for the sake of greater economic growth and jobs creation, not the other way round."
While straying from his mandate, he has however still kept interest rates under control and maintained greater price stability than the Deutsche Bundesbank did before the euro. As well as defending the ECB's independence and balancing its commitment to interest rates and economic stability, Trichet fought Sarkozy for automatic sanctions in the EU fiscal reforms and against Angela Merkel against private sector involvement in bail outs so as not to scare the markets, he had however made some mistakes during the crisis, for example by: raising interest rates just after inflation topped out and just prior to the recession triggered by the Lehman Brothers collapse. In his final appearance before the European Parliament, Trichet called for more political unity, including, he asserted that the ECB's role in maintaining price stability throughout the financial crisis and the oil price rises should not be overlooked. He stated, in response to a question from a German newspaper attacking the ECB's credibility following its bond-buying.
Mario Draghi was chosen to become the next President of the ECB on 24 June 2011. He is President since 1 November 2011. Pascal Canfin, Member of the European Parliament, asserted that Draghi had been involved in swaps for European governments, namely Greece, trying to disguise their countries' economic status. Draghi responded that the deals were "undertaken before my joining Goldman Sachs I had nothing to do with" them, in the 2011 European Parliament nomination hearings. List of presidents since the establishment of the bank on 1 June 1998. Vice President Christian Noyer was only appointed for four years so that his resignation would coincide with the expected resignation of Duisenberg, his successors, starting with Lucas Papademos, are granted eight-year terms. Organisation of the ECB President's CV EU Treaties.
Gold is a chemical element with symbol Au and atomic number 79, making it one of the higher atomic number elements that occur naturally. In its purest form, it is a bright reddish yellow, soft and ductile metal. Chemically, gold is a group 11 element, it is solid under standard conditions. Gold occurs in free elemental form, as nuggets or grains, in rocks, in veins, in alluvial deposits, it occurs in a solid solution series with the native element silver and naturally alloyed with copper and palladium. Less it occurs in minerals as gold compounds with tellurium. Gold is resistant to most acids, though it does dissolve in aqua regia, a mixture of nitric acid and hydrochloric acid, which forms a soluble tetrachloroaurate anion. Gold is insoluble in nitric acid, which dissolves silver and base metals, a property that has long been used to refine gold and to confirm the presence of gold in metallic objects, giving rise to the term acid test. Gold dissolves in alkaline solutions of cyanide, which are used in mining and electroplating.
Gold dissolves in mercury, forming amalgam alloys. A rare element, gold is a precious metal, used for coinage and other arts throughout recorded history. In the past, a gold standard was implemented as a monetary policy, but gold coins ceased to be minted as a circulating currency in the 1930s, the world gold standard was abandoned for a fiat currency system after 1971. A total of 186,700 tonnes of gold exists above ground, as of 2015; the world consumption of new gold produced is about 50% in jewelry, 40% in investments, 10% in industry. Gold's high malleability, resistance to corrosion and most other chemical reactions, conductivity of electricity have led to its continued use in corrosion resistant electrical connectors in all types of computerized devices. Gold is used in infrared shielding, colored-glass production, gold leafing, tooth restoration. Certain gold salts are still used as anti-inflammatories in medicine; as of 2017, the world's largest gold producer by far was China with 440 tonnes per year.
Gold is the most malleable of all metals. It can be drawn into a monoatomic wire, stretched about twice before it breaks; such nanowires distort via formation and migration of dislocations and crystal twins without noticeable hardening. A single gram of gold can be beaten into a sheet of 1 square meter, an avoirdupois ounce into 300 square feet. Gold leaf can be beaten thin enough to become semi-transparent; the transmitted light appears greenish blue, because gold reflects yellow and red. Such semi-transparent sheets strongly reflect infrared light, making them useful as infrared shields in visors of heat-resistant suits, in sun-visors for spacesuits. Gold is a good conductor of electricity. Gold has a density of 19.3 g/cm3 identical to that of tungsten at 19.25 g/cm3. By comparison, the density of lead is 11.34 g/cm3, that of the densest element, osmium, is 22.588±0.015 g/cm3. Whereas most metals are gray or silvery white, gold is reddish-yellow; this color is determined by the frequency of plasma oscillations among the metal's valence electrons, in the ultraviolet range for most metals but in the visible range for gold due to relativistic effects affecting the orbitals around gold atoms.
Similar effects impart a golden hue to metallic caesium. Common colored gold alloys include the distinctive eighteen-karat rose gold created by the addition of copper. Alloys containing palladium or nickel are important in commercial jewelry as these produce white gold alloys. Fourteen-karat gold-copper alloy is nearly identical in color to certain bronze alloys, both may be used to produce police and other badges. White gold alloys can be made with nickel. Fourteen- and eighteen-karat gold alloys with silver alone appear greenish-yellow and are referred to as green gold. Blue gold can be made by alloying with iron, purple gold can be made by alloying with aluminium. Less addition of manganese, aluminium and other elements can produce more unusual colors of gold for various applications. Colloidal gold, used by electron-microscopists, is red. Gold has only one stable isotope, 197Au, its only occurring isotope, so gold is both a mononuclidic and monoisotopic element. Thirty-six radioisotopes have been synthesized, ranging in atomic mass from 169 to 205.
The most stable of these is 195Au with a half-life of 186.1 days. The least stable is 171Au. Most of gold's radioisotopes with atomic masses below 197 decay by some combination of proton emission, α decay, β+ decay; the exceptions are 195Au, which decays by electron capture, 196Au, which decays most by electron capture with a minor β− decay path. All of gold's radioisotopes with atomic masses above 197 decay by β− decay. At least 32 nuclear isomers have been characterized, ranging in atomic mass from 170 to 200. Within that range, only 178Au, 180Au, 181Au, 182Au, 188Au do not have isomers. Gold's most stable isomer is 198m2Au with a half-life of 2.27 days. Gold's least stable isomer is 177m2Au with a half-life of only 7 ns. 184m1Au has three decay paths: β+ decay, isomeric
The euro sign is the currency sign used for the euro, the official currency of the European Union and some non-EU countries. The design was presented to the public by the European Commission on 12 December 1996, it consists of a stylized letter E, crossed by two lines instead of one. The character is encoded in Unicode at U+20AC € EURO SIGN. In English, the sign precedes the value. In some style guides, the euro sign is not spaced; the euro currency sign was designed to be similar in structure to the old sign for the European Currency Unit. There were 32 proposals; these ten were put to a public survey. After the survey had narrowed the original ten proposals down to two, it was up to the European Commission to choose the final design; the other designs that were considered are not available for the public to view, nor is any information regarding the designers available for public query. The European Commission considers the process of designing to have been internal and keeps these records secret.
The eventual winner was a design created by a team of four experts whose identities have not been revealed. It is assumed that the Belgian graphic designer Alain Billiet was the winner and thus the designer of the euro sign. Inspiration for the € symbol itself came from the Greek epsilon – a reference to the cradle of European civilization – and the first letter of the word Europe, crossed by two parallel lines to ‘certify’ the stability of the euro; the official story of the design history of the euro sign is disputed by Arthur Eisenmenger, a former chief graphic designer for the European Economic Community, who claims he had the idea prior to the European Commission. The European Commission specified a euro logo with exact proportions and colours, for use in public-relations material related to the euro introduction. While the Commission intended the logo to be a prescribed glyph shape, type designers made it clear that they intended to design their own variants instead. Generating the euro sign using a computer depends on the operating system and national conventions.
Some mobile phone companies issued an interim software update for their special SMS character set, replacing the less-frequent Japanese yen sign with the euro sign. Mobile phones have both currency signs; the euro is represented in the Unicode character set with the character name EURO SIGN and the code position U+20AC as well as in updated versions of the traditional Latin character set encodings. In HTML, the &euro. An implicit character encoding, along with the fact that the code position of the euro sign is different in common encoding schemes, led to many problems displaying the euro sign in computer applications. While displaying the euro sign is no problem as long as only one system is used, mixed setups produced errors. One example is a content management system where articles are stored in a database using a different character set than the editor's computer. Another is legacy software which could only handle older encodings such as ISO 8859-1 that contained no euro sign at all. In such situations, character set conversions had to be made introducing conversion errors such as a question mark being displayed instead of a euro sign.
Care has been taken to avoid replacing an existing obsolete currency sign with the euro sign. That could create different currency signs for sender and receiver in e-mails or web sites, with confusions about business agreements as a result. Depending on keyboard layout and the operating system, the symbol can be entered as: AltGr+4 AltGr+5 AltGr+E AltGr+U Ctrl+Alt+4 Ctrl+Alt+5 Ctrl+Alt+e in Microsoft Word in United States layout Alt+0128 in Microsoft Windows Ctrl+⇧ Shift+u followed by 20ac in Chrome OS, in other operating systems using IBus. Ctrl+k followed by =e in the Vim text editor On the macOS operating system, a variety of key combinations are used depending on the keyboard layout, for example: ⌥ Option+2 in British layout ⌥ Option+⇧ Shift+2 in United States layout ⌥ Option+⇧ Shift+5 in Slovenian layout ⌥ Option+$ in French layout ⌥ Option+E in German and Italian layout ⇧ Shift+4 in Swedish layoutThe Compose key sequence for the euro sign is =E. Placement of the sign varies. Countries have sustained those of their former currencies.
For example, in Ireland and the Netherlands, where previous currency signs were placed before the figure, the euro sign is universally placed in the same position. In many other countries, including France, Germany, Spain and Lithuania, an amount such as €3.50 is written as 3,50 € instead in accordance with conventions for previous currencies. The European Union did indeed usher a guideline on the use of the euro sign, stating it should be placed in front of the amount without any space in English, but after the amount in most other languages. In English, the euro sign—like the dollar sign and the pound sign —is placed before the figure, unspaced, as used by publications such as the Financial Times and The Economist; when written out, "euro" is placed after the value in lower case. No official recommendation is made with regard to the use of a cent sign, usage differs between and within m
The euro is the official currency of 19 of the 28 member states of the European Union. This group of states is known as the eurozone or euro area, counts about 343 million citizens as of 2019; the euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is subdivided into 100 cents; the currency is used by the institutions of the European Union, by four European microstates that are not EU members, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members use the euro as their currency. Additionally, 240 million people worldwide as of 2018 use currencies pegged to the euro; the euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. As of August 2018, with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.
S. dollar. The name euro was adopted on 16 December 1995 in Madrid; the euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit at a ratio of 1:1. Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, by March 2002 it had replaced the former currencies. While the euro dropped subsequently to US$0.83 within two years, it has traded above the U. S. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008. In late 2009, the euro became immersed in the European sovereign-debt crisis, which led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising and strengthening the currency; the euro is managed and administered by the Frankfurt-based European Central Bank and the Eurosystem. As an independent central bank, the ECB has sole authority to set monetary policy; the Eurosystem participates in the printing and distribution of notes and coins in all member states, the operation of the eurozone payment systems.
The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all states have done so. The United Kingdom and Denmark negotiated exemptions, while Sweden turned down the euro in a 2003 referendum, has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements. All nations that have joined the EU since 1993 have pledged to adopt the euro in due course. Since 1 January 2002, the national central banks and the ECB have issued euro banknotes on a joint basis. Euro banknotes do not show. Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated; the ECB issues 8% of the total value of banknotes issued by the Eurosystem. In practice, the ECB's banknotes are put into circulation by the NCBs, thereby incurring matching liabilities vis-à-vis the ECB; these liabilities carry interest at the main refinancing rate of the ECB.
The other 92% of euro banknotes are issued by the NCBs in proportion to their respective shares of the ECB capital key, calculated using national share of European Union population and national share of EU GDP weighted. The euro is divided into 100 cents. In Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. Otherwise, normal English plurals are sometimes used, with many local variations such as centime in France. All circulating coins have a common side showing the denomination or value, a map in the background. Due to the linguistic plurality in the European Union, the Latin alphabet version of euro is used and Arabic numerals. For the denominations except the 1-, 2- and 5-cent coins, the map only showed the 15 member states which were members when the euro was introduced. Beginning in 2007 or 2008 the old map is being replaced by a map of Europe showing countries outside the Union like Norway, Belarus, Russia or Turkey.
The 1-, 2- and 5-cent coins, keep their old design, showing a geographical map of Europe with the 15 member states of 2002 raised somewhat above the rest of the map. All common sides were designed by Luc Luycx; the coins have a national side showing an image chosen by the country that issued the coin. Euro coins from any member state may be used in any nation that has adopted the euro; the coins are issued in denominations of €2, €1, 50c, 20c, 10c, 5c, 2c, 1c. To avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands and Ireland and in Finland; this practice is discouraged by the Commission, as is the practice of certain shops of refusing to accept high-value euro notes. Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin; these include both issued coins, such as the €2 commemorative coin for the fiftieth anniversary of the signing of the Treaty of Rome, nationally i
European Central Bank
The European Central Bank is the central bank for the euro and administers monetary policy within the Eurozone, which comprises 19 member states of the European Union and is one of the largest monetary areas in the world. Established by the Treaty of Amsterdam, the ECB is one of the world's most important central banks and serves as one of seven institutions of the European Union, being enshrined in the Treaty on European Union; the bank's capital stock is owned by all 28 central banks of each EU member state. The current President of the ECB is Mario Draghi. Headquartered in Frankfurt, the bank occupied the Eurotower prior to the construction of its new seat; the primary objective of the ECB, mandated in Article 2 of the Statute of the ECB, is to maintain price stability within the Eurozone. Its basic tasks, set out in Article 3 of the Statute, are to set and implement the monetary policy for the Eurozone, to conduct foreign exchange operations, to take care of the foreign reserves of the European System of Central Banks and operation of the financial market infrastructure under the TARGET2 payments system and the technical platform for settlement of securities in Europe.
The ECB has, under Article 16 of its Statute, the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins; the ECB is governed by European law directly, but its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital. Its capital is €11 billion held by the national central banks of the member states as shareholders; the initial capital allocation key was determined in 1998 on the basis of the states' population and GDP, but the capital key has been adjusted. Shares in the ECB can not be used as collateral; the European Central Bank is the de facto successor of the European Monetary Institute. The EMI was established at the start of the second stage of the EU's Economic and Monetary Union to handle the transitional issues of states adopting the euro and prepare for the creation of the ECB and European System of Central Banks; the EMI itself took over from the earlier European Monetary Co-operation Fund. The ECB formally replaced the EMI on 1 June 1998 by virtue of the Treaty on European Union, however it did not exercise its full powers until the introduction of the euro on 1 January 1999, signalling the third stage of EMU.
The bank was the final institution needed for EMU, as outlined by the EMU reports of Pierre Werner and President Jacques Delors. It was established on 1 June 1998; the first President of the Bank was Wim Duisenberg, the former president of the Dutch central bank and the European Monetary Institute. While Duisenberg had been the head of the EMI just before the ECB came into existence, the French government wanted Jean-Claude Trichet, former head of the French central bank, to be the ECB's first president; the French argued. This was opposed by the German and Belgian governments who saw Duisenberg as a guarantor of a strong euro. Tensions were abated by a gentleman's agreement in which Duisenberg would stand down before the end of his mandate, to be replaced by Trichet. Trichet replaced Duisenberg as President in November 2003. There had been tension over the ECB's Executive Board, with the United Kingdom demanding a seat though it had not joined the Single Currency. Under pressure from France, three seats were assigned to the largest members, France and Italy.
Despite such a system of appointment the board asserted its independence early on in resisting calls for interest rates and future candidates to it. When the ECB was created, it covered a Eurozone of eleven members. Since Greece joined in January 2001, Slovenia in January 2007, Cyprus and Malta in January 2008, Slovakia in January 2009, Estonia in January 2011, Latvia in January 2014 and Lithuania in January 2015, enlarging the bank's scope and the membership of its Governing Council. On 1 December 2009, the Treaty of Lisbon entered into force, ECB according to the article 13 of TEU, gained official status of an EU institution. In September 2011, when German appointee to the Governing Council and Executive board, Jürgen Stark, resigned in protest of the ECB's "Securities Market Programme" which involved the purchase of sovereign bonds by the ECB, a move, up until considered as prohibited by the EU Treaty; the Financial Times Deutschland referred to this episode as "the end of the ECB as we know it" referring to its perceived "hawkish" stance on inflation and its historical Bundesbank influence.
On 1 November 2011, Mario Draghi replaced Jean-Claude Trichet as President of the ECB. In April 2011, the ECB raised interest rates for the first time since 2008 from 1% to 1.25%, with a further increase to 1.50% in July 2011. However, in 2012–2013 the ECB lowered interest rates to encourage economic growth, reaching the low 0.25% in November 2013. Soon after the rates were cut to 0.15% on 4 September 2014 the central bank reduced the rates by two thirds from 0.15% to 0.05%, the lowest rates on record. In November 2014, the bank moved into its new premises; the primary objective of the European Central Bank, set out in Article 127 of the Treaty on the Functioning of the European Union, is to maintain price stability within the Eurozone. The Governing Council in October 1998 defined price stability as inflation of under 2%, “a year-on-year increase in the Harmonised Index of Consumer Prices for the euro area of below 2
There are eight euro coin denominations, ranging from one cent to two euros. The coins first came into use in 2002, they have a common reverse, portraying a map of Europe, but each country in the eurozone has its own design on the obverse, which means that each coin has a variety of different designs in circulation at once. Four European microstates which use the euro as their currency have the right to mint coins with their own designs on the obverse side; the coins, various commemorative coins, are minted at numerous national mints across the European Union to strict national quotas. Obverse designs are chosen nationally, while the reverse and the currency as a whole is managed by the European Central Bank; the euro came into existence on 1 January 1999. It had been a goal of its predecessors since the 1960s; the Maastricht Treaty entered into force in 1993 with the goal of creating economic and monetary union by 1999 for all EU states except the UK and Denmark. In 1999 the currency was born and in 2002 notes and coins began to circulate.
It replaced the former national currencies and the eurozone has since expanded further to some newer EU states. In 2009 the Lisbon Treaty formalised its political authority, the Eurogroup, alongside the European Central Bank. In 2004 €2 commemorative coins were allowed to be minted in six states. By 2007, all states but France and the Netherlands had minted a commemorative issue and the first eurozone-wide commemorative coin was issued to celebrate 50 years of the Treaty of Rome. In 2009, the second eurozone-wide issue of a 2-euro commemorative coin was issued, celebrating ten years of the Economic and Monetary Union. In 2012, the third eurozone-wide issue of a 2-euro commemorative coin was issued, celebrating 10 years of euro coins and notes. To date, only Cyprus has not independently issued a €2 commemorative coin; as the EU's membership has since expanded in 2004, 2007 and 2013, with further expansions envisaged, the common face of all euro coins from the value of 10c and above were redesigned in 2007 to show a new map.
Slovenia joined the eurozone in 2007, Cyprus and Malta joined in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 and Lithuania in 2015, introducing seven more national-side designs. Andorra started minting coins in 2014, so from 2015 there are 23 countries with their own national sides. There are eight different denominations of euro coins: 1c, 2c, 5c, 10c, 20c, 50c, €1 and €2; the 1c, 2c and 5c coins show Europe in relation to Africa in the world. The remaining coins show the EU before its enlargement in May 2004 if minted before 1 January 2007, or a geographical map of Europe if minted after. Coins from Italy, San Marino, the Vatican City and Portugal show the geographical map if minted in 2008 or later; the common side was designed by Luc Luycx of the Royal Belgian Mint. They symbolise the unity of the EU; the national sides were designed by the NCBs of the eurozone in separate competitions. There are specifications. National designs were not allowed to change until the end of 2008, unless a monarch dies or abdicates.
National designs have seen some changes due to a new rule stating that national designs should include the name of the issuing country. The common side of the 1c, 2c and 5c coins depict the denomination, the words'EURO CENT' beside it, twelve stars and Europe highlighted on a globe in relation to Asia and Africa in the world; the common side of the 10c, 20c and 50c coins depict the denomination on the right, the words'EURO CENT' underneath it, with twelve stars and the European continent on the left. Coins minted from 1999 to 2006 depicted only the EU15, rather than the entire European continent, on coins minted after 2007; the common side of the €1 and €2 coins depict the denomination on the left, the currency, map of Europe and twelve stars on the right. Coins minted from 1999 to 2006 depicted the EU15, rather than the whole European continent, on coins minted from 2007. All coins have a common reverse side showing how much the coin is worth, with a design by Belgian designer Luc Luycx; the design of the 1c, 2c and 5c coins shows Europe's place in the world as a whole.
The 10c coins and above show either the 15 countries that were the European Union in 2002, or, if minted after 2007, the whole European continent. Coins from Italy, San Marino, the Vatican and Portugal show the new design if minted 2008 or later; the coins symbolise the unity of the EU. On 7 June 2005, the European Council decided that the common side of the 10c to €2 coins should be brought up to date to reflect the enlargement of the EU in 2004; the 1c, 2c and 5c coins show Europe in relation to the rest of the world, therefore they remained unchanged. In 2007, the new design was introduced; the design still retains all elements of the original designs, including the twelve stars, but the map of the fifteen states is replaced by one showing the whole of Europe as a continent, without borders, to stress unity. These coins were not mandatory for existing eurozone members when introduced in 2007, but became so for every member in 2008. Cyprus is shown several hundred kilometres north west of its real position in order to include it on the map.
On the €1 and €2 coins, the island is shown to be directly east of mainland Greece. The original proposal from the European Commission was to include Turkey on the map, but this design was rejected by the Council; the original designs of the 10c, 20c and 50c coins showed the ou