Italy the Italian Republic, is a country in Southern Europe. Located in the middle of the Mediterranean Sea, Italy shares open land borders with France, Austria and the enclaved microstates San Marino and Vatican City. Italy covers an area of 301,340 km2 and has a temperate seasonal and Mediterranean climate. With around 61 million inhabitants, it is the fourth-most populous EU member state and the most populous country in Southern Europe. Due to its central geographic location in Southern Europe and the Mediterranean, Italy has been home to a myriad of peoples and cultures. In addition to the various ancient peoples dispersed throughout modern-day Italy, the most famous of which being the Indo-European Italics who gave the peninsula its name, beginning from the classical era and Carthaginians founded colonies in insular Italy and Genoa, Greeks established settlements in the so-called Magna Graecia, while Etruscans and Celts inhabited central and northern Italy respectively; the Italic tribe known as the Latins formed the Roman Kingdom in the 8th century BC, which became a republic with a government of the Senate and the People.
The Roman Republic conquered and assimilated its neighbours on the peninsula, in some cases through the establishment of federations, the Republic expanded and conquered parts of Europe, North Africa and the Middle East. By the first century BC, the Roman Empire emerged as the dominant power in the Mediterranean Basin and became the leading cultural and religious centre of Western civilisation, inaugurating the Pax Romana, a period of more than 200 years during which Italy's technology, economy and literature flourished. Italy remained the metropole of the Roman Empire; the legacy of the Roman Empire endured its fall and can be observed in the global distribution of culture, governments and the Latin script. During the Early Middle Ages, Italy endured sociopolitical collapse and barbarian invasions, but by the 11th century, numerous rival city-states and maritime republics in the northern and central regions of Italy, rose to great prosperity through shipping and banking, laying the groundwork for modern capitalism.
These independent statelets served as Europe's main trading hubs with Asia and the Near East enjoying a greater degree of democracy than the larger feudal monarchies that were consolidating throughout Europe. The Renaissance began in Italy and spread to the rest of Europe, bringing a renewed interest in humanism, science and art. Italian culture flourished, producing famous scholars and polymaths such as Michelangelo, Leonardo da Vinci, Raphael and Machiavelli. During the Middle Ages, Italian explorers such as Marco Polo, Christopher Columbus, Amerigo Vespucci, John Cabot and Giovanni da Verrazzano discovered new routes to the Far East and the New World, helping to usher in the European Age of Discovery. Italy's commercial and political power waned with the opening of trade routes that bypassed the Mediterranean. Centuries of infighting between the Italian city-states, such as the Italian Wars of the 15th and 16th centuries, left the region fragmented, it was subsequently conquered and further divided by European powers such as France and Austria.
By the mid-19th century, rising Italian nationalism and calls for independence from foreign control led to a period of revolutionary political upheaval. After centuries of foreign domination and political division, Italy was entirely unified in 1871, establishing the Kingdom of Italy as a great power. From the late 19th century to the early 20th century, Italy industrialised, namely in the north, acquired a colonial empire, while the south remained impoverished and excluded from industrialisation, fuelling a large and influential diaspora. Despite being one of the main victors in World War I, Italy entered a period of economic crisis and social turmoil, leading to the rise of a fascist dictatorship in 1922. Participation in World War II on the Axis side ended in military defeat, economic destruction and the Italian Civil War. Following the liberation of Italy and the rise of the resistance, the country abolished the monarchy, reinstated democracy, enjoyed a prolonged economic boom and, despite periods of sociopolitical turmoil became a developed country.
Today, Italy is considered to be one of the world's most culturally and economically advanced countries, with the sixth-largest worldwide national wealth. Its advanced economy ranks eighth-largest in the world and third in the Eurozone by nominal GDP. Italy owns the third-largest central bank gold reserve, it has a high level of human development, it stands among the top countries for life expectancy. The country plays a prominent role in regional and global economic, military and diplomatic affairs. Italy is a founding and leading member of the European Union and a member of numerous international institutions, including the UN, NATO, the OECD, the OSCE, the WTO, the G7, the G20, the Union for the Mediterranean, the Council of Europe, Uniting for Consensus, the Schengen Area and many more; as a reflection
Hungary is a country in Central Europe. Spanning 93,030 square kilometres in the Carpathian Basin, it borders Slovakia to the north, Ukraine to the northeast, Austria to the northwest, Romania to the east, Serbia to the south, Croatia to the southwest, Slovenia to the west. With about 10 million inhabitants, Hungary is a medium-sized member state of the European Union; the official language is Hungarian, the most spoken Uralic language in the world, among the few non-Indo-European languages to be spoken in Europe. Hungary's capital and largest city is Budapest; the territory of modern Hungary was for centuries inhabited by a succession of peoples, including Celts, Germanic tribes, West Slavs and the Avars. The foundations of the Hungarian state were established in the late ninth century CE by the Hungarian grand prince Árpád following the conquest of the Carpathian Basin, his great-grandson Stephen I ascended the throne in 1000, converting his realm to a Christian kingdom. By the 12th century, Hungary became a regional power, reaching its cultural and political height in the 15th century.
Following the Battle of Mohács in 1526, Hungary was occupied by the Ottoman Empire. It came under Habsburg rule at the turn of the 18th century, joined Austria to form the Austro–Hungarian Empire, a major European power; the Austro-Hungarian Empire collapsed after World War I, the subsequent Treaty of Trianon established Hungary's current borders, resulting in the loss of 71% of its territory, 58% of its population, 32% of ethnic Hungarians. Following the tumultuous interwar period, Hungary joined the Axis Powers in World War II, suffering significant damage and casualties. Hungary became a satellite state of the Soviet Union, which contributed to the establishment of a socialist republic spanning four decades; the country gained widespread international attention as a result of its 1956 revolution and the seminal opening of its previously-restricted border with Austria in 1989, which accelerated the collapse of the Eastern Bloc. On 23 October 1989, Hungary became a democratic parliamentary republic.
Hungary is an OECD high-income economy and has the world's 58th largest economy by PPP. It ranks 45th on the Human Development Index, owing in large part to its social security system, universal health care, tuition-free secondary education. Hungary's rich cultural history includes significant contributions to the arts, literature, sports and technology, it is the 13th most popular tourist destination in Europe, attracting 15.8 million international tourists in 2017, owing to attractions such as the largest thermal water cave system in the world, second largest thermal lake, the largest lake in Central Europe and the largest natural grasslands in Europe. Hungary's cultural and academic prominence classify it as a middle power in global affairs. Hungary joined the European Union in 2004 and has been part of the Schengen Area since 2007, it is a member of numerous international organizations, including the United Nations, NATO, WTO, World Bank, the AIIB, the Council of Europe, the Visegrád Group.
The "H" in the name of Hungary is most due to early founded historical associations with the Huns, who had settled Hungary prior to the Avars. The rest of the word comes from the Latinized form of Byzantine Greek Oungroi. According to an explanation,the Greek name was borrowed from Old Bulgarian ągrinŭ, in turn borrowed from Oghur-Turkic Onogur. Onogur was the collective name for the tribes who joined the Bulgar tribal confederacy that ruled the eastern parts of Hungary after the Avars; the Hungarian endonym is Magyarország, composed of ország. The word magyar is taken from the name of one of the seven major semi-nomadic Hungarian tribes, magyeri; the first element magy is from Proto-Ugric *mäńć-'man, person' found in the name of the Mansi people. The second element eri,'man, lineage', survives in Hungarian férj'husband', is cognate with Mari erge'son', Finnish archaic yrkä'young man'; the Roman Empire conquered the territory west of the Danube between 35 and 9 BC. From 9 BC to the end of the 4th century, Pannonia was part of the Roman Empire, located within part of Hungary's territory.
Around AD 41–54, a 500-strong cavalry unit created the settlement of Aquincum and a Roman legion of 6,000 men was stationed here by AD 89. A civil city grew in the neighbourhood of the military settlement and in AD 106 Aquincum became the focal point of the commercial life of this area and the capital city of the province of Pannonia Inferior; this area now corresponds to the Óbuda district of Budapest, with the Roman ruins now forming part of the modern Aquincum museum. Came the Huns, a Central Asian tribe who built a powerful empire. After Hunnish rule, the Germanic Ostrogoths and Gepids, the Avar Khaganate, had a presence in the Carpathian Basin. In the 9th century, East Francia, the First Bulgarian Empire and Great Moravia ruled the territory of the Carpathian Basin; the freshly unified Hungarians led by Árpád, settled in the Carpathian Basin starting in 895. According to linguistic evidence, they originated from an ancient Uralic-speaking population that inhabited the forested area between the Volga River and the Ural Mountains.
As a federation of united tribes, Hungary was established in 895, some 50 years after the division of the Carolingian Empire at the Treaty of Verdun in 843, before the unification of the Anglo-Saxon king
The krone is the official currency of Denmark and the Faroe Islands, introduced on 1 January 1875. Both the ISO code "DKK" and currency sign "kr." are in common use. The currency is sometimes referred to as the Danish crown in English, since krone means crown. Krone coins have been minted in Denmark since the 17th century. One krone is subdivided into 100 øre, the name øre deriving from Latin aureus meaning "gold coin", or more plausibly from Latin as, pl aeres, meaning "bronze coin", from aes, aeris, "bronze". Altogether there are eleven denominations of the krone, with the smallest being the 50 øre coin, valued at one half of a krone. There were more øre coins, but those were discontinued due to inflation; the krone is pegged to the euro via the European Union's exchange rate mechanism. Adoption of the euro is favoured by some of the major political parties, however a 2000 referendum on joining the Eurozone was defeated with 53.2% voting to maintain the krone and 46.8% voting to join the Eurozone.
The oldest known Danish coin is a penny struck AD 825–840, but the earliest systematic minting produced the so-called korsmønter or "cross coins" minted by Harald Bluetooth in the late 10th century. Organised minting in Denmark was introduced on a larger scale by Canute the Great in the 1020s. Lund, now in Sweden, was the principal minting place and one of Denmark's most important cities in the Middle Ages, but coins were minted in Roskilde, Odense, Aalborg, Århus, Ribe, Ørbæk and Hedeby. For 1,000 years, Danish kings – with a few exceptions – have issued coins with their name, monogram and/or portrait. Taxes were sometimes imposed via the coinage, e.g. by the compulsory substitution of coins handed in by new coins handed out with a lower silver content. Danish coinage was based on the Carolingian silver standard. Periodically, the metal value of the minted coins was reduced, thus did not correspond to the face value of the coins; this was done to generate income for the monarch and/or the state.
As a result of the debasement, the public started to lose trust in the respective coins. Danish currency was overhauled several times in attempts to restore public trust in the coins, in issued paper money. In 1619 a new currency was introduced in the krone. One krone had the value of 1 1/2 Danish Rigsdaler Species accounting for 96 Kroneskillinger for 144 common Skillings; until the late 18th century, the krone was a denomination equal to 8 mark, a subunit of the Danish rigsdaler. A new krone was introduced as the currency of Denmark in January 1875, it replaced the rigsdaler at a rate of 2 kroner. This placed the krone on the gold standard at a rate of 2480 kroner; the latter part of the 18th century and much of the 19th century saw expanding economic activity and thus a need for means of payment that were easier to handle than coins. Banknotes were used instead of coins; the introduction of the new krone was a result of the Scandinavian Monetary Union, which came into effect in 1873 and lasted until World War I.
The parties to the union were the three Scandinavian countries, where the name was krone in Denmark and Norway and krona in Sweden, a word which in all three languages means crown. The three currencies were on the gold standard, with the krone/krona defined as 1⁄2480 of a kilogram of pure gold; the Scandinavian Monetary Union came to an end in 1914. Denmark and Norway all decided to keep the names of their respective and now separate currencies. Denmark returned to the gold standard in 1924 but left it permanently in 1931. Between 1940 and 1945, the krone was tied to the German Reichsmark. Following the end of the German occupation, a rate of 24 kroner to the British pound was introduced, reduced to 19.34 in August the same year. Within the Bretton Woods System, Denmark devalued its currency with the pound in 1949 to a rate of 6.91 to the dollar. A further devaluation in 1967 resulted in rates of 7.5 kroner. In 2014, it was decided to stop printing of the Krone in Denmark, but the work would be outsourced, on 20 December 2016, the last notes were printed by the National Bank.
Denmark has not introduced the euro, following a rejection by referendum in 2000, but the Danish krone is pegged to the euro in ERM II, the EU's exchange rate mechanism. Denmark borders one eurozone member and one EU member, obliged to join the euro in the future; the Faroe Islands uses a localized, non-independent version of the Danish krone, known as the Faroese króna pegged with the Danish krone at par, using the Danish coin series, but have their own series of distinct banknotes, first being issued in the 1950s and modernized in the 1970s and the 2000s. Greenland adopted the Act on Banknotes in Greenland in 2006 with a view to introducing separate Greenlandic banknotes; the Act entered into force on 1 June 2007. In the autumn of 2010, a new Greenlandic government indicated that it did not wish to introduce separate Greenlandic banknotes and Danmarks Nationalbank ceased the project to develop a Greenlandic series. Still, Greenland continues to use Danish kroner as sole official currency. Greenland under the colonial administration issued distinct banknotes between 1803 and 1968, together with co
The Czech Republic known by its short-form name, Czechia, is a landlocked country in Central Europe bordered by Germany to the west, Austria to the south, Slovakia to the east and Poland to the northeast. The Czech Republic covers an area of 78,866 square kilometres with a temperate continental climate and oceanic climate, it is a unitary parliamentary republic, with 10.6 million inhabitants. Other major cities are Brno, Ostrava and Pilsen; the Czech Republic is a member of the European Union, NATO, the OECD, the United Nations, the OSCE, the Council of Europe. It is a developed country with an advanced, high income export-oriented social market economy based in services and innovation; the UNDP ranks the country 14th in inequality-adjusted human development. The Czech Republic is a welfare state with a "continental" European social model, a universal health care system, tuition-free university education and is ranked 14th in the Human Capital Index, it ranks as the 6th safest or most peaceful country and is one of the most non-religious countries in the world, while achieving strong performance in democratic governance.
The Czech Republic includes the historical territories of Bohemia and Czech Silesia. The Czech state was formed in the late 9th century as the Duchy of Bohemia under the Great Moravian Empire. After the fall of the Empire in 907, the centre of power transferred from Moravia to Bohemia under the Přemyslid dynasty. In 1002, the duchy was formally recognized as an Imperial State of the Holy Roman Empire along with the Kingdom of Germany, the Kingdom of Burgundy, the Kingdom of Italy, numerous other territories, becoming the Kingdom of Bohemia in 1198 and reaching its greatest territorial extent in the 14th century. Beside Bohemia itself, the King of Bohemia ruled the lands of the Bohemian Crown, holding a vote in the election of the Holy Roman Emperor. In the Hussite Wars of the 15th century driven by the Protestant Bohemian Reformation, the kingdom faced economic embargoes and defeated five consecutive crusades proclaimed by the leaders of the Catholic Church. Following the Battle of Mohács in 1526, the whole Crown of Bohemia was integrated into the Habsburg Monarchy alongside the Archduchy of Austria and the Kingdom of Hungary.
The Protestant Bohemian Revolt against the Catholic Habsburgs led to the Thirty Years' War. After the Battle of the White Mountain, the Habsburgs consolidated their rule, eradicated Protestantism and reimposed Catholicism, adopted a policy of gradual Germanization; this contributed to the anti-Habsburg sentiment. A long history of resentment of the Catholic Church followed and still continues. With the dissolution of the Holy Roman Empire in 1806, the Bohemian Kingdom became part of the German Confederation 1815-1866 as part of Austrian Empire and the Czech language experienced a revival as a consequence of widespread romantic nationalism. In the 19th century, the Czech lands became the industrial powerhouse of the monarchy and were subsequently the core of the Republic of Czechoslovakia, formed in 1918 following the collapse of the Austro-Hungarian Empire after World War I. Czechoslovakia remained the only democracy in this part of Europe in the interwar period. However, the Czech part of Czechoslovakia was occupied by Germany in World War II, while the Slovak region became the Slovak Republic.
Most of the three millions of the German-speaking minority were expelled following the war. The Communist Party of Czechoslovakia won the 1946 elections and after the 1948 coup d'état, Czechoslovakia became a one-party communist state under Soviet influence. In 1968, increasing dissatisfaction with the regime culminated in a reform movement known as the Prague Spring, which ended in a Soviet-led invasion. Czechoslovakia remained occupied until the 1989 Velvet Revolution, when the communist regime collapsed and market economy was reintroduced. On 1 January 1993, Czechoslovakia peacefully dissolved, with its constituent states becoming the independent states of the Czech Republic and Slovakia; the Czech Republic joined NATO in 1999 and the EU in 2004. The traditional English name "Bohemia" derives from Latin "Boiohaemum", which means "home of the Boii"; the current English name comes from the Polish ethnonym associated with the area, which comes from the Czech word Čech. The name comes from the Slavic tribe and, according to legend, their leader Čech, who brought them to Bohemia, to settle on Říp Mountain.
The etymology of the word Čech can be traced back to the Proto-Slavic root *čel-, meaning "member of the people. The country has been traditionally divided into three lands, namely Bohemia in the west, Moravia in the east, Czech Silesia in the northeast. Known as the lands of the Bohemian Crown since the 14th century, a number of other names for the country have been used, including Czech/Bohemian lands, Bohemian Crown and the lands of the Crown of Saint Wenceslas; when the country regained its independence after the dissolution of the Austro-Hungarian empire in 1918, the new name of Czechoslovakia was coined to reflect the union of the Czech and Slovak nations within the one country. After Czechoslovakia dissolved in 1992, the Czech part lac
Belgium the Kingdom of Belgium, is a country in Western Europe. It is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to the southwest, the North Sea to the northwest, it has a population of more than 11.4 million. The capital and largest city is Brussels; the sovereign state is a federal constitutional monarchy with a parliamentary system. Its institutional organisation is structured on both regional and linguistic grounds, it is divided into three autonomous regions: Flanders in the north, Wallonia in the south, the Brussels-Capital Region. Brussels is the smallest and most densely populated region, as well as the richest region in terms of GDP per capita. Belgium is home to two main linguistic groups or Communities: the Dutch-speaking Flemish Community, which constitutes about 59 percent of the population, the French-speaking Community, which comprises about 40 percent of all Belgians. A small German-speaking Community, numbering around one percent, exists in the East Cantons.
The Brussels-Capital Region is bilingual, although French is the dominant language. Belgium's linguistic diversity and related political conflicts are reflected in its political history and complex system of governance, made up of six different governments. Belgium was part of an area known as the Low Countries, a somewhat larger region than the current Benelux group of states that included parts of northern France and western Germany, its name is derived after the Roman province of Gallia Belgica. From the end of the Middle Ages until the 17th century, the area of Belgium was a prosperous and cosmopolitan centre of commerce and culture. Between the 16th and early 19th centuries, Belgium served as the battleground between many European powers, earning the moniker the "Battlefield of Europe", a reputation strengthened by both world wars; the country emerged in 1830 following the Belgian Revolution. Belgium participated in the Industrial Revolution and, during the course of the 20th century, possessed a number of colonies in Africa.
The second half of the 20th century was marked by rising tensions between the Dutch-speaking and the French-speaking citizens fueled by differences in language and culture and the unequal economic development of Flanders and Wallonia. This continuing antagonism has led to several far-reaching reforms, resulting in a transition from a unitary to a federal arrangement during the period from 1970 to 1993. Despite the reforms, tensions between the groups have remained, if not increased. Unemployment in Wallonia is more than double that of Flanders. Belgium is one of the six founding countries of the European Union and hosts the official seats of the European Commission, the Council of the European Union, the European Council, as well as a seat of the European Parliament in the country's capital, Brussels. Belgium is a founding member of the Eurozone, NATO, OECD, WTO, a part of the trilateral Benelux Union and the Schengen Area. Brussels hosts several of the EU's official seats as well as the headquarters of many major international organizations such as NATO.
Belgium is a developed country, with an advanced high-income economy. It has high standards of living, quality of life, education, is categorized as "very high" in the Human Development Index, it ranks as one of the safest or most peaceful countries in the world. The name "Belgium" is derived from Gallia Belgica, a Roman province in the northernmost part of Gaul that before Roman invasion in 100 BC, was inhabited by the Belgae, a mix of Celtic and Germanic peoples. A gradual immigration by Germanic Frankish tribes during the 5th century brought the area under the rule of the Merovingian kings. A gradual shift of power during the 8th century led the kingdom of the Franks to evolve into the Carolingian Empire; the Treaty of Verdun in 843 divided the region into Middle and West Francia and therefore into a set of more or less independent fiefdoms which, during the Middle Ages, were vassals either of the King of France or of the Holy Roman Emperor. Many of these fiefdoms were united in the Burgundian Netherlands of the 15th centuries.
Emperor Charles V extended the personal union of the Seventeen Provinces in the 1540s, making it far more than a personal union by the Pragmatic Sanction of 1549 and increased his influence over the Prince-Bishopric of Liège. The Eighty Years' War divided the Low Countries into the northern United Provinces and the Southern Netherlands; the latter were ruled successively by the Spanish and the Austrian Habsburgs and comprised most of modern Belgium. This was the theatre of most Franco-Spanish and Franco-Austrian wars during the 17th and 18th centuries. Following the campaigns of 1794 in the French Revolutionary Wars, the Low Countries—including territories that were never nominally under Habsburg rule, such as the Prince-Bishopric of Liège—were annexed by the French First Republic, ending Austrian rule in the region; the reunification of the Low Countries as the United Kingdom of the Netherlands occurred at the dissolution of the First French Empire in 1815, after the defeat of Napo
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
The Gibraltar pound is the currency of Gibraltar. It is pegged to – and exchangeable with – the British pound sterling at par value. Coins and banknotes of the Gibraltar pound are printed by the Government of Gibraltar; until 1872, the currency situation in Gibraltar was complicated, with a system based on the real being employed which encompassed British and Gibraltarian coins. From 1825, the real was tied to the pound at the rate of 1 Spanish dollar to 4 shillings 4 pence. In 1872, the Spanish currency became the sole legal tender in Gibraltar. In 1898, the Spanish–American War made the Spanish peseta drop alarmingly and the pound was introduced as the sole currency of Gibraltar in the form of British coins and banknotes. In 1898, the British pound was made sole legal tender, although the Spanish peseta continued in circulation until the Spanish Civil War. Since 1927, Gibraltar has issued its own banknotes and, since 1988, its own coins. Gibraltar decimalised in 1971 at the same time as the UK, replacing the system of 1 pound = 20 shillings = 240 pence with one of 1 pound = 100 pence.
The since repealed Currency Notes Act 1934, conferred on the Government of Gibraltar the right to print its own notes. Notes issued are either backed by Bank of England notes at a rate of one pound to one pound sterling, or can be backed by securities issued by the Government of Gibraltar. Although Gibraltar notes are denominated in "pounds sterling", they are not legal tender anywhere in the United Kingdom. Gibraltar's coins are the same weight and metal as British coins, although the designs are different, they are found in circulation across Britain. Under the Currency Notes Act 2011 the notes and coins issued by the Government of Gibraltar are legal tender and current coin within Gibraltar. British coins and Bank of England notes circulate in Gibraltar and are universally accepted and interchangeable with Gibraltarian issues. In 1988, coins in denominations of 1, 2, 5, 10, 20 and 50 pence and 1 pound were introduced which bore specific designs for and the name of Gibraltar, they were the same sizes and compositions as the corresponding British coins, with 2 pound coins introduced in 1999.
A new coin of 5 pounds was issued in 2010 with the inscription "Elizabeth II · Queen of Gibraltar". This issue caused controversy in Spain, where the title of King of Gibraltar corresponds to the crown of Castile; the £2 coin has featured a new design every year since its introduction, as it depicts each of the 12 Labours of Hercules. In 2004 the Government of Gibraltar minted a new edition of its coins to commemorate the tercentenary of British Gibraltar. At the outbreak of World War I, Gibraltar was forced to issue banknotes to prevent paying out sterling or gold; these notes were issued under emergency wartime legislation, Ordinance 10 of 1914. At first the typeset notes were signed by hand by Treasurer Greenwood, though he used stamps; the notes bore the embossed stamp of the Anglo-Egyptian Bank Ltd. and circulated alongside British Territory notes. The 1914 notes were issued in denominations of 2s, 10s, £1, £5 and £50; the 2s and £50 notes were not continued when a new series of notes was introduced in 1927.
The 10s note was replaced by the 50p coin during the process of decimalization. In 1975, £10 and £20 notes were introduced, followed by £50 in 1986; the £1 note was discontinued in 1988. In 1995, a new series of notes was introduced which, for the first time, bore the words "pounds sterling" rather than just "pounds"; the government of Gibraltar introduced a new series of banknotes beginning with the £10 and £50 notes issued on July 8, 2010. On May 11, 2011, the £5, £20 and £100 notes were issued. Economy of Gibraltar Currency board Christopher Ironside, OBE, coin designer: reverse design of the 25 New Pence coin, Barbary ape. Banknotes of Gibraltar: Catalog of Gibraltar Shillings and Pounds The current banknotes of Gibraltar