Economics is the social science that studies the production and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, the outcomes of interactions. Individual agents may include, for example, firms and sellers. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment of resources, economic growth, the public policies that address these issues. See glossary of economics. Other broad distinctions within economics include those between positive economics, describing "what is", normative economics, advocating "what ought to be". Economic analysis can be applied throughout society, in business, health care, government. Economic analysis is sometimes applied to such diverse subjects as crime, the family, politics, social institutions, war and the environment; the discipline was renamed in the late 19th century due to Alfred Marshall, from "political economy" to "economics" as a shorter term for "economic science".
At that time, it became more open to rigorous thinking and made increased use of mathematics, which helped support efforts to have it accepted as a science and as a separate discipline outside of political science and other social sciences. There are a variety of modern definitions of economics. Scottish philosopher Adam Smith defined what was called political economy as "an inquiry into the nature and causes of the wealth of nations", in particular as: a branch of the science of a statesman or legislator a plentiful revenue or subsistence for the people... to supply the state or commonwealth with a revenue for the publick services. Jean-Baptiste Say, distinguishing the subject from its public-policy uses, defines it as the science of production and consumption of wealth. On the satirical side, Thomas Carlyle coined "the dismal science" as an epithet for classical economics, in this context linked to the pessimistic analysis of Malthus. John Stuart Mill defines the subject in a social context as: The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object.
Alfred Marshall provides a still cited definition in his textbook Principles of Economics that extends analysis beyond wealth and from the societal to the microeconomic level: Economics is a study of man in the ordinary business of life. It enquires how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. Lionel Robbins developed implications of what has been termed "erhaps the most accepted current definition of the subject": Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Robbins describes the definition as not classificatory in "pick out certain kinds of behaviour" but rather analytical in "focus attention on a particular aspect of behaviour, the form imposed by the influence of scarcity." He affirmed that previous economists have centred their studies on the analysis of wealth: how wealth is created and consumed. But he said that economics can be used to study other things, such as war, that are outside its usual focus.
This is because war has as the goal winning it, generates both cost and benefits. If the war is not winnable or if the expected costs outweigh the benefits, the deciding actors may never go to war but rather explore other alternatives. We cannot define economics as the science that studies wealth, crime and any other field economic analysis can be applied to; some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets. From the 1960s, such comments abated as the economic theory of maximizing behaviour and rational-choice modelling expanded the domain of the subject to areas treated in other fields. There are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment. Gary Becker, a contributor to the expansion of economics into new areas, describes the approach he favours as "combin assumptions of maximizing behaviour, stable preferences, market equilibrium, used relentlessly and unflinchingly."
One commentary characterizes the remark as making economics an approach rather than a subject matter but with great specificity as to the "choice process and the type of social interaction that analysis involves." The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject-matter that the texts treat. A
An economist is a practitioner in the social science discipline of economics. The individual may study and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, economics computational models, financial economics, mathematical finance and mathematical economics; the professionalization of economics, reflected in academia, has been described as "the main change in economics since around 1900." Economists debate the path. It is a debate between a scholastic orientation, focused on mathematical techniques, a public discourse orientation, more focused on communicating to lay people pertinent economic principles as they relate to public policy. Surveys among economists indicate a preference for a shift toward the latter.
Most major universities have an economics faculty, school or department, where academic degrees are awarded in economics. Getting a PhD in economics takes six years, on average, with a median of 5.3 years. The Nobel Memorial Prize in Economics, established by Sveriges Riksbank in 1968, is a prize awarded to economists each year for outstanding intellectual contributions in the field of economics; the prize winners are announced in October every year. They receive their awards on the anniversary of Alfred Nobel's death. Economists work in many fields including academia, government and in the private sector, where they may "...study data and statistics in order to spot trends in economic activity, economic confidence levels, consumer attitudes. They assess this information using advanced methods in statistical analysis, computer programming they make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin."In contrast to regulated professions such as engineering, law or medicine, there is not a required educational requirement or license for economists.
In academia, to be called an economist requires a Ph. D. degree in Economics. In the US government, on the other hand, a person can be hired as an economist provided that they have a degree that included or was supplemented by 21 semester hours in economics and three hours in statistics, accounting, or calculus. A professional working inside of one of many fields of economics or having an academic degree in this subject is considered to be an economist. In addition to government and academia, economists are employed in banking, accountancy, marketing, business administration and non- or not-for profit organizations. Politicians consult economists before enacting economic policy. Many statesmen have academic degrees in economics. Economics graduates are employable in varying degrees depending on the regional economic scenario and labour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to communicate and the capacity to grasp broad issues which the graduates acquire at the university or college.
Whilst only a few economics graduates may be expected to become professional economists, many find it a base for entry into a career in finance – including accounting, insurance and banking, or management. A number of economics graduates from around the world have been successful in obtaining employment in a variety of major national and international firms in the financial and commercial sectors, in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or in government and politics. Small numbers go on to undertake postgraduate studies, either in economics, teacher training or further qualifications in specialist areas. In Brazil, unlike most countries in the world where the profession is not regulated, the profession of Economist is regulated by Law. 1411 of August 13, 1951. The professional designation of economist, according to the said law, is exclusive to the bachelors in economics graduates in Brazil. According to the United States Department of Labor, there were about 15,000 non-academic economists in the United States in 2008, with a median salary of $83,000 the top ten percent earning more than $147,040 annually.
Nearly 135 colleges and universities grant around 900 new Ph. D.s every year. Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes; as of January 2013, PayScale.com showed Ph. D. economists' salary ranges as follows: all Ph. D. economists, $61,000 to $160,000. D. corporate economists, $71,000 to $207,000. The largest single professional grouping of economists in the UK are the more than 1000 members of the Government Economic Service, who work in 30 government departments and agencies. Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the United Kingdom, shows nearly 80 percent in employment six months after graduation – with a wide range of roles and employers, including regional and international organisations, across many sectors; this figure compares favourably with the national picture, with 64 percent of economics graduates in employment. Some current we
A geologist is a scientist who studies the solid and gaseous matter that constitutes the Earth and other terrestrial planets, as well as the processes that shape them. Geologists study geology, although backgrounds in physics, chemistry and other sciences are useful. Field work is an important component of geology, although many subdisciplines incorporate laboratory work. Geologists work in the energy and mining sectors searching for natural resources such as petroleum, natural gas and base metals, they are in the forefront of preventing and mitigating damage from natural hazards and disasters such as earthquakes, volcanoes and landslides. Their studies are used to warn the general public of the occurrence of these events. Geologists are important contributors to climate change discussions. James Hutton is viewed as the first modern geologist. In 1785 he presented a paper entitled Theory of the Earth to the Royal Society of Edinburgh. In his paper, he explained his theory that the Earth must be much older than had been supposed to allow enough time for mountains to be eroded and for sediments to form new rocks at the bottom of the sea, which in turn were raised up to become dry land.
Hutton published a two-volume version of his ideas in 1795. Followers of Hutton were known as Plutonists because they believed that some rocks were formed by vulcanism, the deposition of lava from volcanoes, as opposed to the Neptunists, led by Abraham Werner, who believed that all rocks had settled out of a large ocean whose level dropped over time; the first geological map of the United States was produced in 1809 by William Maclure. In 1807, Maclure commenced the self-imposed task of making a geological survey of the United States; every state in the Union was traversed and mapped by him. The results of his unaided labors were submitted to the American Philosophical Society in a memoir entitled Observations on the Geology of the United States explanatory of a Geological Map, published in the Society's Transactions, together with the nation's first geological map; this antedates William Smith's geological map of England by six years, although it was constructed using a different classification of rocks.
Sir Charles Lyell first published his famous book, Principles of Geology, in 1830. This book, which influenced the thought of Charles Darwin promoted the doctrine of uniformitarianism; this theory states that slow geological processes have occurred throughout the Earth's history and are still occurring today. In contrast, catastrophism is the theory that Earth's features formed in single, catastrophic events and remained unchanged thereafter. Though Hutton believed in uniformitarianism, the idea was not accepted at the time. For an aspiring geologist, training includes significant coursework in physics and chemistry, in addition to classes offered through the geology department. Most geologists need skills in GIS and other mapping techniques. Geology students spend portions of the year the summer though sometimes during a January term and working under field conditions with faculty members. Many non-geologists take geology courses or have expertise in geology that they find valuable to their fields.
Geologists may concentrate their studies or research in one or more of the following disciplines: Economic geology: the study of ore genesis, the mechanisms of ore creation, geostatistics. Engineering geology: application of the geologic sciences to engineering practice for the purpose of assuring that the geologic factors affecting the location, construction and maintenance of engineering works are recognized and adequately provided for. Geochemistry: the applied branch deals with the study of the chemical makeup and behaviour of rocks, the study of the behaviour of their minerals. Geochronology: the study of isotope geology toward determining the date within the past of rock formation, metamorphism and geological events. Geomorphology: the study of landforms and the processes that create them Hydrogeology: the study of the origin and movement of groundwater water in a subsurface geological system. Igneous petrology: the study of igneous processes such as igneous differentiation, fractional crystallization and volcanological phenomena.
Isotope geology: the case of the isotopic composition of rocks to determine the processes of rock and planetary formation. Metamorphic petrology: the study of the effects of metamorphism on minerals and rocks. Marine geology: the study of the seafloor. Marine geology has strong ties to physical plate tectonics. Palaeoclimatology: the application of geological science to determine the climatic conditions present in the Earth's atmosphere within the Earth's history. Palaeontology: the classification and taxonomy of fossils within the geological record and the construction of a palaeontological history of the Earth. Pe
Denmark the Kingdom of Denmark, is a Nordic country and the southernmost of the Scandinavian nations. Denmark lies southwest of Sweden and south of Norway, is bordered to the south by Germany; the Kingdom of Denmark comprises two autonomous constituent countries in the North Atlantic Ocean: the Faroe Islands and Greenland. Denmark proper consists of a peninsula, an archipelago of 443 named islands, with the largest being Zealand and the North Jutlandic Island; the islands are characterised by flat, arable land and sandy coasts, low elevation and a temperate climate. Denmark has a total area of 42,924 km2, land area of 42,394 km2, the total area including Greenland and the Faroe Islands is 2,210,579 km2, a population of 5.8 million. The unified kingdom of Denmark emerged in the 10th century as a proficient seafaring nation in the struggle for control of the Baltic Sea. Denmark and Norway were ruled together under one sovereign ruler in the Kalmar Union, established in 1397 and ending with Swedish secession in 1523.
The areas of Denmark and Norway remained under the same monarch until Denmark -- Norway. Beginning in the 17th century, there were several devastating wars with the Swedish Empire, ending with large cessions of territory to Sweden. After the Napoleonic Wars, Norway was ceded to Sweden, while Denmark kept the Faroe Islands and Iceland. In the 19th century there was a surge of nationalist movements, which were defeated in the 1864 Second Schleswig War. Denmark remained neutral during World War I. In April 1940, a German invasion saw brief military skirmishes while the Danish resistance movement was active from 1943 until the German surrender in May 1945. An industrialised exporter of agricultural produce in the second half of the 19th century, Denmark introduced social and labour-market reforms in the early 20th century that created the basis for the present welfare state model with a developed mixed economy; the Constitution of Denmark was signed on 5 June 1849, ending the absolute monarchy, which had begun in 1660.
It establishes a constitutional monarchy organised as a parliamentary democracy. The government and national parliament are seated in Copenhagen, the nation's capital, largest city, main commercial centre. Denmark exercises hegemonic influence in the Danish Realm, devolving powers to handle internal affairs. Home rule was established in the Faroe Islands in 1948. Denmark negotiated certain opt-outs, it is among the founding members of NATO, the Nordic Council, the OECD, OSCE, the United Nations. Denmark is considered to be one of the most economically and developed countries in the world. Danes enjoy a high standard of living and the country ranks in some metrics of national performance, including education, health care, protection of civil liberties, democratic governance and human development; the country ranks as having the world's highest social mobility, a high level of income equality, is among the countries with the lowest perceived levels of corruption in the world, the eleventh-most developed in the world, has one of the world's highest per capita incomes, one of the world's highest personal income tax rates.
The etymology of the word Denmark, the relationship between Danes and Denmark and the unifying of Denmark as one kingdom, is a subject which attracts debate. This is centered on the prefix "Dan" and whether it refers to the Dani or a historical person Dan and the exact meaning of the -"mark" ending. Most handbooks derive the first part of the word, the name of the people, from a word meaning "flat land", related to German Tenne "threshing floor", English den "cave"; the -mark is believed to mean woodland or borderland, with probable references to the border forests in south Schleswig. The first recorded use of the word Danmark within Denmark itself is found on the two Jelling stones, which are runestones believed to have been erected by Gorm the Old and Harald Bluetooth; the larger stone of the two is popularly cited as Denmark's "baptismal certificate", though both use the word "Denmark", in the form of accusative ᛏᛅᚾᛘᛅᚢᚱᚴ tanmaurk on the large stone, genitive ᛏᛅᚾᛘᛅᚱᚴᛅᚱ "tanmarkar" on the small stone.
The inhabitants of Denmark are there called "Danes", in the accusative. The earliest archaeological findings in Denmark date back to the Eem interglacial period from 130,000–110,000 BC. Denmark has been inhabited since around 12,500 BC and agriculture has been evident since 3900 BC; the Nordic Bronze Age in Denmark was marked by burial mounds, which left an abundance of findings including lurs and the Sun Chariot. During the Pre-Roman Iron Age, native groups began migrating south, the first tribal Danes came to the country between the Pre-Roman and the Germanic Iron Age, in the Roman Iron Age; the Roman provinces maintained trade routes and relations with native tribes in Denmark, Roman coins have been found in Denmark. Evidence of strong Celtic cultural influence dates from this period in Denmark and much of North-West Europe and is among other things reflected in the finding of the Gundestrup cauldron; the tribal Danes came from the east Danish islands and Scania and spoke an early form of North Germanic.
Historians believe that before their arrival, most of Jutland and the nearest islands were settled by tribal J
Environmental science is an interdisciplinary academic field that integrates physical and information sciences to the study of the environment, the solution of environmental problems. Environmental science emerged from the fields of natural history and medicine during the Enlightenment. Today it provides an integrated and interdisciplinary approach to the study of environmental systems. Related areas of study include environmental engineering. Environmental studies incorporates more of the social sciences for understanding human relationships and policies towards the environment. Environmental engineering focuses on design and technology for improving environmental quality in every aspect. Environmental scientists work on subjects like the understanding of earth processes, evaluating alternative energy systems, pollution control and mitigation, natural resource management, the effects of global climate change. Environmental issues always include an interaction of physical and biological processes.
Environmental scientists bring a systems approach to the analysis of environmental problems. Key elements of an effective environmental scientist include the ability to relate space, time relationships as well as quantitative analysis. Environmental science came alive as a substantive, active field of scientific investigation in the 1960s and 1970s driven by the need for a multi-disciplinary approach to analyze complex environmental problems, the arrival of substantive environmental laws requiring specific environmental protocols of investigation and the growing public awareness of a need for action in addressing environmental problems. Events that spurred this development included the publication of Rachel Carson's landmark environmental book Silent Spring along with major environmental issues becoming public, such as the 1969 Santa Barbara oil spill, the Cuyahoga River of Cleveland, Ohio, "catching fire", helped increase the visibility of environmental issues and create this new field of study.
In common usage, "environmental science" and "ecology" are used interchangeably, but technically, ecology refers only to the study of organisms and their interactions with each other and their environment. Ecology could be considered a subset of environmental science, which could involve purely chemical or public health issues ecologists would be unlikely to study. In practice, there is considerable overlap between the work of ecologists and other environmental scientists; the National Center for Education Statistics in the United States defines an academic program in environmental science as follows: A program that focuses on the application of biological and physical principles to the study of the physical environment and the solution of environmental problems, including subjects such as abating or controlling environmental pollution and degradation. Includes instruction in biology, physics, climatology and mathematical modeling. Atmospheric sciences focus on the Earth's atmosphere, with an emphasis upon its interrelation to other systems.
Atmospheric sciences can include studies of meteorology, greenhouse gas phenomena, atmospheric dispersion modeling of airborne contaminants, sound propagation phenomena related to noise pollution, light pollution. Taking the example of the global warming phenomena, physicists create computer models of atmospheric circulation and infra-red radiation transmission, chemists examine the inventory of atmospheric chemicals and their reactions, biologists analyze the plant and animal contributions to carbon dioxide fluxes, specialists such as meteorologists and oceanographers add additional breadth in understanding the atmospheric dynamics. Ecology is the study of the interactions between their environment. Ecologists might investigate the relationship between a population of organisms and some physical characteristic of their environment, such as concentration of a chemical. For example, an interdisciplinary analysis of an ecological system, being impacted by one or more stressors might include several related environmental science fields.
In an estuarine setting where a proposed industrial development could impact certain species by water and air pollution, biologists would describe the flora and fauna, chemists would analyze the transport of water pollutants to the marsh, physicists would calculate air pollution emissions and geologists would assist in understanding the marsh soils and bay muds. Environmental chemistry is the study of chemical alterations in the environment. Principal areas of study include water pollution; the topics of analysis include chemical degradation in the environment, multi-phase transport of chemicals, chemical effects upon biota. As an example study, consider the case of a leaking solvent tank which has entered the habitat soil of an endangered species of amphibian; as a method to resolve or understand the extent of soil contamination and subsurface transport of solvent, a computer model would be implemented. Chemists would characterize the molecular bonding of the solvent to the specific soil type, biologists would study the impacts upon soil arthr
Engineering is the application of knowledge in the form of science and empirical evidence, to the innovation, construction and maintenance of structures, materials, devices, systems and organizations. The discipline of engineering encompasses a broad range of more specialized fields of engineering, each with a more specific emphasis on particular areas of applied mathematics, applied science, types of application. See glossary of engineering; the term engineering is derived from the Latin ingenium, meaning "cleverness" and ingeniare, meaning "to contrive, devise". The American Engineers' Council for Professional Development has defined "engineering" as: The creative application of scientific principles to design or develop structures, apparatus, or manufacturing processes, or works utilizing them singly or in combination. Engineering has existed since ancient times, when humans devised inventions such as the wedge, lever and pulley; the term engineering is derived from the word engineer, which itself dates back to 1390 when an engine'er referred to "a constructor of military engines."
In this context, now obsolete, an "engine" referred to a military machine, i.e. a mechanical contraption used in war. Notable examples of the obsolete usage which have survived to the present day are military engineering corps, e.g. the U. S. Army Corps of Engineers; the word "engine" itself is of older origin deriving from the Latin ingenium, meaning "innate quality mental power, hence a clever invention."Later, as the design of civilian structures, such as bridges and buildings, matured as a technical discipline, the term civil engineering entered the lexicon as a way to distinguish between those specializing in the construction of such non-military projects and those involved in the discipline of military engineering. The pyramids in Egypt, the Acropolis and the Parthenon in Greece, the Roman aqueducts, Via Appia and the Colosseum, Teotihuacán, the Brihadeeswarar Temple of Thanjavur, among many others, stand as a testament to the ingenuity and skill of ancient civil and military engineers.
Other monuments, no longer standing, such as the Hanging Gardens of Babylon, the Pharos of Alexandria were important engineering achievements of their time and were considered among the Seven Wonders of the Ancient World. The earliest civil engineer known by name is Imhotep; as one of the officials of the Pharaoh, Djosèr, he designed and supervised the construction of the Pyramid of Djoser at Saqqara in Egypt around 2630–2611 BC. Ancient Greece developed machines in both military domains; the Antikythera mechanism, the first known mechanical computer, the mechanical inventions of Archimedes are examples of early mechanical engineering. Some of Archimedes' inventions as well as the Antikythera mechanism required sophisticated knowledge of differential gearing or epicyclic gearing, two key principles in machine theory that helped design the gear trains of the Industrial Revolution, are still used today in diverse fields such as robotics and automotive engineering. Ancient Chinese, Greek and Hungarian armies employed military machines and inventions such as artillery, developed by the Greeks around the 4th century BC, the trireme, the ballista and the catapult.
In the Middle Ages, the trebuchet was developed. Before the development of modern engineering, mathematics was used by artisans and craftsmen, such as millwrights, clock makers, instrument makers and surveyors. Aside from these professions, universities were not believed to have had much practical significance to technology. A standard reference for the state of mechanical arts during the Renaissance is given in the mining engineering treatise De re metallica, which contains sections on geology and chemistry. De re metallica was the standard chemistry reference for the next 180 years; the science of classical mechanics, sometimes called Newtonian mechanics, formed the scientific basis of much of modern engineering. With the rise of engineering as a profession in the 18th century, the term became more narrowly applied to fields in which mathematics and science were applied to these ends. In addition to military and civil engineering, the fields known as the mechanic arts became incorporated into engineering.
Canal building was an important engineering work during the early phases of the Industrial Revolution. John Smeaton was the first self-proclaimed civil engineer and is regarded as the "father" of civil engineering, he was an English civil engineer responsible for the design of bridges, canals and lighthouses. He was a capable mechanical engineer and an eminent physicist. Using a model water wheel, Smeaton conducted experiments for seven years, determining ways to increase efficiency. Smeaton introduced iron gears to water wheels. Smeaton made mechanical improvements to the Newcomen steam engine. Smeaton designed the third Eddystone Lighthouse where he pioneered the use of'hydraulic lime' and developed a technique involving dovetailed blocks of granite in the building of the lighthouse, he is important in the history, rediscovery of, development of modern cement, because he identified the compositional requirements needed to obtain "hydraulicity" in lime.
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