1.
Andorra and the euro
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Andorra has a monetary agreement with the EU allowing it to make the euro its official currency, and permitting it to issue euro coins as early as 1 July 2013. They planned to issue their first coins by March or April 2014, on 23 December coins were delivered for pre-booked customers at the Government Administration Building, while actual circulation started on 15 January 2015. Andorra did not have an official currency prior to adopting the euro, however it de facto used the EUs euro as it had historically used the French franc and Spanish peseta. When those two currencies were replaced by the euro in 2002, the replaced the franc and peseta as the sole circulating currency in Andorra. These agreements gave the three microstates the right to issue their own coins, which have a common design on one side. In 2003 Andorra requested that the EU conclude an agreement with it which would give it the right to mint its own coins. In 2004 the Council of the European Union adopted its negotiating position with Andorra, following Andorras agreement to abide by Council Directive 2003/48/EC on taxation of savings income in the form of interest payments, the Commission recommended opening negotiations. Negotiations were expected to be concluded by 2008, but were stalled due in part been to poor relations stemming from Andorras tax haven status. A monetary agreement was agreed to by Andorra and the EU in February 2011. After the agreement came into force on 1 April 2012, the euro became Andorras official currency, Andorra would have been permitted to issue up to 2.4 million euro coins from 1 July 2013 onwards provided that it complied with the agreements terms. In February 2013, the Director of the Mint of Andorra Jordi Puigdemasa confirmed that Andorra would not begin issuing euros until 1 January 2014, however, the EU did not approve the minting of the coins until December 2013, thus their release was delayed. Minister of Culture Stephen Albert was optimistic that the coins would be circulating by March or April 2014, by May, with still no euros issued, Cinca said that they had again been delayed but would be in circulation by the end of 2014. In July, the French mint said that the coins had been minted, on 15 January 2015 the 10,20 and 50 cent coins went into circulation. A design competition for the side of the euro coins was launched on 19 March 2013. The government had decided that the Coat of arms of Andorra would be featured on the 2 euro piece. Final approval of the coins is expected in late June, at which point they will be forwarded to the EU for their consent. The 2 euro, fifty, twenty and ten cent coins were produced by Monnaie de Paris, while the 1 euro, five
Andorra and the euro
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19
European Union member states in the
eurozone
2.
Bulgaria and the euro
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Bulgaria committed to switching its currency, the lev, to the euro upon its joining the European Union in 2007, as stated in its EU accession treaty. In 2011 Bulgarias Minister of Finance Simeon Djankov stated that adoption of the euro would be postponed until after the Eurozone crisis had stabilized, Bulgarian euro coins have not yet been designed, but their motif has been chosen to be the Madara Rider. Bulgaria euro coins will replace the current national currency, the lev, once the convergence criteria are fulfilled. As the current lev was fixed to the Deutsche Mark at par, the levs peg effectively switched to the euro, at the rate of 1.95583 leva =1 euro, which is the Deutsche Marks fixed exchange rate to euro. The Madara Rider was one of the favourites to become the symbol of Bulgaria to be used on the side of the countrys euro coins. Other eminent pretenders for the title ‘Symbol of Bulgaria were the ancient tradition of the nestinars, Cyrillic, the Rila Monastery, as of 17 June 2008, debates about the design of the future Bulgarian Euro coins were held all over the country. They continued until 29 June when a vote decided the symbol to be used on all coins, Bulgarians voted in post offices, gas stations and schools. Finally, on 29 June 2008 it was announced that 25. 44% of the Bulgarian voters had chosen the Madara Horseman to be depicted on future euro coins. According to a poll in April 2015,55 per cent of Bulgarians are in favor of introducing the euro while 39 per cent are opposed. The Maastricht Treaty originally required all members of the European Union join the euro once certain economic criteria are met. In November 2007 the Finance Minister Plamen Oresharski stated that his goal was to comply with all five convergence criteria by 2009, besides not complying with the requirement to be an ERM-II member for two years, Bulgaria also did not satisfy the price stability criterion in 2008. Bulgarias inflation in the 12 months from April 2007 to March 2008 reached 9. 4%, however, Bulgaria fulfilled the state budget criterion of only having a deficit at maximum 3% of the countrys gross domestic product. The country had posted surpluses since 2003, which in 2007 was at 3. 4% of GDP, at the time, the EC forecast that it would remain at 3. 2% of GDP in both 2008 and 2009. Bulgaria also complied with the public debt criteria, during the prior decade the Bulgarian debt had declined from 50% of GDP to 18% in 2007. It was expected to reach 11% of GDP in 2009, finally, the average for the long-term interest rate during the prior year was 4. 7% in March 2008, and thus also well within the reference limit at 6. 5%. A2008 analysis said that Bulgaria would not be able to join the eurozone earlier than 2015 due to the high inflation, some members of Bulgarian government, notably economy minister Petar Dimitrov, have speculated about unilaterally introducing the euro, which was not well-met by the European Commission. The lev is not part of ERM-II, but since the launch of the euro in 1999, it has been pegged to the euro at a fixed rate of €1 = BGN1.95583 through a strictly managed currency board. While Bulgaria has not formally joined the exchange rate mechanism, the ±15% floating band permitted within ERM II is less restrictive than Bulgarias current strict peg of 1.95583 BGN to 1 EUR
Bulgaria and the euro
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19
European Union member states in the
eurozone
3.
Croatia and the euro
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Croatias EU membership obliges it to eventually join the eurozone, as such the country plans to join the European Monetary System, the pathway to euro adoption. This must be at least two years after Croatia joins the ERM2, the Croatian National Bank had anticipated euro adoption within two or three years of EU entry. However, the EUs response to the financial crises in eurozone states may delay Croatias adoption of the euro. The countrys own contracting economy also poses a challenge to it meeting the convergence criteria. While keen on euro adoption, one month before Croatias EU entry governor Vujčić admitted. we have no date in mind at the moment, before Croatia can join ERM II, it must reduce its budget deficit by about 1.5 billion kuna. The European Central Bank expects Croatia to be approved for ERM II membership in 2016 at the earliest, many small businesses in Croatia had debts denominated in euros before EU accession. Croatian people already use the euro for most savings and many informal transactions, real estate, motor vehicle and accommodation prices are mostly quoted in euros. According to a poll in April 2015, 53% of Croatians are in favour of introducing the euro while 40% are opposed. Its second convergence report published in June 2016 came to the same conclusions, well try to make it as soon as possible, but I distance myself from any dates and ask that you dont comment on it. When the country is ready, it enter the euro area. Accession of Croatia to the European Union Enlargement of the eurozone
Croatia and the euro
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I always quote the Bob Dylan song ‘When you ain’t got nothing, you got nothing to lose’. If you don’t have independent monetary policy what are you going to lose by entering into the monetary union? —
Boris Vujčić, Governor of the
Croatian National Bank, makes an analogy about Croatia's long-held euro-focused monetary policy.
Croatia and the euro
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19
European Union member states in the
eurozone
4.
Czech Republic and the euro
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It is bound by its 2003 Treaty of Accession to the EU to adopt the euro and join the eurozone once it has satisfied the euro convergence criteria. According to a poll conducted in April 2016, 17% of Czechs were in favour of introducing the euro while 78% were opposed, as of 2015, there is no target date for joining the ERM II or adopting the euro. The European Union membership referendum in 2003 approved the accession with 77. 3% in favour. Since joining the EU in May 2004, the Czech Republic has adopted fiscal, initially, the Czech Republic planned to adopt the euro as its official currency in 2010, however evaluations in 2006 found this date to be unlikely and the target date was postponed indefinitely. In February 2007, the Finance Minister said 2012 was a realistic date, in August 2008, an assessment said that adoption was not expected before 2015 due to political reluctance on the subject. However, in October 2009, the then Finance Minister, Eduard Janota, in June 2008, the Central bank governor Zdeněk Tůma speculated about 2019. In late 2010 a discussion arose within the Czech government, partially initiated by then President Václav Klaus, nečas also stated that his cabinet would not decide upon joining the euro during its term. The European sovereign-debt crisis further decreased the Czech Republics interest in joining the eurozone, one of the governments junior coalition parties, TOP09, was opposed to a euro referendum. Their goal was to limit their time as an ERM II member, prior to acceding to the eurozone, on 29 May 2013 Miroslav Singer, the Governor of the Czech National Bank stated that in his professional opinion the Czech Republic will not adopt the euro before 2019. In December 2013, the Czech government approved a recommendation from the Czech National Bank, miloš Zeman, who was elected President of the Czech Republic in early 2013, supports euro adoption by the Czech Republic, though he also advocates a referendum on the decision. Shortly after taking office in March 2013, Zeman suggested that the Czech Republic would not be ready for the switch for at least five years. Shortly after being sworn into the new Cabinet in January 2014, the opposition TOP09 had also run on a platform in the 2013 parliamentary election, that called for the Czech Republic to adopt the euro between 2018 and 2020. In line with this, the governor of the Czech National Bank, having a role towards the government about the timing of euro adoption. Their goal was to limit their time as an ERM-II member, prior to acceding to the eurozone, Zeman stated in June 2014 that he hoped his country would adopt the euro as soon as 2017, arguing that adoption would be beneficial for the Czech economy overall. In March 2015, the ruling Czech Social Democratic Party adopted a policy of striving to gather support to adopt the euro by 2020. In addition, the government agreed that if it wins re-election it would set a deadline of 2020 to agree on a specific euro adoption roadmap. In June 2015, finance minister Andrej Babiš suggested a public referendum on euro adoption. Selected chain stores in the Czech Republic accept payments in euro cash, the 1992 Maastricht Treaty originally required that all members of the European Union join the euro once certain economic criteria are met
Czech Republic and the euro
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19
European Union member states in the
eurozone
5.
Denmark and the euro
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Denmark uses the krone as its currency and does not use the euro, having negotiated the right to opt-out from participation under the Maastricht Treaty of 1992. In 2000, the government held a referendum on introducing the euro, the Danish krone is part of the ERM-II mechanism, so its exchange rate is tied to within 2. 25% of the euro. Most of the political parties in Denmark favour the introduction of the euro. However, some important parties such as the Danish Peoples Party, Socialist Peoples Party, public opinion surveys have shown fluctuating support for the single currency with majorities in favour for some years after the physical introduction of the currency. However, following the crisis of 2008, support began to fall. Denmark borders one eurozone member, Germany, and one EU member that is obliged to adopt the euro in the future, the Maastricht Treaty of 1992 required that members of the European Union join the euro once certain economic criteria had been met. However, the treaty gave Denmark the right to opt-out from participation, Denmark meets all five criteria and could join the euro if it chooses. The krone has been part of the ERM II mechanism since 1 January 1999 and this implies it is required to trade within 2. 25% either side of a specified rate of 1 euro equal to 7.46038 kroner. This band,2. 25%, is narrower than the 15% band used for most ERM II members, however, the exchange rate has kept within 0. 5% of the defined rate, even less than the set limits. The independence of the Danish central bank is therefore limited in practice and its aim is to keep the krone within this exchange rate band. This policy marks a continuation of the situation that existed from 1982–1999 with regard to the Deutsche Mark, the ECB is also obliged to help protect the Danish currency in the case of speculative attacks. Notes On 5 May 1873 Denmark with Sweden fixed their currencies against gold, prior to this date Denmark used the Danish rigsdaler divided into 96 rigsbank skilling. In 1875, Norway joined this union, a rate of 2.48 kroner per gram of gold, or roughly 0.403 grams per krone was established. An equal valued krone of the union replaced the three legacy currencies at the rate of 1 krone = ½ Danish rigsdaler = ¼ Norwegian speciedaler =1 Swedish riksdaler. The new currency became a tender and was accepted in all three countries. This monetary union lasted until 1914 when World War I brought an end to it, but the name of the currencies in each country remained unchanged. The Danish krone was fixed to a basket of European currencies during the 1980s and this was formalised in the European Monetary System. Prior to that Denmark had participated in the European currency snake in the years after the collapse of the Bretton Woods system, the Maastricht Treaty of 1992 required that EU member states join the euro
Denmark and the euro
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Double
krone and
euro prices in
Magasin (2009)
Denmark and the euro
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19
European Union member states in the
eurozone
6.
Hungary and the euro
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Hungary originally planned to adopt the euro as its official currency in 2007 or 2008. Later 1 January 2010 became the date, but that date was abandoned because of an excessively high budget deficit, inflation. For years, Hungary could not meet any of the Maastricht criteria, after the 2006 election, Prime Minister Ferenc Gyurcsány introduced austerity measures, causing protests in late 2006 and an economic slowdown in 2007 and 2008. However, in 2007, the deficit had been reduced to less than 5% and approached the 3% threshold in 2008. In 2008 analysts claimed that Hungary could join ERM II in 2010 or 2011 and so might adopt the euro in 2013, on 8 July 2008, the then Finance Minister János Veres announced the first draft of a euro-adoption plan. After the 2008 global financial crisis, the likelihood of a fast adoption seemed greater, Hungary received aid from the International Monetary Fund, the European Union and the World Bank. In October 2008 the head of Hungarys largest bank called for an application to join the eurozone. Ferenc Gyurcsány ran out of capital in March 2009 to accept necessary measures. The exchange rate reached 317 forints to one euro on 6 March, Gyurcsány initiated a constructive motion of no confidence against himself on 21 March and nominated Minister for Development and economist Gordon Bajnai as his replacement. The socialist and liberal parties accepted him as the new minister with an interim government for one year from 14 April. Bajnais premiership brought new austerity measures in Hungary, thus, they may keep the deficit under 4% in 2009 and the 2010 Budget calculations assumed 3. 8%. The inflation outturn was near 3% as a result of the crisis, because of the IMF loan, the public debt rose to nearly 80%. The central bank interest rate fell to 6. 25% from 10. 5% in 2009, the Bajnai government could not lead Hungary into the ERM-II, and it stated that it had no plans to do so. The centre-right soft eurosceptic Fidesz won enough seats in the 2010 Hungarian parliamentary election to form a government on its own, Fidesz was not specific then about its economic priorities. Shortly after the formation of the new government, they announced their intention to keep the 2010 deficit at 3. 8%, after more pressure, in September they also accepted a reduction of 3% in 2011. In 2010, Finance Minister György Matolcsy said they would discuss euro adoption in 2012, mihály Varga, another member of the party, talked about possible euro adoption in 2014 or 2015. However, in February 2011, Prime Minister Viktor Orbán made clear that he does not expect the euro to be adopted in Hungary before 2020, later, Matolcsy also confirmed this statement. Orbán said the country was not yet ready to adopt the currency, the public debt-to-GDP ratio was 81. 0% when Orbans 50% target was set in 2011, and it is currently forecast to decline to 73. 5% in 2016
Hungary and the euro
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19
European Union member states in the
eurozone
7.
Kosovo and the euro
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Before Kosovo declared independence in 2008, Kosovo unilaterally adopted the euro as its currency in 2002 when it was a United Nations mandate, although, it is not an official eurozone member. During the disintegration of Yugoslavia in the 1990s Kosovo unsuccessfully attempted to gain independence, Kosovo declared independence on 17 February 2008. As of 27 February 2017,111 out of 193 United Nations member states have recognised the Republic of Kosovo. Notably,23 out of 28 member states of the European Union and 24 out of 28 member states of NATO have recognised Kosovo, before the establishment of UNMIK, Kosovo was bound to Yugoslav monetary policy, and the Yugoslav dinar. However, war-time inflation and tensions with the Federal Republic of Yugoslavia had severely discredited the Yugoslav dinar, as a result, many preferred to use and hoard foreign currencies instead of relying on the dinar. The most frequently used foreign currency was the German mark, although the U. S. dollar, in the immediate post-conflict period, other currencies – especially the Deutsche Mark – were widely used alongside the dinar. In September 1999, UNMIK produced a regulation accepting the use of other currencies, the Yugoslav dinar was never officially withdrawn from circulation, but its use was not encouraged. The use of currencies, mainly the U. S. dollar. The Bundesbank was not informed in advance, and did not send any additional coins, but since there were no restrictions on the import and export of German marks, and many Kosovars working abroad had sent money home, it was possible to supply Kosovo with sufficient marks. The Yugoslav dinar continued to be used in Northern Kosovo. Like Germany, Kosovo switched to the euro on 1 January 2002, the Deutsche Mark remained legal tender in Kosovo until 9 March 2002. The change to the euro was achieved in cooperation with the European Central Bank, by December 2001, about 100 million euro in cash was frontloaded to the Banking and Payments Authority of Kosovo. Kosovo does not mint any coins of its own, Kosovo is a potential candidate for accession to the EU. Diplomats have suggested that its unlikely countries will be forced to withdraw the euro from circulation
Kosovo and the euro
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19
European Union member states in the
eurozone
8.
Montenegro and the euro
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Montenegro has no currency of its own. From 1996 the Deutsche Mark was the de facto currency in all private and banking transactions, the mark was replaced by the euro in 2002 without any objections from the European Central Bank. That means, first and foremost, to be a member of the EU. ”A statement attached to their Stabilisation and Association Agreement with the EU read, unilateral introduction of the euro was not compatible with the Treaty. The EU insists on the adherence to convergence criteria which are not negotiable before euro adoption. The EU has raised concerns of Montenegros state debt, which had risen to 57 percent of GDP by 2011, on 17 December 2010 Montenegro was granted candidate status to join the European Union. The issue is expected to be resolved through the negotiations process, the ECB has stated that the implications of unilateral euro adoption would be spelled out at the latest in the event of possible negotiations on EU accession. Diplomats have suggested that it is unlikely Montenegro will be forced to withdraw the euro from circulation in their country. Radoje Žugić, Montenegros Minister of Finance, has stated that it would be extremely economically irrational to return to our own currency, unlike official members of the eurozone, Montenegro does not mint coins and therefore has no distinctive national design
Montenegro and the euro
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19
European Union member states in the
eurozone
9.
Poland and the euro
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Poland does not use the euro as its currency. There is no date for Polish euro adoption, and no fixed date for when the country will join ERM-II. The countrys former Deputy Prime Minister Janusz Piechociński has stated that Poland will not join the Euro until at least 2020, Euro adoption will require the approval of at least two thirds of the Sejm to make a constitutional amendment changing the official currency from the złoty to the euro. The ruling Law and Justice Party opposes euro adoption, former PM Donald Tusk has said that he may agree to a referendum on euro participation in order to gain their support for a constitutional amendment. There is not yet any official information on the process for the Polish national sides of the euro coins. The euro adoption process in Poland is regulated by the Strategic Framework for National Euro Changeover Plan, however, Polands then President Lech Kaczynski wanted euro adoption put to a referendum. Finance Minister Dominik Radziwill said on 10 July 2009 that Poland could meet the criteria by 2012. On 5 November 2009, speaking at the conference, Polish Deputy Finance Minister Ludwik Kotecki said the government may announce a national strategy for euro adoption in mid-2010. In an interview for Rzeczpospolita daily 22 October 2009 he also said Poland could adopt the euro in 2014 if the government deficit is reduced in 2012. Former President Lech Kaczyński said at a conference that Poland was unable to join Eurozone before 2015. Also, Polish government officials had confirmed that Poland wouldnt join Eurozone in 2012, on Friday,11 December 2009, Polish Prime Minister Donald Tusk said Poland could join the eurozone in 2015. The current Polish government plans to comply with all the Euro convergence criteria by 2015, the governor of the National Bank, Marek Belka, has stated that the euro wont be adopted before the end of his term in 2016. The opposition Law and Justice Party opposes euro adoption and the parties do not have enough seats in the Sejm to make the required constitutional amendment. The Polish Finance Minister emphasised that the support for euro adoption remained unchanged as a strategic goal. Rostowski has stated that Poland wont set a date for the switch since the country first needs to carry out reforms to prepare itself. Following the 2014 Russian military intervention in Ukraine, Belka said that Poland needed to reevaluate its reluctance to join the eurozone, in October 2014, the Deputy Prime Minister Janusz Piechociński suggested that Poland should join the Eurozone in 2020 at the earliest. If the eurozone will strengthen, then Poland should fulfil all the criteria for inclusion, in the 2015 Polish parliamentary election, the winning party became the eurosceptic Law and Justice, which opposes euro adoption. In 2010, the debt crisis caused Poles interest to cool
Poland and the euro
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19
European Union member states in the
eurozone
10.
Romania and the euro
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As of September 2015, the earliest feasible date for euro adoption in Romania is 2020, according to Romanias central bank governor Mugur Isărescu. In May 2006, it was announced that the Romanian government planned to join the European Exchange Rate Mechanism, the president of the ECB said in June 2007, that Romania has a lot of homework to do. Over a number of years before joining ERM II, the Romanian government announced in December 2009, that they now officially planned to join the eurozone by 1 January 2015. In April 2011, the Romanian government announced it would strive to comply with the first four convergence criteria by 2013, EIU analysts suggested in May 2012, that 2016-2017 would be the earliest realistic dates for Romanias adoption of the euro. However, in October 2012, Valentin Lazea, the NBR chief economist, the governor of the National Bank of Romania confirmed in November 2012, that Romania would not meet its previous target of joining the eurozone in 2015. Concerns about its workforce productivity were also cited for the delay. In April 2013, the National Bank of Romania submitted draft amendments to the Romanian Constitution to the European Central Bank for review, in 2014, Romanias Convergence Report set a target date of 1 January 2019 for euro adoption. In April 2015, Isărescu stated that the requirement for adoption of the euro 1 January 2019 would imply joining ERM-2 at the latest in the first half of 2016. Romanias Prime Minister Victor Ponta said in June 2015 that he was open to the idea of holding a referendum on euro adoption, finally, the Romanian government also expressed its commitment fully to join all pillars of the Banking Union, as soon as possible. However, in September 2015 Romanias central bank governor Mugur Isarescu said that the 2019 target was no longer realistic, the Maastricht Treaty originally required that all members of the European Union join the euro once certain economic criteria are met. As of June 2016, Romania meets 5 of the 7 criteria, notes Romanian euro coins have not yet been designed. Romanian law requires that the coat of arms of the country be used on coin designs, in Romanian, the currency is called euro, and its subunit eurocent. According to a poll in April 2015, 68% are in favour of introducing the euro while 26% are opposed
Romania and the euro
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19
European Union member states in the
eurozone
11.
Sammarinese euro coins
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Sammarinese euro coins feature separate designs for every coin. All the coins are inscribed with the words San Marino and the stars of the EU. The Sammarinese euro coins are minted by Istituto Poligrafico e Zecca dello Stato, in Rome, for images of the common side and a detailed description of the coins, see euro coins. The Republic, just like the other European states who have the right to issue coins, issues commemorative coins. This coin was also complemented by a commemorative €2.50 stamp, the Euro Information Website – San Marino
Sammarinese euro coins
Sammarinese euro coins
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19
European Union member states in the
eurozone
Sammarinese euro coins
12.
Sweden and the euro
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Sweden does not currently use the euro as its currency and has no plans to replace the krona in the near future. Swedens Treaty of Accession of 1994 made it subject to the Treaty of Maastricht, Sweden joined the European Union in 1995 and its accession treaty has since obliged it to adopt the euro once the country is found to comply with all the convergence criteria. However, one of the requirements for membership is two years membership of ERM II, and Sweden has chosen not to join this mechanism. The SEK floats freely alongside other currencies, most of Swedens major parties believe that it would be in the national interest to join, but they have all pledged to abide by the result of the referendum. The EU has accepted that Sweden is staying outside the eurozone on its own decision, olli Rehn, the EU commissioner for economic affairs has said that this is up to Swedish people to decide. Despite this, the euro can be used to pay for goods, Sweden meets two of five conditions for joining the euro as of June 2016. The table below gives details, Notes On 5 May 1873 Denmark with Sweden fixed their currencies against gold. Prior to this date Sweden used Swedish riksdaler, in 1875 Norway joined this union. An equal valued krona of the union replaced the three legacy currencies at the rate of 1 krona = ½ Danish rigsdaler = ¼ Norwegian speciedaler =1 Swedish riksdaler. The new currency became a tender and was accepted in all three countries – Denmark, Sweden and Norway. This monetary union lasted until 1914, when it was brought to an end by World War I, as of 2014, the names of the currencies in each country have remained unchanged. The Swedish European Union membership referendum of 1994 approved—with a 52% majority—the Accession Treaty, according to the treaty Sweden is obliged to adopt the euro once it meets convergence criteria. A referendum held in September 2003 saw 55.9 percent vote against membership of the eurozone, as a consequence, Sweden decided in 2003 not to adopt the euro for the time being. If they had voted in favour, Sweden would have adopted the euro on 1 January 2006, a majority of voters in Stockholm County voted in favour of adopting the euro. In Skåne County the people voting yes outnumbered the people voting no, although the invalid, in all other polls in Sweden, the majority voted no. Many stores, hotels and restaurants accept euros and this is especially common in some border cities. Shops especially oriented towards foreign tourists are more likely to accept foreign currencies than other shops, matters such as official currency status and legal tender issues are decided by the Swedish parliament, and the euro is not an official currency of any part of Sweden. Nevertheless, politicians from some municipalities have claimed that the euro is a currency of their municipalities
Sweden and the euro
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All
Telia payphones in Sweden accepted euros
Sweden and the euro
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19
European Union member states in the
eurozone
Sweden and the euro
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IKEA in
Haparanda, the base for the shopping center which attracts many Finns.
Sweden and the euro
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Shop in
Stockholm that accepts euros, in the tourist district. Signs like this one are not so common in Stockholm.
13.
United Kingdom and the euro
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The United Kingdom, an EU member state, has not replaced its currency, the pound sterling with the common euro currency. The pound sterling does not participate in the European Exchange Rate Mechanism, polls have shown that the majority of British people are against adopting the euro. In a June 2016 referendum the UK voted to withdraw from the European Union, the United Kingdom entered the European Exchange Rate Mechanism, a prerequisite for adopting the euro, in October 1990. The ensuing crash of 16 September 1992 was subsequently dubbed Black Wednesday, during the negotiations of the Maastricht Treaty of 1992 the UK secured an opt-out from adopting the euro. The UK would also have to meet the EUs economic convergence criteria, currently, the UKs annual government deficit to the GDP is above the defined threshold. The government committed itself to a triple-approval procedure before joining the eurozone, involving approval by the Cabinet, Parliament, Gordon Brown, Blairs successor, ruled out membership in 2007, saying that the decision not to join had been right for Britain and for Europe. In December 2008, José Barroso, the President of the European Commission, the office of the Prime Minister, Gordon Brown, denied that there was any change in official policy. In February 2009, Monetary Policy Affairs Commissioner Joaquín Almunia said The chance that the British pound sterling will join, in the UK general election 2010, the Liberal Democrats increased their share of the vote, but lost seats. Another assessment was published on 9 June 2003 by Gordon Brown, though maintaining the governments positive view on the euro, the report opposed membership because four out of the five tests were not passed. It cited considerable long-term benefits to be gained from eventual, prudently conducted EMU membership, Some believe that removing the United Kingdoms ability to set its own interest rates would have detrimental effects on its economy. One argument is that currency flexibility is a tool and that the sharp devaluation of sterling in 2008 was just what Britain needed to rebalance its economy. Another objection is that many continental European governments have large unfunded pension liabilities and they fear that if Britain adopts the euro, these liabilities could put a debt burden on the British taxpayer, though others have dismissed this argument as spurious. The entry of the UK into the eurozone would likely result in an increase in trade with the members of the eurozone. It could also have an effect on the stock market prices in the UK. With a lower rate of exchange, the entry would have had more clearly a positive effect on the UK GDP, a 2009 study about the effect of an entry in the coming years claimed that the effect would likely be positive, improving the stability for the UK economy. One of the issues that stand in the way of monetary union is the structural difference between the UK housing market and those of many continental European countries. Although home ownership in Britain is near the European average, variable rate mortgages are more common, an interesting parallel can be seen in the 19th century discussions concerning the possibility of the UK joining the Latin Monetary Union. The United Kingdom released new coin designs in 2008 following the Royal Mints biggest redesign of the currency since decimalisation in 1971
United Kingdom and the euro
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19
European Union member states in the
eurozone
14.
Vatican euro coins
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Vatican euro coins are issued by the Philatelic and Numismatic Office of the Vatican City State and minted by Istituto Poligrafico e Zecca dello Stato, in Rome, Italy. The euro is the currency of the Vatican City, although the Vatican is not a member of the Eurozone or the European Union. For images of the side and a detailed description of the coins. The initial series of Vatican euro coins featured an effigy of Pope John Paul II and they were issued only in collector sets and bore an extreme markup with the 2002 collector set costing well over a thousand euro. When the new pope was elected, the series of Vatican euro coins were issued on 27 April 2006. The coins carry an inscription Città del Vaticano and the stars of Europe. The details of design are published in the Official Journal of the European Union. A series of Vatican euro coins featuring effigies of Pope Francis was released in March 2014, three different images of Francis were used. A series of Vatican euro coins featuring the coat of arms of Pope Francis was issued from 2017 onwards. Starting March 2017, the eight denominations of Vatican euro coins no longer bore the Popes image and now not only the papal coat of arms of Pope Francis. The Commission of the European Communities issued a recommendation on 19 December 2008, a guideline for the national sides. One section of this recommendation stipulates that, Article 5, changes to the national sides of regular euro coins intended for circulation. A temporary vacancy or the occupation of the function of Head of State should not give the right to change the national sides of the regular euro coins intended for circulation. Both popes were canonized in April 2014
Vatican euro coins
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19
European Union member states in the
eurozone
15.
European Exchange Rate Mechanism
–
After the adoption of the euro, policy changed to linking currencies of EU countries outside the eurozone to the euro. The goal was to improve the stability of those currencies, as well as to gain an evaluation mechanism for potential eurozone members and this mechanism is known as ERM II and has superseded ERM. Currently there is just one currency in the ERM II, the Danish krone, the ERM is based on the concept of fixed currency exchange rate margins, but with exchange rates variable within those margins. This is also known as a semi-pegged system, determined intervention and loan arrangements protected the participating currencies from greater exchange rate fluctuations. The euro replaced the ECU1,1 at the exchange rate markets, between 1979 and 1999 the D-Mark functioned as a de facto anchor for the ECU, meaning there was only a minor difference between pegging a currency against the ECU and pegging it against the D-mark. The first enlargement of the eurozone, to Greece, took place on 1 January 2001, all new EU members having joined the bloc after the signing of the Maastricht treaty in 1992 are obliged to adopt the euro under the terms of their accession treaties. However, the last of the five convergence criteria, which need to be complied with in order to qualify for euro adoption, is the exchange rate stability criterion. This requires having been a member of the ERM for a minimum of two years without the presence of severe tensions for the exchange rate. The continued parity between the Irish pound and the pound sterling would have taken the Irish pound outside its agreed band, to fulfil the ERM conditions, the Irish government was required to break the parity of the Irish pound with the pound sterling. The ensuing crash of 16 September 1992 was subsequently dubbed Black Wednesday, there has been some revision of attitude towards this event given the UKs strong economic performance after 1992, with some commentators dubbing it White Wednesday. Some commentators, following Norman Tebbit, took to referring to ERM as an Eternal Recession Mechanism, in August 1993, the margin was expanded to 15% to accommodate speculation against the French franc and other currencies. On 31 December 1998, the European Currency Unit exchange rates of the countries were frozen and the value of the euro. In 1999, ERM II replaced the original ERM, the Greek and Danish currencies were part of the new mechanism, but when Greece joined the euro in 2001, the Danish krone was left at that time as the only participant member. A currency in ERM II is allowed to float within a range of ±15% with respect to a central rate against the euro. In the case of the krone, Danmarks Nationalbank keeps the exchange rate within the range of ±2. 25% against the central rate of EUR1 = DKK7.46038. EU countries that have not adopted the euro are expected to participate for at least two years in the ERM II before joining the eurozone, on 1 May 2004, the ten national central banks of the new member countries became party to the ERM II Central Bank Agreement. The national currencies themselves were to part of the ERM II at dates to be agreed. These states have all joined the eurozone, and hence left ERM II, Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia
European Exchange Rate Mechanism
–
Andorra
16.
Enlargement of the eurozone
–
The enlargement of the eurozone is an ongoing process within the European Union. The obligation for EU member states to adopt the euro was first outlined by the Maastricht Treaty of 1992, as of 2016, there are 19 EU member states in the eurozone, of which the first 11 introduced the euro on 1 January 1999 when it was electronic only. Greece joined 1 January 2001, one year before the euro coins. Subsequently, the seven countries also joined the eurozone on 1 January in the mentioned year, Slovenia, Cyprus, Malta. Seven remaining states are on the enlargement agenda, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania and Sweden. Denmark is not obliged to join, though should the country decide to do so it may join the eurozone with little difficulty as Denmark is already part of the ERM-II. The country must also ensure that their laws are compliant with the ECB statute, ESCB statute. In some non-eurozone states without an opt-out, there has been discussion about holding referendums on approving their euro adoption. Of the 16 states which have acceded to EU since 1992, the state to have staged a euro referendum to date is Sweden. These states would gain the right to adopt the euro and issue a national variant of euro coins, however, the EU has not made use of this alternative accession process. Notes The compliance check above was conducted in June 2014, with the HICP, the national fiscal accounts for the previous full calendar year are released each year in April. The euro replaced the ECU1,1 at the exchange rate markets, during 1979–1999, the German mark functioned as a de facto anchor for the ECU, meaning there was only a minor difference between pegging a currency against ECU and pegging it against the German mark. The first enlargement of the eurozone, to Greece, took place on 1 January 2001, one year before the euro had physically entered into circulation. The next enlargements were to states which joined the EU in 2004, and then joined the eurozone on 1 January in the year, Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia. Bulgarian Finance Minister Simeon Dyankov, originally planned to join ERM-II in 2009–10, according to Deutsche Bank, the government had selected a target date for ERM-II entry of the beginning of 2013. In July 2015 Bulgaria approved the establishment of a council to prepare the country for euro zone membership. According to a poll in April 2015,55 percent of Bulgarians are in favour of introducing the euro. The European Central Bank expects Croatia to be approved for ERM-II membership at the earliest in 2016, according to a eurobarometer poll in April 2015,53 percent of Croatians are in favor of introducing the euro, whereas 40 percent are opposed
Enlargement of the eurozone
–
Andorra
17.
International status and usage of the euro
–
The international status and usage of the euro has grown since its launch in 1999. Four small states have given a formal right to use the euro, and to mint their own coins. With or without an agreement these countries, unlike those in the eurozone and its international usage has also grown as a trading currency, acting as an economic or political alternative to using the United States dollar. Its increasing usage in this sense has led to its becoming the only significant challenger to the US dollar as the main reserve currency. Several European microstates outside the EU have adopted the euro as their currency, for EU sanctioning of this adoption, a monetary agreement must be concluded. All of these states had previously had monetary agreements to use yielded eurozone currencies, the Vatican and San Marino had their currencies pegged to the Italian lira and Monaco used the Monegasque franc, which was pegged to the French franc. Between 2010 and 2012, new agreements between the EU and Monaco, San Marino and the Vatican City came into force, a similar agreement was negotiated with Andorra and came into force on 1 April 2012. Andorra did not previously have an official currency, however, the first Andorran euro coins did not enter into circulation until January 2015. Outside the EU, there are currently three French territories and a British territory that have agreements to use the euro as their currency, France is responsible for ensuring that the laws governing the EMU apply in their territories which use the euro. The first OCTs to adopt the euro through an agreement were the French overseas territories of Saint-Pierre-et-Miquelon, located off the coast of Canada. They both adopted the euro on 1 January 1999 when the currency was first introduced at the electronic level, Mayotte subsequently held a referendum in 2009 in which it decided to become an integral part of France. Its status was changed from an OCT to an OMR, where EU laws apply without separate agreements, on 1 January 2014, on 22 February 2007, Saint Barthélemy and Saint Martin were politically separated from the French Outermost region Guadeloupe to form two new French overseas collectivities. This caused their status in the EU to briefly be in limbo until ratification of the Treaty of Lisbon reaffirmed both territories remained in the EU. The euro continued to be used in both territories throughout this time without incident, with the adoption of the euro by Cyprus per 1 January 2008, the Sovereign Base Areas of Akrotiri and Dhekelia, which had previously used the Cypriot pound, also decided to adopt the euro. The base areas are a territory of the United Kingdom, an EU member state which itself does not use the euro. Their laws and currency have been aligned with those of the Republic of Cyprus, montenegro and Kosovo have also used the euro since its launch, as they previously used the German mark rather than the Yugoslav dinar. There were political concerns that Serbia could use the currency to destabilise these territories so they received Western help in adopting and using the mark and they switched to the euro when the mark was replaced. In October 2012, the President of Panama Ricardo Martinelli suggested that he was considering making the euro a third official currency of the country to go along with the US dollar, in various countries the euro is accepted by some merchants albeit not being official currency there
International status and usage of the euro
–
Eurozone
18.
European Union
–
The European Union is a political and economic union of 28 member states that are located primarily in Europe. It has an area of 4,475,757 km2, the EU has developed an internal single market through a standardised system of laws that apply in all member states. Within the Schengen Area, passport controls have been abolished, a monetary union was established in 1999 and came into full force in 2002, and is composed of 19 EU member states which use the euro currency. The EU operates through a system of supranational and intergovernmental decision-making. The EU traces its origins from the European Coal and Steel Community, the community and its successors have grown in size by the accession of new member states and in power by the addition of policy areas to its remit. While no member state has left the EU or its antecedent organisations, the Maastricht Treaty established the European Union in 1993 and introduced European citizenship. The latest major amendment to the basis of the EU. The EU as a whole is the largest economy in the world, additionally,27 out of 28 EU countries have a very high Human Development Index, according to the United Nations Development Programme. In 2012, the EU was awarded the Nobel Peace Prize, through the Common Foreign and Security Policy, the EU has developed a role in external relations and defence. The union maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7, because of its global influence, the European Union has been described as an emerging superpower. After World War II, European integration was seen as an antidote to the nationalism which had devastated the continent. 1952 saw the creation of the European Coal and Steel Community, the supporters of the Community included Alcide De Gasperi, Jean Monnet, Robert Schuman, and Paul-Henri Spaak. These men and others are credited as the Founding fathers of the European Union. In 1957, Belgium, France, Italy, Luxembourg, the Netherlands and West Germany signed the Treaty of Rome and they also signed another pact creating the European Atomic Energy Community for co-operation in developing nuclear energy. Both treaties came into force in 1958, the EEC and Euratom were created separately from the ECSC, although they shared the same courts and the Common Assembly. The EEC was headed by Walter Hallstein and Euratom was headed by Louis Armand, Euratom was to integrate sectors in nuclear energy while the EEC would develop a customs union among members. During the 1960s, tensions began to show, with France seeking to limit supranational power, Jean Rey presided over the first merged Commission. In 1973, the Communities enlarged to include Denmark, Ireland, Norway had negotiated to join at the same time, but Norwegian voters rejected membership in a referendum
European Union
–
In 1989, the
Iron Curtain fell, enabling the union to
expand further (
Berlin Wall pictured).
European Union
–
Flag
European Union
–
2009, the
Lisbon Treaty entered into force.
European Union
–
The 65,993 km (41,006 mi) coastline dominates the European climate (
Cyprus).
19.
Monetary union
–
A currency union involves two or more states sharing the same currency without them necessarily having any further integration. Note, Every customs and monetary union and economic and monetary union also has a currency union. Zimbabwe is theoretically in a union with four blocs as the South African rand, Botswana pula, British pound and US dollar freely circulate. Between Republic of Ireland and United Kingdom between 1928 and 1979 using the Irish Pound. and Di Bartolomeo, G. and Tirelli, ‘Monetary conservatism and fiscal coordination in a monetary union’, in, ‘Economics Letters’,94, 56-63. Indianapolis, Library of Economics and Liberty, African monetary union inches closer United States of Southern Africa. South Africa proposes adoption of the rand as provisional SADC common currency
Monetary union
20.
Euro
–
Outside of Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally,210 million people worldwide as of 2013 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. The name euro was adopted on 16 December 1995 in Madrid. The euro was introduced to world markets as an accounting currency on 1 January 1999. While the euro dropped subsequently to US$0.8252 within two years, it has traded above the U. S. dollar since the end of 2002, peaking at US$1.6038 on 18 July 2008. In July 2012, the euro fell below US$1.21 for the first time in two years, following concerns raised over Greek debt and Spains troubled banking sector, as of 26 March 2017, the euro–dollar exchange rate stands at ~ US$1.07. The euro is managed and administered by the Frankfurt-based European Central Bank, as an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all states. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, all nations that have joined the EU since 1993 have pledged to adopt the euro in due course. Since 5 January 2002, the central banks and the ECB have issued euro banknotes on a joint basis. Euro banknotes do not show which central bank issued them, 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 value of banknotes issued by the Eurosystem. In practice, the ECBs banknotes are put into circulation by the NCBs and these liabilities carry interest at the main refinancing rate of the ECB. 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 used, with many local variations such as centime in France. All circulating coins have a side showing the denomination or value. Due to the plurality in the European Union, the Latin alphabet version of euro is used. For the denominations except the 1-, 2- and 5-cent coins, beginning in 2007 or 2008 the old map is being replaced by a map of Europe also showing countries outside the Union like Norway
Euro
–
The
central bank has
its seat in
Frankfurt (Germany) and is in charge of the monetary policy of the
euro area.
Euro
–
Euro banknotes as of 2015
Euro
–
Euro coins and banknotes of various denominations.
21.
Austria
–
Austria, officially the Republic of Austria, is a federal republic and a landlocked country of over 8.7 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Hungary and Slovakia to the east, Slovenia and Italy to the south, the territory of Austria covers 83,879 km2. The terrain is mountainous, lying within the Alps, only 32% of the country is below 500 m. The majority of the population speaks local Bavarian dialects of German as their native language, other local official languages are Hungarian, Burgenland Croatian, and Slovene. The origins of modern-day Austria date back to the time of the Habsburg dynasty, from the time of the Reformation, many northern German princes, resenting the authority of the Emperor, used Protestantism as a flag of rebellion. Following Napoleons defeat, Prussia emerged as Austrias chief competitor for rule of a greater Germany, Austrias defeat by Prussia at the Battle of Königgrätz, during the Austro-Prussian War of 1866, cleared the way for Prussia to assert control over the rest of Germany. In 1867, the empire was reformed into Austria-Hungary, Austria was thus the first to go to war in the July Crisis, which would ultimately escalate into World War I. The First Austrian Republic was established in 1919, in 1938 Nazi Germany annexed Austria in the Anschluss. This lasted until the end of World War II in 1945, after which Germany was occupied by the Allies, in 1955, the Austrian State Treaty re-established Austria as a sovereign state, ending the occupation. In the same year, the Austrian Parliament created the Declaration of Neutrality which declared that the Second Austrian Republic would become permanently neutral, today, Austria is a parliamentary representative democracy comprising nine federal states. The capital and largest city, with a population exceeding 1.7 million, is Vienna, other major urban areas of Austria include Graz, Linz, Salzburg and Innsbruck. Austria is one of the richest countries in the world, with a nominal per capita GDP of $43,724, the country has developed a high standard of living and in 2014 was ranked 21st in the world for its Human Development Index. Austria has been a member of the United Nations since 1955, joined the European Union in 1995, Austria also signed the Schengen Agreement in 1995, and adopted the euro currency in 1999. The German name for Austria, Österreich, meant eastern realm in Old High German, and is cognate with the word Ostarrîchi and this word is probably a translation of Medieval Latin Marchia orientalis into a local dialect. Austria was a prefecture of Bavaria created in 976, the word Austria is a Latinisation of the German name and was first recorded in the 12th century. Accordingly, Norig would essentially mean the same as Ostarrîchi and Österreich, the Celtic name was eventually Latinised to Noricum after the Romans conquered the area that encloses most of modern-day Austria, around 15 BC. Noricum later became a Roman province in the mid-first century AD, heers hypothesis is not accepted by linguists. Settled in ancient times, the Central European land that is now Austria was occupied in pre-Roman times by various Celtic tribes, the Celtic kingdom of Noricum was later claimed by the Roman Empire and made a province
Austria
–
First appearance of the word "ostarrichi", circled in red. Modern Austria honours this document, dated 996, as the founding of the nation.
Austria
–
Flag
Austria
–
Venus of Willendorf, 28,000 to 25,000 BC.
Museum of Natural History Vienna
Austria
–
"Heidentor" – Remains of the
Roman military city of
Carnuntum
22.
Belgium
–
Belgium, officially the Kingdom of Belgium, is a sovereign state in Western Europe bordered by France, the Netherlands, Germany, Luxembourg, and the North Sea. It is a small, densely populated country which covers an area of 30,528 square kilometres and has a population of about 11 million people. Additionally, there is a group of German-speakers who live in the East Cantons located around the High Fens area. Historically, Belgium, the Netherlands and Luxembourg were known as the Low Countries, the region was called Belgica in Latin, after the Roman province of Gallia Belgica. From the end of the Middle Ages until the 17th century, today, Belgium is a federal constitutional monarchy with a parliamentary system of governance. It is divided into three regions and three communities, that exist next to each other and its two largest regions are the Dutch-speaking region of Flanders in the north and the French-speaking southern region of Wallonia. The Brussels-Capital Region is a bilingual enclave within the Flemish Region. A German-speaking Community exists in eastern Wallonia, Belgiums linguistic diversity and related political conflicts are reflected in its political history and complex system of governance, made up of six different governments. Upon its independence, declared in 1830, Belgium participated in the Industrial Revolution and, during the course of the 20th century, possessed a number of colonies in Africa. 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. Belgium is also a member of the Eurozone, NATO, OECD and WTO. Its capital, Brussels, hosts several of the EUs official seats as well as the headquarters of major international organizations such as NATO. Belgium is also a part of the Schengen Area, Belgium is a developed country, with an advanced high-income economy and is categorized as very high in the Human Development Index. 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. Many of these fiefdoms were united in the Burgundian Netherlands of the 14th and 15th centuries, 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 this was the theatre of most Franco-Spanish and Franco-Austrian wars during the 17th and 18th centuries. The reunification of the Low Countries as the United Kingdom of the Netherlands occurred at the dissolution of the First French Empire in 1815, although the franchise was initially restricted, universal suffrage for men was introduced after the general strike of 1893 and for women in 1949. The main political parties of the 19th century were the Catholic Party, French was originally the single official language adopted by the nobility and the bourgeoisie
Belgium
–
Charlemagne and
Charles V
Belgium
–
Flaga
Belgium
Belgium
–
Episode of the
Belgian Revolution of 1830 (1834), by
Egide Charles Gustave Wappers
23.
Cyprus
–
Cyprus, officially the Republic of Cyprus, is an island country in the Eastern Mediterranean and the third largest and third most populous island in the Mediterranean. It is located south of Turkey, west of Syria and Lebanon, northwest of Israel and Palestine, north of Egypt, the earliest known human activity on the island dates to around the 10th millennium BC. Archaeological remains from this include the well-preserved Neolithic village of Khirokitia. Cyprus was settled by Mycenaean Greeks in two waves in the 2nd millennium BC, Cyprus was placed under British administration based on Cyprus Convention in 1878 and formally annexed by Britain in 1914. While Turkish Cypriots made up 18% of the population, the partition of Cyprus and creation of a Turkish state in the north became a policy of Turkish Cypriot leaders, following nationalist violence in the 1950s, Cyprus was granted independence in 1960. On 15 July 1974, a coup détat was staged by Greek Cypriot nationalists and elements of the Greek military junta in an attempt at enosis and these events and the resulting political situation are matters of a continuing dispute. The Cyprus Republic has de jure sovereignty over the island of Cyprus, as well as its territorial sea and exclusive economic area, another nearly 4% of the islands area is covered by the UN buffer zone. The international community considers the part of the island as territory of the Republic of Cyprus occupied by Turkish forces. The occupation is viewed as illegal under law, amounting to illegal occupation of EU territory since Cyprus became a member of the European Union. Cyprus is a major tourist destination in the Mediterranean, on 1 January 2008, the Republic of Cyprus joined the eurozone. The earliest attested reference to Cyprus is the 15th century BC Mycenaean Greek
Cyprus
–
A copper mine on Cyprus. In antiquity, Cyprus was a major source of copper.
Cyprus
–
Flag
Cyprus
–
Archeologic site of Choirokoitia with early remains of human habitation during Aceramic Neolithic period (reconstruction)
Cyprus
–
Sanctuary of Apollo Hylates,
Kourion
24.
Estonia
–
Estonia, officially the Republic of Estonia, is a country in the Baltic region of Northern Europe. It is bordered to the north by the Gulf of Finland, to the west by the Baltic Sea, to the south by Latvia, across the Baltic Sea lies Sweden in the west and Finland in the north. The territory of Estonia consists of a mainland and 2,222 islands and islets in the Baltic Sea, covering 45,339 km2 of land and water, and is influenced by a humid continental climate. The territory of Estonia has been inhabited since at least 6500 BC, in 1988, during the Singing Revolution, the Estonian Supreme Soviet issued the Estonian Sovereignty Declaration in defiance of Soviet rule, and independence was restored on 20 August 1991. Estonia is a parliamentary republic divided into fifteen counties. Its capital and largest city is Tallinn, with a population of 1.3 million, it is one of the least-populous member states of the European Union, Eurozone, North Atlantic Treaty Organization, OECD and Schengen Area. Estonia is a country with an advanced, high-income economy that is among the fastest growing in the EU. Its Human Development Index ranks very highly, and it performs favourably in measurements of economic freedom, civil liberties, the 2015 PISA test places Estonian high school students 3rd in the world, behind Singapore and Japan. Citizens of Estonia are provided with health care, free education. Since independence the country has developed its IT sector, becoming one of the worlds most digitally advanced societies. In 2005 Estonia became the first nation to hold elections over the Internet, in the Estonian language, the oldest known endonym of the Estonians was maarahvas, meaning country people or people of the land. The land inhabited by Estonians was called Maavald meaning Country Parish or Land Parish, one hypothesis regarding the modern name of Estonia is that it originated from the Aesti, a people described by the Roman historian Tacitus in his Germania. The historic Aesti were allegedly Baltic people, whereas the modern Estonians are Finno-Ugric, the geographical areas between Aesti and Estonia do not match, with Aesti being further down south. Ancient Scandinavian sagas refer to a land called Eistland, as the country is called in Icelandic. Early Latin and other ancient versions of the name are Estia and Hestia, esthonia was a common alternative English spelling prior to 1921. Human settlement in Estonia became possible 13,000 to 11,000 years ago, the oldest known settlement in Estonia is the Pulli settlement, which was on the banks of the river Pärnu, near the town of Sindi, in south-western Estonia. According to radiocarbon dating it was settled around 11,000 years ago, the earliest human inhabitation during the Mesolithic period is connected to Kunda culture, which is named after the town of Kunda in northern Estonia. At that time the country was covered with forests, and people lived in communities near bodies of water
Estonia
–
Tools made by Kunda culture,
Estonian History Museum
Estonia
Estonia
–
Iron Age artifacts of a hoard from
Kumna
Estonia
–
A stylised
viking ship on the Estonian 1
Kroon from 1934
25.
Finland
–
Finland, officially the Republic of Finland, is a sovereign state in Northern Europe. A peninsula with the Gulf of Finland to the south and the Gulf of Bothnia to the west, the country has borders with Sweden to the northwest, Norway to the north. Estonia is south of the country across the Gulf of Finland, Finland is a Nordic country situated in the geographical region of Fennoscandia, which also includes Scandinavia. Finlands population is 5.5 million, and the majority of the population is concentrated in the southern region,88. 7% of the population is Finnish people who speak Finnish, a Uralic language unrelated to the Scandinavian languages, the second major group are the Finland-Swedes. In terms of area, it is the eighth largest country in Europe, Finland is a parliamentary republic with a central government based in the capital Helsinki, local governments in 311 municipalities, and an autonomous region, the Åland Islands. Over 1.4 million people live in the Greater Helsinki metropolitan area, from the late 12th century, Finland was an integral part of Sweden, a legacy reflected in the prevalence of the Swedish language and its official status. In the spirit of the notion of Adolf Ivar Arwidsson, we are not Swedes, we do not want to become Russians, let us therefore be Finns, nevertheless, in 1809, Finland was incorporated into the Russian Empire as the autonomous Grand Duchy of Finland. In 1906, Finland became the nation in the world to give the right to vote to all adult citizens. Following the 1917 Russian Revolution, Finland declared itself independent, in 1918, the fledgling state was divided by civil war, with the Bolshevik-leaning Reds supported by the equally new Soviet Russia, fighting the Whites, supported by the German Empire. After a brief attempt to establish a kingdom, the became a republic. During World War II, the Soviet Union sought repeatedly to occupy Finland, with Finland losing parts of Karelia, Salla and Kuusamo, Petsamo and some islands, Finland joined the United Nations in 1955 and established an official policy of neutrality. The Finno-Soviet Treaty of 1948 gave the Soviet Union some leverage in Finnish domestic politics during the Cold War era, Finland was a relative latecomer to industrialization, remaining a largely agrarian country until the 1950s. It rapidly developed an advanced economy while building an extensive Nordic-style welfare state, resulting in widespread prosperity, however, Finnish GDP growth has been negative in 2012–2014, with a preceding nadir of −8% in 2009. Finland is a top performer in numerous metrics of national performance, including education, economic competitiveness, civil liberties, quality of life, a large majority of Finns are members of the Evangelical Lutheran Church, though freedom of religion is guaranteed under the Finnish Constitution. The first known appearance of the name Finland is thought to be on three rune-stones. Two were found in the Swedish province of Uppland and have the inscription finlonti, the third was found in Gotland, in the Baltic Sea. It has the inscription finlandi and dates from the 13th century, the name can be assumed to be related to the tribe name Finns, which is mentioned first known time AD98. The name Suomi has uncertain origins, but a candidate for a source is the Proto-Baltic word *źemē, in addition to the close relatives of Finnish, this name is also used in the Baltic languages Latvian and Lithuanian
Finland
–
Hakkapeliitta featured on a 1940 Finnish stamp
Finland
–
Flag
Finland
–
Now lying within Helsinki,
Suomenlinna is a
UNESCO World Heritage Site consisting of an inhabited 18th century sea fortress built on six islands. It is one of Finland's most popular tourist attractions.
Finland
–
Pioneers in Karelia (1900) by
Eero Järnefelt
26.
France
–
France, officially the French Republic, is a country with territory in western Europe and several overseas regions and territories. The European, or metropolitan, area of France extends from the Mediterranean Sea to the English Channel and the North Sea, Overseas France include French Guiana on the South American continent and several island territories in the Atlantic, Pacific and Indian oceans. France spans 643,801 square kilometres and had a population of almost 67 million people as of January 2017. It is a unitary republic with the capital in Paris. Other major urban centres include Marseille, Lyon, Lille, Nice, Toulouse, during the Iron Age, what is now metropolitan France was inhabited by the Gauls, a Celtic people. The area was annexed in 51 BC by Rome, which held Gaul until 486, France emerged as a major European power in the Late Middle Ages, with its victory in the Hundred Years War strengthening state-building and political centralisation. During the Renaissance, French culture flourished and a colonial empire was established. The 16th century was dominated by civil wars between Catholics and Protestants. France became Europes dominant cultural, political, and military power under Louis XIV, in the 19th century Napoleon took power and established the First French Empire, whose subsequent Napoleonic Wars shaped the course of continental Europe. Following the collapse of the Empire, France endured a succession of governments culminating with the establishment of the French Third Republic in 1870. Following liberation in 1944, a Fourth Republic was established and later dissolved in the course of the Algerian War, the Fifth Republic, led by Charles de Gaulle, was formed in 1958 and remains to this day. Algeria and nearly all the colonies became independent in the 1960s with minimal controversy and typically retained close economic. France has long been a centre of art, science. It hosts Europes fourth-largest number of cultural UNESCO World Heritage Sites and receives around 83 million foreign tourists annually, France is a developed country with the worlds sixth-largest economy by nominal GDP and ninth-largest by purchasing power parity. In terms of household wealth, it ranks fourth in the world. France performs well in international rankings of education, health care, life expectancy, France remains a great power in the world, being one of the five permanent members of the United Nations Security Council with the power to veto and an official nuclear-weapon state. It is a member state of the European Union and the Eurozone. It is also a member of the Group of 7, North Atlantic Treaty Organization, Organisation for Economic Co-operation and Development, the World Trade Organization, originally applied to the whole Frankish Empire, the name France comes from the Latin Francia, or country of the Franks
France
–
One of the
Lascaux paintings: a horse –
Dordogne, approximately 18,000 BC
France
–
Flag
France
–
The
Maison Carrée was a temple of the
Gallo-Roman city of Nemausus (present-day
Nîmes) and is one of the best preserved vestiges of the
Roman Empire.
France
–
With
Clovis ' conversion to Catholicism in 498, the
Frankish monarchy,
elective and
secular until then, became
hereditary and of
divine right.
27.
Germany
–
Germany, officially the Federal Republic of Germany, is a federal parliamentary republic in central-western Europe. It includes 16 constituent states, covers an area of 357,021 square kilometres, with about 82 million inhabitants, Germany is the most populous member state of the European Union. After the United States, it is the second most popular destination in the world. Germanys capital and largest metropolis is Berlin, while its largest conurbation is the Ruhr, other major cities include Hamburg, Munich, Cologne, Frankfurt, Stuttgart, Düsseldorf and Leipzig. Various Germanic tribes have inhabited the northern parts of modern Germany since classical antiquity, a region named Germania was documented before 100 AD. During the Migration Period the Germanic tribes expanded southward, beginning in the 10th century, German territories formed a central part of the Holy Roman Empire. During the 16th century, northern German regions became the centre of the Protestant Reformation, in 1871, Germany became a nation state when most of the German states unified into the Prussian-dominated German Empire. After World War I and the German Revolution of 1918–1919, the Empire was replaced by the parliamentary Weimar Republic, the establishment of the national socialist dictatorship in 1933 led to World War II and the Holocaust. After a period of Allied occupation, two German states were founded, the Federal Republic of Germany and the German Democratic Republic, in 1990, the country was reunified. In the 21st century, Germany is a power and has the worlds fourth-largest economy by nominal GDP. As a global leader in industrial and technological sectors, it is both the worlds third-largest exporter and importer of goods. Germany is a country with a very high standard of living sustained by a skilled. It upholds a social security and universal health system, environmental protection. Germany was a member of the European Economic Community in 1957. It is part of the Schengen Area, and became a co-founder of the Eurozone in 1999, Germany is a member of the United Nations, NATO, the G8, the G20, and the OECD. The national military expenditure is the 9th highest in the world, the English word Germany derives from the Latin Germania, which came into use after Julius Caesar adopted it for the peoples east of the Rhine. This in turn descends from Proto-Germanic *þiudiskaz popular, derived from *þeudō, descended from Proto-Indo-European *tewtéh₂- people, the discovery of the Mauer 1 mandible shows that ancient humans were present in Germany at least 600,000 years ago. The oldest complete hunting weapons found anywhere in the world were discovered in a mine in Schöningen where three 380, 000-year-old wooden javelins were unearthed
Germany
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The
Nebra sky disk is dated to c. 1600 BC.
Germany
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Flag
Germany
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Martin Luther (1483–1546) initiated the
Protestant Reformation.
Germany
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Foundation of the
German Empire in
Versailles, 1871.
Bismarck is at the center in a white uniform.
28.
Greece
–
Greece, officially the Hellenic Republic, historically also known as Hellas, is a country in southeastern Europe, with a population of approximately 11 million as of 2015. Athens is the capital and largest city, followed by Thessaloniki. Greece is strategically located at the crossroads of Europe, Asia, situated on the southern tip of the Balkan peninsula, it shares land borders with Albania to the northwest, the Republic of Macedonia and Bulgaria to the north, and Turkey to the northeast. Greece consists of nine regions, Macedonia, Central Greece, the Peloponnese, Thessaly, Epirus, the Aegean Islands, Thrace, Crete. The Aegean Sea lies to the east of the mainland, the Ionian Sea to the west, the Cretan Sea and the Mediterranean Sea to the south. Greece has the longest coastline on the Mediterranean Basin and the 11th longest coastline in the world at 13,676 km in length, featuring a vast number of islands, eighty percent of Greece is mountainous, with Mount Olympus being the highest peak at 2,918 metres. From the eighth century BC, the Greeks were organised into various independent city-states, known as polis, which spanned the entire Mediterranean region and the Black Sea. Greece was annexed by Rome in the second century BC, becoming a part of the Roman Empire and its successor. The Greek Orthodox Church also shaped modern Greek identity and transmitted Greek traditions to the wider Orthodox World, falling under Ottoman dominion in the mid-15th century, the modern nation state of Greece emerged in 1830 following a war of independence. Greeces rich historical legacy is reflected by its 18 UNESCO World Heritage Sites, among the most in Europe, Greece is a democratic and developed country with an advanced high-income economy, a high quality of life, and a very high standard of living. A founding member of the United Nations, Greece was the member to join the European Communities and has been part of the Eurozone since 2001. Greeces unique cultural heritage, large industry, prominent shipping sector. It is the largest economy in the Balkans, where it is an important regional investor, the names for the nation of Greece and the Greek people differ from the names used in other languages, locations and cultures. The earliest evidence of the presence of human ancestors in the southern Balkans, dated to 270,000 BC, is to be found in the Petralona cave, all three stages of the stone age are represented in Greece, for example in the Franchthi Cave. Neolithic settlements in Greece, dating from the 7th millennium BC, are the oldest in Europe by several centuries and these civilizations possessed writing, the Minoans writing in an undeciphered script known as Linear A, and the Mycenaeans in Linear B, an early form of Greek. The Mycenaeans gradually absorbed the Minoans, but collapsed violently around 1200 BC and this ushered in a period known as the Greek Dark Ages, from which written records are absent. The end of the Dark Ages is traditionally dated to 776 BC, the Iliad and the Odyssey, the foundational texts of Western literature, are believed to have been composed by Homer in the 7th or 8th centuries BC. With the end of the Dark Ages, there emerged various kingdoms and city-states across the Greek peninsula, in 508 BC, Cleisthenes instituted the worlds first democratic system of government in Athens
Greece
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Fresco displaying the Minoan ritual of "bull leaping", found in
Knossos,
Crete.
Greece
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Flag
Greece
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The
Lion Gate,
Mycenae
Greece
–
The
Parthenon on the
Acropolis of Athens is one of the best known symbols of
classical Greece.
29.
Republic of Ireland
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Ireland, also known as the Republic of Ireland, is a sovereign state in north-western Europe occupying about five-sixths of the island of Ireland. The capital and largest city is Dublin, which is located on the part of the island. The state shares its land border with Northern Ireland, a part of the United Kingdom. It is otherwise surrounded by the Atlantic Ocean, with the Celtic Sea to the south, Saint Georges Channel to the south-east, and it is a unitary, parliamentary republic. The head of government is the Taoiseach, who is elected by the Dáil and appointed by the President, the state was created as the Irish Free State in 1922 as a result of the Anglo-Irish Treaty. It was officially declared a republic in 1949, following the Republic of Ireland Act 1948, Ireland became a member of the United Nations in December 1955. It joined the European Economic Community, the predecessor of the European Union, after joining the EEC, Ireland enacted a series of liberal economic policies that resulted in rapid economic growth. The country achieved considerable prosperity between the years of 1995 and 2007, which known as the Celtic Tiger period. This was halted by a financial crisis that began in 2008. However, as the Irish economy was the fastest growing in the EU in 2015, Ireland is again quickly ascending league tables comparing wealth and prosperity internationally. For example, in 2015, Ireland was ranked as the joint sixth most developed country in the world by the United Nations Human Development Index and it also performs well in several national performance metrics, including freedom of the press, economic freedom and civil liberties. Ireland is a member of the European Union and is a member of the Council of Europe. The 1922 state, comprising 26 of the 32 counties of Ireland, was styled, the Constitution of Ireland, adopted in 1937, provides that the name of the State is Éire, or, in the English language, Ireland. Section 2 of the Republic of Ireland Act 1948 states, It is hereby declared that the description of the State shall be the Republic of Ireland. The 1948 Act does not name the state as Republic of Ireland, because to have done so would have put it in conflict with the Constitution. The government of the United Kingdom used the name Eire, and, from 1949, Republic of Ireland, for the state, as well as Ireland, Éire or the Republic of Ireland, the state is also referred to as the Republic, Southern Ireland or the South. In an Irish republican context it is referred to as the Free State or the 26 Counties. From the Act of Union on 1 January 1801, until 6 December 1922, during the Great Famine, from 1845 to 1849, the islands population of over 8 million fell by 30%
Republic of Ireland
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The
Irish Parliamentary Party was formed in 1882 by
Charles Stewart Parnell (1846–1891).
Republic of Ireland
–
Flag
Republic of Ireland
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In 1922 a new parliament called the
Oireachtas was established, of which
Dáil Éireann became the
lower house.
Republic of Ireland
–
Éamon de Valera (1882–1975)
30.
Italy
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Italy, officially the Italian Republic, is a unitary parliamentary republic in Europe. Located in the heart of the Mediterranean Sea, Italy shares open land borders with France, Switzerland, Austria, Slovenia, San Marino, Italy covers an area of 301,338 km2 and has a largely temperate seasonal and Mediterranean climate. Due to its shape, it is referred to in Italy as lo Stivale. With 61 million inhabitants, it is the fourth most populous EU member state, the Italic tribe known as the Latins formed the Roman Kingdom, which eventually became a republic that conquered and assimilated other nearby civilisations. The legacy of the Roman Empire is widespread and can be observed in the distribution of civilian law, republican governments, Christianity. The Renaissance began in Italy and spread to the rest of Europe, bringing a renewed interest in humanism, science, exploration, Italian culture flourished at this time, producing famous scholars, artists and polymaths such as Leonardo da Vinci, Galileo, Michelangelo and Machiavelli. The weakened sovereigns soon fell victim to conquest by European powers such as France, Spain and Austria. Despite being one of the victors in World War I, Italy entered a period of economic crisis and social turmoil. The subsequent participation in World War II on the Axis side ended in defeat, economic destruction. Today, Italy has the third largest economy in the Eurozone and it has a very high level of human development and is ranked sixth in the world for life expectancy. The country plays a prominent role in regional and global economic, military, cultural and diplomatic affairs, as a reflection of its cultural wealth, Italy is home to 51 World Heritage Sites, the most in the world, and is the fifth most visited country. The assumptions on the etymology of the name Italia are very numerous, according to one of the more common explanations, the term Italia, from Latin, Italia, was borrowed through Greek from the Oscan Víteliú, meaning land of young cattle. The bull was a symbol of the southern Italic tribes and was often depicted goring the Roman wolf as a defiant symbol of free Italy during the Social War. Greek historian Dionysius of Halicarnassus states this account together with the legend that Italy was named after Italus, mentioned also by Aristotle and Thucydides. The name Italia originally applied only to a part of what is now Southern Italy – according to Antiochus of Syracuse, but by his time Oenotria and Italy had become synonymous, and the name also applied to most of Lucania as well. The Greeks gradually came to apply the name Italia to a larger region, excavations throughout Italy revealed a Neanderthal presence dating back to the Palaeolithic period, some 200,000 years ago, modern Humans arrived about 40,000 years ago. Other ancient Italian peoples of undetermined language families but of possible origins include the Rhaetian people and Cammuni. Also the Phoenicians established colonies on the coasts of Sardinia and Sicily, the Roman legacy has deeply influenced the Western civilisation, shaping most of the modern world
Italy
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The
Colosseum in Rome, built c. 70 – 80 AD, is considered one of the greatest works of
architecture and
engineering of ancient history.
Italy
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Flag
Italy
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The
Iron Crown of Lombardy, for centuries symbol of the
Kings of Italy.
Italy
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Castel del Monte, built by German Emperor
Frederick II,
UNESCO World Heritage site
31.
Latvia
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Latvia, officially the Republic of Latvia, is a country in the Baltic region of Northern Europe, one of the three Baltic states. It is bordered by Estonia to the north, Lithuania to the south, Russia to the east, Latvia has 1,957,200 inhabitants and a territory of 64,589 km2. The country has a seasonal climate. Latvia is a parliamentary republic established in 1918. The capital city is Riga, the European Capital of Culture 2014, Latvia is a unitary state, divided into 119 administrative divisions, of which 110 are municipalities and 9 are cities. Latvians and Livs are the people of Latvia. Latvian and Lithuanian are the two surviving Baltic languages. Despite foreign rule from the 13th to 20th centuries, the Latvian nation maintained its identity throughout the generations via the language, Latvia and Estonia share a long common history. Until World War II, Latvia also had significant minorities of ethnic Germans, Latvia is historically predominantly Protestant Lutheran, except for the Latgale region in the southeast, which has historically been predominantly Roman Catholic. The Russian population has brought a significant portion of Eastern Orthodox Christians. The Republic of Latvia was founded on 18 November 1918, however, its de facto independence was interrupted at the outset of World War II. The peaceful Singing Revolution, starting in 1987, called for Baltic emancipation of Soviet rule and it ended with the Declaration on the Restoration of Independence of the Republic of Latvia on 4 May 1990, and restoring de facto independence on 21 August 1991. Latvia is a democratic and developed country and member of the European Union, NATO, the Council of Europe, the United Nations, CBSS, the IMF, NB8, NIB, OECD, OSCE, and WTO. For 2014, Latvia was listed 46th on the Human Development Index and it used the Latvian lats as its currency until it was replaced by the euro on 1 January 2014. The name Latvija is derived from the name of the ancient Latgalians, one of four Indo-European Baltic tribes, henry of Latvia coined the Latinisations of the countrys name, Lettigallia and Lethia, both derived from the Latgalians. The terms inspired the variations on the name in Romance languages from Letonia. Around 3000 BC, the ancestors of the Latvian people settled on the eastern coast of the Baltic Sea. The Balts established trade routes to Rome and Byzantium, trading local amber for precious metals, by 900 AD, four distinct Baltic tribes inhabited Latvia, Curonians, Latgalians, Selonians, Semigallians, as well as the Livonians speaking a Finnic language
Latvia
–
Turaida Castle near
Sigulda, built in 1214 under
Albert of Riga.
Latvia
–
Flag
Latvia
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Kārlis Ulmanis
Latvia
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Red Army troops enter
Riga (1940).
32.
Lithuania
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Lithuania, officially the Republic of Lithuania, is a country in Northern Europe. One of the three Baltic states, it is situated along the shore of the Baltic Sea, to the east of Sweden. It is bordered by Latvia to the north, Belarus to the east and south, Poland to the south, Lithuania has an estimated population of 2.9 million people as of 2015, and its capital and largest city is Vilnius. The official language, Lithuanian, along with Latvian, is one of two living languages in the Baltic branch of the Indo-European language family. For centuries, the shores of the Baltic Sea were inhabited by various Baltic tribes. In the 1230s, the Lithuanian lands were united by Mindaugas, the King of Lithuania, and the first unified Lithuanian state, with the Lublin Union of 1569, Lithuania and Poland formed a voluntary two-state union, the Polish–Lithuanian Commonwealth. The Commonwealth lasted more than two centuries, until neighboring countries systematically dismantled it from 1772–95, with the Russian Empire annexing most of Lithuanias territory. As World War I neared its end, Lithuanias Act of Independence was signed on 16 February 1918, in the midst of the Second World War, Lithuania was first occupied by the Soviet Union and then by Nazi Germany. As World War II neared its end and the Germans retreated, Lithuania is a member of the European Union, the Council of Europe, a full member of the Eurozone, Schengen Agreement and NATO. It is also a member of the Nordic Investment Bank, the United Nations Human Development Index lists Lithuania as a very high human development country. Lithuania has been among the fastest growing economies in the European Union and is ranked 21st in the world in the Ease of Doing Business Index, the first people settled in the territory of Lithuania after the last glacial period in the 10th millennium BC. Over a millennium, the Indo-Europeans, who arrived in the 3rd – 2nd millennium BC, mixed with the local population, the first written mention of Lithuania is found in a medieval German manuscript, the Annals of Quedlinburg, in an entry dated 9 March 1009. Initially inhabited by fragmented Baltic tribes, in the 1230s the Lithuanian lands were united by Mindaugas, after his assassination in 1263, pagan Lithuania was a target of the Christian crusades of the Teutonic Knights and the Livonian Order. Despite the devastating century-long struggle with the Orders, the Grand Duchy of Lithuania expanded rapidly, by the end of the 14th century, Lithuania was one of the largest countries in Europe and included present-day Belarus, Ukraine, and parts of Poland and Russia. The geopolitical situation between the west and the east determined the multicultural and multi-confessional character of the Grand Duchy of Lithuania, the ruling elite practised religious tolerance and Chancery Slavonic language was used as an auxiliary language to the Latin for official documents. In 1385, the Grand Duke Jogaila accepted Polands offer to become its king, Jogaila embarked on gradual Christianization of Lithuania and established a personal union between Poland and Lithuania. It implied that Lithuania, the fiercely independent land, was one of the last pagan areas of Europe to adopt Christianity, after two civil wars, Vytautas the Great became the Grand Duke of Lithuania in 1392. During his reign, Lithuania reached the peak of its expansion, centralization of the state began
Lithuania
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Trakai Island Castle
Lithuania
–
Flag
Lithuania
–
Battle of Grunwald and
Vytautas the Great in the centre
Lithuania
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The original 20 members of the
Council of Lithuania after signing the
Act of Independence of Lithuania, 16 February 1918.
33.
Luxembourg
–
Luxembourg /ˈlʌksəmbɜːrɡ/, officially the Grand Duchy of Luxembourg, is a landlocked country in western Europe. It is bordered by Belgium to the west and north, Germany to the east and its culture, people and languages are highly intertwined with its neighbours, making it essentially a mixture of French and Germanic cultures. It comprises two regions, the Oesling in the north as part of the Ardennes massif. With an area of 2,586 square kilometres, it is one of the smallest sovereign states in Europe, Luxembourg had a population of 524,853 in October 2012, ranking it the 8th least-populous country in Europe. As a representative democracy with a monarch, it is headed by a Grand Duke, Henri, Grand Duke of Luxembourg. Luxembourg is a country, with an advanced economy and the worlds highest GDP per capita. Luxembourg is a member of the European Union, OECD, United Nations, NATO, and Benelux, reflecting its political consensus in favour of economic, political. The city of Luxembourg, which is the capital and largest city, is the seat of several institutions. Luxembourg served on the United Nations Security Council for the years 2013 and 2014, around this fort, a town gradually developed, which became the centre of a state of great strategic value. In the 14th and early 15th centuries, three members of the House of Luxembourg reigned as Holy Roman Emperors, in the following centuries, Luxembourgs fortress was steadily enlarged and strengthened by its successive occupants, the Bourbons, Habsburgs, Hohenzollerns and the French. After the defeat of Napoleon in 1815, Luxembourg was disputed between Prussia and the Netherlands and this arrangement was revised by the 1839 First Treaty of London, from which date Luxembourgs full independence is reckoned. In 1842 Luxembourg joined the German Customs Union, the King of the Netherlands remained Head of State as Grand Duke of Luxembourg, maintaining a personal union between the two countries until 1890. At the death of William III, the throne of the Netherlands passed to his daughter Wilhelmina and this allowed Germany the military advantage of controlling and expanding the railways there. In August 1914, Imperial Germany violated Luxembourgs neutrality in the war by invading it in the war against France and this allowed Germany to use the railway lines, while at the same time denying them to France. Nevertheless, despite the German occupation, Luxembourg was allowed to maintain much of its independence, in 1940, after the outbreak of World War II, Luxembourgs neutrality was again violated when the Wehrmacht of Nazi Germany entered the country, entirely without justification. A government in exile based in London supported the Allies, sending a group of volunteers who participated in the Normandy invasion. Luxembourg was liberated in September 1944, and became a member of the United Nations in 1945. Luxembourgs neutral status under the constitution formally ended in 1948, in 2005, a referendum on the EU treaty establishing a constitution for Europe was held
Luxembourg
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Historic map (undated) of Luxembourg city's fortifications
Luxembourg
–
Flag
Luxembourg
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Photograph of the fortress of Luxembourg prior to demolition in 1867
Luxembourg
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Luxembourg City: The Passerelle, also known as the viaduct or old bridge, over the
Pétrusse river valley, opened 1861
34.
Malta
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Malta, officially known as the Republic of Malta, is a Southern European island country consisting of an archipelago in the Mediterranean Sea. It lies 80 km south of Italy,284 km east of Tunisia, the country covers just over 316 km2, with a population of just under 450,000, making it one of the worlds smallest and most densely populated countries. The capital of Malta is Valletta, which at 0.8 km2, is the smallest national capital in the European Union, Malta has one national language, which is Maltese, and English as an official language. John, French and British, have ruled the islands, King George VI of the United Kingdom awarded the George Cross to Malta in 1942 for the countrys bravery in the Second World War. The George Cross continues to appear on Maltas national flag, the country became a republic in 1974, and although no longer a Commonwealth realm, remains a member state of the Commonwealth of Nations. Malta was admitted to the United Nations in 1964 and to the European Union in 2004, in 2008, Catholicism is the official religion in Malta. The origin of the term Malta is uncertain, and the modern-day variation derives from the Maltese language, the most common etymology is that the word Malta derives from the Greek word μέλι, meli, honey. The ancient Greeks called the island Μελίτη meaning honey-sweet, possibly due to Maltas unique production of honey, an endemic species of bee lives on the island. The Romans went on to call the island Melita, which can be considered either as a latinisation of the Greek Μελίτη or the adaptation of the Doric Greek pronunciation of the same word Μελίτα. Another conjecture suggests that the word Malta comes from the Phoenician word Maleth a haven or port in reference to Maltas many bays, few other etymological mentions appear in classical literature, with the term Malta appearing in its present form in the Antonine Itinerary. The extinction of the hippos and dwarf elephants has been linked to the earliest arrival of humans on Malta. Prehistoric farming settlements dating to the Early Neolithic period were discovered in areas and also in caves. The Sicani were the tribe known to have inhabited the island at this time and are generally regarded as being closely related to the Iberians. Pottery from the Għar Dalam phase is similar to found in Agrigento. A culture of megalithis temple builders then either supplanted or arose from this early period, the temples have distinctive architecture, typically a complex trefoil design, and were used from 4000 to 2500 BCE. Animal bones and a knife found behind an altar stone suggest that temple rituals included animal sacrifice. Tentative information suggests that the sacrifices were made to the goddess of fertility, the culture apparently disappeared from the Maltese Islands around 2500 BC. Archaeologists speculate that the builders fell victim to famine or disease
Malta
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Ġgantija megalithic temple complex
Malta
–
Flag
Malta
–
The temple complex of
Mnajdra
Malta
–
Roman mosaic from
Rabat, Malta.
35.
Netherlands
–
The Netherlands is the main constituent country of the Kingdom of the Netherlands. It is a densely populated country located in Western Europe with three territories in the Caribbean. The European part of the Netherlands borders Germany to the east, Belgium to the south, and the North Sea to the northwest, sharing borders with Belgium, the United Kingdom. The three largest cities in the Netherlands are Amsterdam, Rotterdam and The Hague, Amsterdam is the countrys capital, while The Hague holds the Dutch seat of parliament and government. The port of Rotterdam is the worlds largest port outside East-Asia, the name Holland is used informally to refer to the whole of the country of the Netherlands. Netherlands literally means lower countries, influenced by its low land and flat geography, most of the areas below sea level are artificial. Since the late 16th century, large areas have been reclaimed from the sea and lakes, with a population density of 412 people per km2 –507 if water is excluded – the Netherlands is classified as a very densely populated country. Only Bangladesh, South Korea, and Taiwan have both a population and higher population density. Nevertheless, the Netherlands is the worlds second-largest exporter of food and agricultural products and this is partly due to the fertility of the soil and the mild climate. In 2001, it became the worlds first country to legalise same-sex marriage, the Netherlands is a founding member of the EU, Eurozone, G-10, NATO, OECD and WTO, as well as being a part of the Schengen Area and the trilateral Benelux Union. The first four are situated in The Hague, as is the EUs criminal intelligence agency Europol and this has led to the city being dubbed the worlds legal capital. The country also ranks second highest in the worlds 2016 Press Freedom Index, the Netherlands has a market-based mixed economy, ranking 17th of 177 countries according to the Index of Economic Freedom. It had the thirteenth-highest per capita income in the world in 2013 according to the International Monetary Fund, in 2013, the United Nations World Happiness Report ranked the Netherlands as the seventh-happiest country in the world, reflecting its high quality of life. The Netherlands also ranks joint second highest in the Inequality-adjusted Human Development Index, the region called Low Countries and the country of the Netherlands have the same toponymy. Place names with Neder, Nieder, Nether and Nedre and Bas or Inferior are in use in all over Europe. They are sometimes used in a relation to a higher ground that consecutively is indicated as Upper, Boven, Oben. In the case of the Low Countries / the Netherlands the geographical location of the region has been more or less downstream. The geographical location of the region, however, changed over time tremendously
Netherlands
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The Netherlands in 5500 BC
Netherlands
–
Flag
Netherlands
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The Netherlands in 500 BC
Netherlands
–
An oak figurine found in
Willemstad, North Brabant (4500 BC).
36.
Portugal
–
Portugal, officially the Portuguese Republic, is a country on the Iberian Peninsula in Southwestern Europe. It is the westernmost country of mainland Europe, to the west and south it is bordered by the Atlantic Ocean and to the east and north by Spain. The Portugal–Spain border is 1,214 kilometres long and considered the longest uninterrupted border within the European Union, the republic also includes the Atlantic archipelagos of the Azores and Madeira, both autonomous regions with their own regional governments. The territory of modern Portugal has been settled, invaded. The Pre-Celts, Celts, Carthaginians and the Romans were followed by the invasions of the Visigothic, in 711 the Iberian Peninsula was invaded by the Moors, making Portugal part of Muslim Al Andalus. Portugal was born as result of the Christian Reconquista, and in 1139, Afonso Henriques was proclaimed King of Portugal, in the 15th and 16th centuries, Portugal established the first global empire, becoming one of the worlds major economic, political and military powers. Portugal monopolized the trade during this time, and the Portuguese Empire expanded with military campaigns led in Asia. After the 1910 revolution deposed the monarchy, the democratic but unstable Portuguese First Republic was established, democracy was restored after the Portuguese Colonial War and the Carnation Revolution in 1974. Shortly after, independence was granted to almost all its overseas territories, Portugal has left a profound cultural and architectural influence across the globe and a legacy of over 250 million Portuguese speakers today. Portugal is a country with a high-income advanced economy and a high living standard. It is the 5th most peaceful country in the world, maintaining a unitary semi-presidential republican form of government and it has the 18th highest Social Progress in the world, putting it ahead of other Western European countries like France, Spain and Italy. Portugal is a pioneer when it comes to drug decriminalization, as the nation decriminalized the possession of all drugs for use in 2001. The early history of Portugal is shared with the rest of the Iberian Peninsula located in South Western Europe, the name of Portugal derives from the joined Romano-Celtic name Portus Cale. Other influences include some 5th-century vestiges of Alan settlements, which were found in Alenquer, Coimbra, the region of present-day Portugal was inhabited by Neanderthals and then by Homo sapiens, who roamed the border-less region of the northern Iberian peninsula. These were subsistence societies that, although they did not establish prosperous settlements, neolithic Portugal experimented with domestication of herding animals, the raising of some cereal crops and fluvial or marine fishing. Chief among these tribes were the Calaicians or Gallaeci of Northern Portugal, the Lusitanians of central Portugal, the Celtici of Alentejo, a few small, semi-permanent, commercial coastal settlements were also founded in the Algarve region by Phoenicians-Carthaginians. Romans first invaded the Iberian Peninsula in 219 BC, during the last days of Julius Caesar, almost the entire peninsula had been annexed to the Roman Republic. The Carthaginians, Romes adversary in the Punic Wars, were expelled from their coastal colonies and it suffered a severe setback in 150 BC, when a rebellion began in the north
Portugal
–
Citânia de Briteiros, in the
Minho Province, is the best preserved
Iron Age and
Castro culture site in Portugal.
Portugal
–
Flag
Portugal
–
The
Roman Temple of Évora, in the
Alentejo, is a symbol of
Lusitania, Roman rule in Portugal.
Portugal
–
Monument in Porto to
Vimara Peres, first ruler of the County of Portugal
37.
Slovakia
–
Slovakia, officially the Slovak Republic, is a landlocked country in Central Europe. It is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east, Slovakias territory spans about 49,000 square kilometres and is mostly mountainous. The population is over 5 million and comprises mostly ethnic Slovaks, the capital and largest city is Bratislava. The Slavs arrived in the territory of present-day Slovakia in the 5th and 6th centuries, in the 7th century, they played a significant role in the creation of Samos Empire and in the 9th century established the Principality of Nitra. In the 10th century, the territory was integrated into the Kingdom of Hungary, which became part of the Habsburg Empire. After World War I and the dissolution of the Austro-Hungarian Empire, a separate Slovak Republic existed in World War II as a client state of Nazi Germany. In 1945, Czechoslovakia was reëstablished under Communist rule as a Soviet satellite, in 1989 the Velvet Revolution ended authoritarian Communist rule in Czechoslovakia. Slovakia became an independent state on 1 January 1993 after the dissolution of Czechoslovakia. The country maintains a combination of economy with universal health care. The country joined the European Union in 2004 and the Eurozone on 1 January 2009, Slovakia is also a member of the Schengen Area, NATO, the United Nations, the OECD, the WTO, CERN, the OSCE, the Council of Europe and the Visegrád Group. The Slovak economy is one of the fastest growing economies in Europe and its legal tender, the Euro, is the worlds 2nd most traded currency. Although regional income inequality is high, 90% of citizens own their homes, in 2016, Slovak citizens had visa-free or visa-on-arrival access to 165 countries and territories, ranking the Slovak passport 11th in the world. Slovakia is the world’s biggest per-capita car producer with a total of 1,040,000 cars manufactured in the country in 2016 alone, the car industry represents 43 percent of Slovakia’s industrial output, and a quarter of its exports. Radiocarbon datingputs the oldest surviving archaeological artefacts from Slovakia – found near Nové Mesto nad Váhom – at 270,000 BC and these ancient tools, made by the Clactonian technique, bear witness to the ancient habitation of Slovakia. Other stone tools from the Middle Paleolithic era come from the Prévôt cave near Bojnice, the most important discovery from that era is a Neanderthal cranium, discovered near Gánovce, a village in northern Slovakia. The most well-known finds include the oldest female statue made of mammoth-bone, the statue was found in the 1940s in Moravany nad Váhom near Piešťany. Numerous necklaces made of shells from Cypraca thermophile gastropods of the Tertiary period have come from the sites of Zákovská, Podkovice, Hubina and these findings provide the most ancient evidence of commercial exchanges carried out between the Mediterranean and Central Europe. The Bronze Age in the territory of modern-day Slovakia went through three stages of development, stretching from 2000 to 800 BC
Slovakia
–
A
Venus from
Moravany nad Váhom, which dates back to 22,800 BC.
Slovakia
–
Flag
Slovakia
–
Left: A
Celtic Biatec coin Right: Five
Slovak crowns
Slovakia
–
A Roman inscription at the castle hill of
Trenčín (178–179 AD).
38.
Slovenia
–
Slovenia, officially the Republic of Slovenia, is a nation state in southern Central Europe, located at the crossroads of main European cultural and trade routes. It is bordered by Italy to the west, Austria to the north, Hungary to the northeast, Croatia to the south and southeast, and it covers 20,273 square kilometers and has a population of 2.06 million. It is a republic and a member of the United Nations, European Union. The capital and largest city is Ljubljana, additionally, the Dinaric Alps and the Pannonian Plain meet on the territory of Slovenia. The country, marked by a significant biological diversity, is one of the most water-rich in Europe, with a river network, a rich aquifer system. Over half of the territory is covered by forest, the human settlement of Slovenia is dispersed and uneven. Slovenia has historically been the crossroads of South Slavic, Germanic, Romance, although the population is not homogeneous, the majority is Slovene. Slovene is the language throughout the country. Slovenia is a largely secularized country, but its culture and identity have been influenced by Catholicism as well as Lutheranism. The economy of Slovenia is small, open, and export-oriented and has strongly influenced by international conditions. It has been hurt by the Eurozone crisis, started in the late 2000s. The main economic field is services, followed by industry and construction, Historically, the current territory of Slovenia was part of many different state formations, including the Roman Empire and the Holy Roman Empire, followed by the Habsburg Monarchy. In October 1918, the Slovenes exercised self-determination for the first time by co-founding the State of Slovenes, Croats, in December 1918, they merged with the Kingdom of Serbia into the Kingdom of Serbs, Croats and Slovenes. During World War II, Slovenia was occupied and annexed by Germany, Italy, and Hungary, with a tiny area transferred to the Independent State of Croatia, in June 1991, after the introduction of multi-party representative democracy, Slovenia split from Yugoslavia and became an independent country. Present-day Slovenia has been inhabited since prehistoric times, and there is evidence of habitation from around 250,000 years ago. A pierced cave bear bone, dating from 43100 ±700 BP, in the 1920s and 1930s, artifacts belonging to the Cro-Magnon such as pierced bones, bone points, and needle were found by archaeologist Srečko Brodar in Potok Cave. It shows that wooden wheels appeared almost simultaneously in Mesopotamia and Europe, in the transition period between the Bronze age to the Iron age, the Urnfield culture flourished. Archaeological remains dating from the Hallstatt period have been found, particularly in southeastern Slovenia, among them a number of situlas in Novo Mesto, in the Iron Age, present-day Slovenia was inhabited by Illyrian and Celtic tribes until the 1st century BC
Slovenia
–
A
pierced cave bear bone, possibly
flute, from
Divje Babe
Slovenia
–
Flag
Slovenia
–
Roman
Emona 's south wall (reconstruction) in present-day Ljubljana
Slovenia
–
Prince's Stone, symbol of
duchy of Carantania
39.
Spain
–
By population, Spain is the sixth largest in Europe and the fifth in the European Union. Spains capital and largest city is Madrid, other urban areas include Barcelona, Valencia, Seville, Bilbao. Modern humans first arrived in the Iberian Peninsula around 35,000 years ago, in the Middle Ages, the area was conquered by Germanic tribes and later by the Moors. Spain is a democracy organised in the form of a government under a constitutional monarchy. It is a power and a major developed country with the worlds fourteenth largest economy by nominal GDP. Jesús Luis Cunchillos argues that the root of the span is the Phoenician word spy. Therefore, i-spn-ya would mean the land where metals are forged, two 15th-century Spanish Jewish scholars, Don Isaac Abravanel and Solomon ibn Verga, gave an explanation now considered folkloric. Both men wrote in two different published works that the first Jews to reach Spain were brought by ship by Phiros who was confederate with the king of Babylon when he laid siege to Jerusalem. This man was a Grecian by birth, but who had given a kingdom in Spain. He became related by marriage to Espan, the nephew of king Heracles, Heracles later renounced his throne in preference for his native Greece, leaving his kingdom to his nephew, Espan, from whom the country of España took its name. Based upon their testimonies, this eponym would have already been in use in Spain by c.350 BCE, Iberia enters written records as a land populated largely by the Iberians, Basques and Celts. Early on its coastal areas were settled by Phoenicians who founded Western Europe´s most ancient cities Cadiz, Phoenician influence expanded as much of the Peninsula was eventually incorporated into the Carthaginian Empire, becoming a major theater of the Punic Wars against the expanding Roman Empire. After an arduous conquest, the peninsula came fully under Roman Rule, during the early Middle Ages it came under Germanic rule but later, much of it was conquered by Moorish invaders from North Africa. In a process took centuries, the small Christian kingdoms in the north gradually regained control of the peninsula. The last Moorish kingdom fell in the same year Columbus reached the Americas, a global empire began which saw Spain become the strongest kingdom in Europe, the leading world power for a century and a half, and the largest overseas empire for three centuries. Continued wars and other problems led to a diminished status. The Napoleonic invasions of Spain led to chaos, triggering independence movements that tore apart most of the empire, eventually democracy was peacefully restored in the form of a parliamentary constitutional monarchy. Spain joined the European Union, experiencing a renaissance and steady economic growth
Spain
–
Lady of Elche
Spain
–
Flag
Spain
–
Altamira Cave paintings, in
Cantabria.
Spain
–
Celtic castro in
A Guarda,
Galicia.
40.
Eurogroup
–
It exercises political control over the currency and related aspects of the EUs monetary union such as the Stability and Growth Pact. Its current president is former Dutch finance minister Jeroen Dijsselbloem, the ministers meet in camera a day before a meeting of the Economic and Financial Affairs Council of the Council of the European Union. They communicate their decisions via press and document releases and this group is related to the Council of the European Union and was formalised under the Lisbon Treaty. The December 1997 European Council endorsed its creation and the first meeting was held on 4 June 1998 at Senningen Castle in Luxembourg. In 2004 the ministers decided to elect a president and in 2008 and this became known as the Euro summit and has held meetings irregularly during the financial crisis. Since the beginning of the union, its role has grown in regards to the euros economic governance. The fact the group meets just before the Ecofin council means it can pre-approve all Ecofins decisions on eurozone affairs, in 2009 the Lisbon Treaty formalised the group and its president. The current president of the group, dubbed Mr Euro or the president of the eurozone, is Jeroen Dijsselbloem, in September 2004, the Eurogroup decided it should have a semi-permanent president who would be appointed for a term of two years. Under the Lisbon Treaty, this system was formalised and Juncker was confirmed for another term, the Presidency has helped strengthen the group, since before Junckers appointment the Eurogroup was only accidentally present at meetings in the European Parliament. Since the position of President was created, the president has attended Parliaments committee on Economic, after his reappointment as Eurogroup president in January 2010, Juncker emphasised the need to broaden the scope of the Eurogroups business. In particular in terms of co-ordinating economic policies and representation, Juncker proposed creating a small secretariat consisting of four to five civil servants to prepare the groups meetings. However, although France and Spain support such plans, Germany fears that strengthening the group might undermine the independence of the European Central Bank, in June 2012, the Estonian minister Jürgen Ligi was being considered as a possible successor for Mr. Juncker. However, in January 2013, Juncker hinted that his successor would be Jeroen Dijsselbloem. On 13 July 2015, Dijsselbloem was re-elected, the ECB President, Economic and Monetary Affairs Commissioner and Chairman of the Eurogroup Working Group also attend the meetings. It is worthwhile to note that the members of the EU who choose not to participate in the Euro have been excluded from observer status, for example, IMF personnel such as Christine Lagarde are sometimes allowed to be present at meetings—see Lagarde statement 20130316. What remains unknown about this group is whether they allow observers to speak or speech by the observers is forbidden, a formal legal basis was granted for the first time under the Lisbon Treaty when it came into force on 1 December 2009. Protocol 14 of the treaty lays out just two articles to govern the group, Article 1, The Ministers of the Member States whose currency is the euro shall meet informally. Such meetings shall take place, when necessary, to questions related to the specific responsibilities they share with regard to the single currency
Eurogroup
–
Eurogroup president
Jeroen Dijsselbloem.
41.
Euro Group
–
It exercises political control over the currency and related aspects of the EUs monetary union such as the Stability and Growth Pact. Its current president is former Dutch finance minister Jeroen Dijsselbloem, the ministers meet in camera a day before a meeting of the Economic and Financial Affairs Council of the Council of the European Union. They communicate their decisions via press and document releases and this group is related to the Council of the European Union and was formalised under the Lisbon Treaty. The December 1997 European Council endorsed its creation and the first meeting was held on 4 June 1998 at Senningen Castle in Luxembourg. In 2004 the ministers decided to elect a president and in 2008 and this became known as the Euro summit and has held meetings irregularly during the financial crisis. Since the beginning of the union, its role has grown in regards to the euros economic governance. The fact the group meets just before the Ecofin council means it can pre-approve all Ecofins decisions on eurozone affairs, in 2009 the Lisbon Treaty formalised the group and its president. The current president of the group, dubbed Mr Euro or the president of the eurozone, is Jeroen Dijsselbloem, in September 2004, the Eurogroup decided it should have a semi-permanent president who would be appointed for a term of two years. Under the Lisbon Treaty, this system was formalised and Juncker was confirmed for another term, the Presidency has helped strengthen the group, since before Junckers appointment the Eurogroup was only accidentally present at meetings in the European Parliament. Since the position of President was created, the president has attended Parliaments committee on Economic, after his reappointment as Eurogroup president in January 2010, Juncker emphasised the need to broaden the scope of the Eurogroups business. In particular in terms of co-ordinating economic policies and representation, Juncker proposed creating a small secretariat consisting of four to five civil servants to prepare the groups meetings. However, although France and Spain support such plans, Germany fears that strengthening the group might undermine the independence of the European Central Bank, in June 2012, the Estonian minister Jürgen Ligi was being considered as a possible successor for Mr. Juncker. However, in January 2013, Juncker hinted that his successor would be Jeroen Dijsselbloem. On 13 July 2015, Dijsselbloem was re-elected, the ECB President, Economic and Monetary Affairs Commissioner and Chairman of the Eurogroup Working Group also attend the meetings. It is worthwhile to note that the members of the EU who choose not to participate in the Euro have been excluded from observer status, for example, IMF personnel such as Christine Lagarde are sometimes allowed to be present at meetings—see Lagarde statement 20130316. What remains unknown about this group is whether they allow observers to speak or speech by the observers is forbidden, a formal legal basis was granted for the first time under the Lisbon Treaty when it came into force on 1 December 2009. Protocol 14 of the treaty lays out just two articles to govern the group, Article 1, The Ministers of the Member States whose currency is the euro shall meet informally. Such meetings shall take place, when necessary, to questions related to the specific responsibilities they share with regard to the single currency
Euro Group
–
Eurogroup president
Jeroen Dijsselbloem.
Euro Group
–
ESCB
42.
Jeroen Dijsselbloem
–
Jeroen René Victor Anton Dijsselbloem is a Dutch politician of the centre-left Labour Party. Dijsselbloem studied agricultural economics at Wageningen University and he served as member of the municipal council of Wageningen and as member of the House of Representatives of the Netherlands. In 2007, he led an inquiry on education reform. Jeroen René Victor Anton Dijsselbloem was born on 29 March 1966 in Eindhoven and his parents both worked in education, his father as an English teacher and his mother as schoolteacher. He was raised as a Roman Catholic, Dijsselbloem went to a Roman Catholic primary school in Son en Breugel and the Roman Catholic secondary school Eckartcollege in Eindhoven. Dijsselbloem did research in economics at the University College Cork in Ireland. Dijsselbloem’s interest in politics began in 1983, spurred by the protests against US Pershing cruise missiles that drew hundreds of thousands of Dutch youth into leftwing movements. In 1985, he became a member of the Dutch Labour Party, from 1993 to 1996 he worked for the parliamentary group of the Labour Party. From 1994 to 1996 he was a member of the council of Wageningen. From 1996 to 2000 he worked at the Ministry of Agriculture, Nature and Fishery under Minister Jozias van Aartsen and State Secretary Geke Faber. From 2000 to 2012, Dijsselbloem was a member of parliament for the Labour Party, in 2007, he led a parliamentary inquiry on education reform. He focused on matters of youth care, special education and teachers, since 15 November 2012, Dijsselbloem is the Minister of Finance in the Cabinet Rutte II. From the start, Dijsselbloem emphasised his commitment to fiscal discipline, on 1 February 2013, he nationalized the financial institution SNS Reaal, preventing its bankruptcy. Shareholders and owners of subordinated debt are expropriated with no compensation and others banks of the country have to contribute to the takeover up to one billion euros. By December 2013, Dutch press named Dijsselbloem politician of the year 2013, describing him as “intelligent, balanced and good at finding compromises. ”In a response, he said that he was surprised about winning the prize because he not work on the forefront. ”In the Netherlands, he was later named as a possible European Commissioner following the 2014 European elections. Spain was the country not to back his candidacy, on fears that it is being dictated to by ‘triple A’ countries. Dijsselbloem struggled early in his 2-1/2 year term and faced criticism for his handling of the Cyprus bail-in, on 24 March 2013, the Financial Times and Reuters reported that Dijsselbloem saw the Cyprus bail-in as a template for resolution of a bankruptcy. However, it was the interviewer that had used the word template, on 26 March 2013, Dijsselbloem said explicitly that he did not consider the Cyprus case to be a template
Jeroen Dijsselbloem
–
Jeroen Dijsselbloem in 2013
Jeroen Dijsselbloem
–
Jeroen Dijsselbloem in May 2012
Jeroen Dijsselbloem
–
Jeroen Dijsselbloem on
Prinsjesdag in 2014
Jeroen Dijsselbloem
–
Jeroen Dijsselbloem and his partner on
Prinsjesdag in 2014
43.
Central bank
–
A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy. Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and also issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt
Central bank
–
Public finance
Central bank
–
The old town hall in Amsterdam where the
Bank of Amsterdam was founded in 1609, painting by
Pieter Saenredam.
Central bank
–
The sealing of the Bank of England Charter (1694).
Central bank
–
The
Bank of England, established in 1694.
44.
European Central Bank
–
The European Central Bank is the central bank for the euro and administers monetary policy of the eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world. It is one of the worlds most important central banks and is one of the seven institutions of the European Union listed in the Treaty on European Union, the capital stock of the bank is owned by the central banks of all 28 EU member states. The Treaty of Amsterdam established the bank in 1998, and it is headquartered in Frankfurt, Germany. As of 2015 the President of the ECB is Mario Draghi, former governor of the Bank of Italy, former member of the World Bank, the bank primarily occupied the Eurotower prior to, and during, the construction of the new headquarters. The primary objective of the ECB, mandated in Article 2 of the Statute of the ECB, is to price stability within the Eurozone. The ECB has, under Article 16 of its Statute, the right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand, 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 central banks of the member states as shareholders. The initial capital allocation key was determined in 1998 on the basis of the population and GDP. Shares in the ECB are not transferable and cannot be used as collateral, the European Central Bank is the de facto successor of the European Monetary Institute. The EMI itself took over from the earlier European Monetary Co-operation Fund, 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. The French argued that since the ECB was to be located in Germany and this was opposed by the German, Dutch and Belgian governments who saw Duisenberg as a guarantor of a strong euro. Tensions were abated by an agreement in which Duisenberg would stand down before the end of his mandate. Trichet replaced Duisenberg as President in November 2003, there had also been tension over the ECBs Executive Board, with the United Kingdom demanding a seat even though it had not joined the Single Currency. Under pressure from France, three seats were assigned to the largest members, France, Germany, and Italy, Spain also demanded and obtained a seat. Despite such a system of appointment the board asserted its independence early on in resisting calls for interest rates, when the ECB was created, it covered a Eurozone of eleven members. On 1 December 2009, the Treaty of Lisbon entered into force, ECB according to the article 13 of TEU, on 1 November 2011, Mario Draghi replaced Jean-Claude Trichet as President of the ECB
European Central Bank
–
Seat
European Central Bank
–
Seat of the European Central Bank
European Central Bank
–
Wim Duisenberg, first President of the ECB
European Central Bank
–
Mario Draghi, the current President of the ECB
45.
President of the European Central Bank
–
The President heads the executive board, governing council and general council of the ECB. He is not elected by popular vote and he also represents the bank abroad, for example at the G20. The President is appointed by majority in the European Council, de facto by those who have adopted the euro, Duisenberg then became the first President of the ECB. Duisenberg always strongly denied 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, even on 9 July 2003 Trichet was not cleared, and therefore Duisenberg remained in office until 1 November 2003. Duisenberg died on 31 July 2005, Jean-Claude Trichet became President in 2003 and served during the European sovereign debt crisis. Trichets 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 banks independence be respected, however, he was also 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, 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. He also asserted that the ECBs role in maintaining price stability throughout the financial crisis, mario Draghi was chosen to become the next President of the ECB on 24 June 2011. He is President as of 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, 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 resignation of Duisenberg. His successors, starting with Lucas Papademos, are granted eight-year terms, organisation of the ECB Presidents CV EU Treaties, Section 6 Article 282 on ECB
President of the European Central Bank
–
Incumbent
Mario Draghi
President of the European Central Bank
46.
Mario Draghi
–
Mario Draghi OMRI is an Italian economist who has served as President of the European Central Bank since November 2011. He has served as Chairman of the Financial Stability Board from 2009 to 2011, Draghi previously worked at Goldman Sachs from 2002 until 2005 before becoming the governor of the Bank of Italy in December 2005, where he served until October 2011. In 2014 Draghi was listed as the 8th most powerful person in the world by Forbes, in 2015 Fortune magazine ranked him as the worlds second greatest leader. His father Carlo joined Banca dItalia in 1922, later IRI and his mother, Gilda Mancini was a pharmacist. Mario is the first of three children, Andreina, art historian, and Marcello, entrepreneur, from 1984 to 1990 he was the Italian Executive Director at the World Bank. In 1991, at the initiative of the then Minister Guido Carli, he became director of the Italian Treasury. During his time at the Treasury, he chaired the committee that revised Italian corporate and financial legislation and he is also a former board member of several banks and corporations. Draghi was then chairman and managing director of Goldman Sachs International. He worked on the firms European strategy and development with major European corporations, after the revelation of off-market swaps used by Greece with the help of Goldman Sachs, he said he knew nothing about this deal and had nothing to do with it. He added that “the deals between the Greek government and Goldman Sachs had been undertaken before joining of. ”Draghi is a trustee at the Institute for Advanced Study in Princeton, New Jersey and also at the Brookings Institution, in Washington, D. C. He is also governor for Italy on the Boards of Governors of the International Bank for Reconstruction and Development and it aims to promote international financial stability, improve the functioning of markets and reduce systemic risk through information exchange and international cooperation between supervisors. Draghi was frequently mentioned as a successor to Jean-Claude Trichet. On 13 February 2011 Wolfgang Münchau, associate editor of the Financial Times, a few days later The Economist wrote that the next president of the world’s second-most-important central bank should be Mario Draghi. On 20 April 2011 The Wall Street Journal reported that Wolfgang Schäuble, a few days later the German newspaper Bild endorsed Draghi by defining him the most German of all remaining candidates. Contrary to previous reports about Frances position, on 25 April it was reported that President Nicolas Sarkozy saw Draghi as a full-fledged and an adequate candidate for the job. On 17 May 2011 the Council of the European Union – sitting as Ecofin – adopted a recommendation on the nomination of Draghi as President of the ECB. He was approved by the European Parliament and the ECB itself, Draghi began leading the Frankfurt-based institution when Trichets non-renewable eight-year term expired on 31 October 2011. Draghis term runs from 1 November 2011 to 31 October 2019, concerns were also expressed during the candidacy about Draghis past employment at Goldman Sachs
Mario Draghi
–
Mario Draghi
OMRI
Mario Draghi
–
Draghi with
Dominique Strauss-Kahn and
Jean-Claude Trichet.
Mario Draghi
–
Mario Draghi at the
World Economic Forum, in 2012.
47.
GDP
–
Gross Domestic Product is a monetary measure of the market value of all final goods and services produced in a period. Nominal GDP estimates are used to determine the economic performance of a whole country or region. The OECD defines GDP as a measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production. ”An IMF publication states that GDP measures the monetary value of final goods and services - that is. Total GDP can also be broken down into the contribution of industry or sector of the economy. The ratio of GDP to the population of the region is the per capita GDP. William Petty came up with a concept of GDP to defend landlords against unfair taxation during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695, the modern concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934. In this report, Kuznets warned against its use as a measure of welfare, after the Bretton Woods conference in 1944, GDP became the main tool for measuring a countrys economy. The switch from GNP to GDP in the US was in 1991, the history of the concept of GDP should be distinguished from the history of changes in ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the sector, by financial industries. GDP can be determined in three ways, all of which should, in principle, give the same result and they are the production approach, the income approach, or the expenditure approach. The most direct of the three is the approach, which sums the outputs of every class of enterprise to arrive at the total. The income approach works on the principle that the incomes of the factors must be equal to the value of their product. This approach mirrors the OECD definition given above, deduct intermediate consumption from gross value to obtain the gross value added. Gross value added = gross value of output – value of intermediate consumption, value of output = value of the total sales of goods and services plus value of changes in the inventories. The sum of the value added in the various economic activities is known as GDP at factor cost. GDP at factor cost plus indirect taxes less subsidies on products = GDP at producer price, for measuring output of domestic product, economic activities are classified into various sectors. Subtracting each sectors intermediate consumption from gross output gives the GDP at factor cost, adding indirect tax minus subsidies in GDP at factor cost gives the GDP at producer prices
GDP
–
A map of world economies by size of GDP (nominal) in USD,
World Bank, 2014.
48.
Monetary policy
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Further goals of a monetary policy are usually to contribute to economic growth and stability, to lower unemployment, and to maintain predictable exchange rates with other currencies. Monetary economics provides insight into how to craft an optimal monetary policy, since the 1970s, monetary policy has generally been formed separately from fiscal policy, which refers to taxation, government spending, and associated borrowing. Monetary policy is referred to as either being expansionary or contractionary, expansionary policy is when a monetary authority uses its tools to stimulate the economy. An expansionary policy increases the supply of money in the economy more rapidly than usual. It is traditionally used to try to combat unemployment in a recession by lowering interest rates in the hope that easy credit will entice businesses into expanding, also, this increases the aggregate demand, which boosts growth as measured by gross domestic product. Expansionary monetary policy usually diminishes the value of the currency, thereby decreasing the exchange rate, the opposite of expansionary monetary policy is contractionary monetary policy, which slows the rate of growth in the money supply or even shrinks it. This slows economic growth to prevent inflation, monetary policy is associated with interest rates and availability of credit. Instruments of monetary policy have included short-term interest rates and bank reserves through the monetary base, for many centuries there were only two forms of monetary policy, Decisions about coinage, Decisions to print paper money to create credit. Interest rates, while now thought of as part of monetary authority, were not generally coordinated with the forms of monetary policy during this time. Monetary policy was seen as a decision, and was generally in the hands of the authority with seigniorage. With the advent of larger trading networks came the ability to set the price between gold and silver, and the price of the currency to foreign currencies. This official price could be enforced by law, even if it varied from the market price, paper money called jiaozi originated from promissory notes in 7th century China. Jiaozi did not replace metallic currency, and were used alongside the copper coins, the successive Yuan Dynasty was the first government to use paper currency as the predominant circulating medium. In the later course of the dynasty, facing shortages of specie to fund war and their rule in China, they began printing paper money without restrictions. The goal of policy was to maintain the value of the coinage, print notes which would trade at par to specie. To accomplish this end, central banks as part of the standard began setting the interest rates that they charged. The maintenance of a standard required almost monthly adjustments of interest rates. The gold standard might be regarded as a case of fixed exchange rate policy
Monetary policy
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Public finance
49.
Politics of the European Union
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The Politics of the European Union are different from other organisations and states due to the unique nature of the European Union. These areas are primarily under the control of the EUs member states although an amount of structured co-operation and coordination takes place in these areas. For the EU to take actions in these areas, all Member States must give their consent. The principle of subsidiarity does not apply to areas of exclusive competence, the common institutions mix the intergovernmental and supranational aspects of the EU. The EU treaties declare the EU to be based on representative democracy, the Parliament, together with the Council, form the legislative arm of the EU. The Council is composed of governments, thus representing the intergovernmental nature of the EU. Laws are proposed by the European Commission which is appointed by and accountable to the Parliament, although direct elections take place every five years, there are no cohesive political parties in the national sense. Instead, there are alliances of ideologically associated parties who sit, the two largest parties are the European Peoples Party and the Party of European Socialists with the former forming the largest group in Parliament since 1999. The latter is stronger in northern Europe, especially the United Kingdom, legitimation of the European Union rests on the Treaty System. After World War Two, Europe sought to end conflict permanently between France and Germany, in the spirit of the Marshall Plan, those two nations signed the Treaty of Paris in 1951, establishing the European Coal and Steel Community. Since then, the Treaty of Paris, which focused on price setting, the legal basis for the European Community now rests on two treaties, The Treaty for the European Union of 1958, and The Treaty of Maastricht of 1992. The various additions and modifications of treaties has led to a patchwork of policy and planning, the pastiche of treaties, and not a single actualising charter of government, form the constitutional basis of the European Union. This ambiguity is a cause of democratic deficit. The EU itself is a personality and a set of governing institutions empowered by the treaties. However sovereignty is not invested in those institutions, it is pooled with ultimate sovereignty resting with the national governments, yet in those areas where the EU has been granted competencies, it does have the power to pass binding and direct laws upon its members. The competencies of the European Union stem from the original Coal and Steel Community, the original competencies were regulatory in nature, restricted to matters of maintaining a healthy business environment. Rulings were confined to laws covering trade, currency, and competition, increases in the number of EU competencies result from a process known as functional spillover. Functional spillover resulted in, first, the integration of banking and insurance industries to manage finance, the size of the bureaucracies increased, requiring modifications to the treaty system as the scope of competencies integrated more and more functions
Politics of the European Union
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High Representative Federica Mogherini
Politics of the European Union
European Union
[1]
pronunciation (help·info)), officially called the euro area,[7] is a monetary union of 19 of the 28 European Union (EU) member states which have adopted the euro (€) as their common currency and sole legal tender. The monetary authority of the eurozone is the Eurosystem, the other nine members of the European Union continue to use their own national currencies, although most of them are obliged to adopt the euro in the future.
Austria
Belgium
Cyprus
Northern Cyprus[a]
Estonia
Finland
France
New Caledonia[b]
French Polynesia[b]
Germany
Greece
Ireland
Italy
Campione d'Italia[c]
Latvia
Lithuania
Luxembourg
Malta
Netherlands
Aruba[d]
Curaçao[e]
Sint Maarten[e]
Portugal
Slovakia
Slovenia
Spain
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Eurozone
United States
China
India
Japan
United Kingdom
Brazil
Canada
South Korea
Russia
Australia
Mexico
Indonesia
Turkey
Saudi Arabia
Switzerland
Argentina
Sweden
Poland
Iran
Nigeria
United Arab Emirates
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Media related to Eurozone at Wikimedia Commons
