A tanker is a ship designed to transport or store liquids or gases in bulk. Major types of tankship include the oil tanker, the chemical tanker, gas carrier. Tankers carry commodities such as vegetable oils and wine. In the United States Navy and Military Sealift Command, a tanker used to refuel other ships is called an oiler but many other navies use the terms tanker and replenishment tanker. Tankers can range in size of capacity from several hundred tons, which includes vessels for servicing small harbours and coastal settlements, to several hundred thousand tons, for long-range haulage. Besides ocean- or seagoing tankers there are specialized inland-waterway tankers which operate on rivers and canals with an average cargo capacity up to some thousand tons. A wide range of products are carried by tankers, including: Hydrocarbon products such as oil, liquefied petroleum gas, liquefied natural gas Chemicals, such as ammonia and styrene monomer Fresh water Wine Molasses Citrus juice Tankers are a new concept, dating from the years of the 19th century.
Before this, technology had not supported the idea of carrying bulk liquids. The market was not geared towards transporting or selling cargo in bulk, therefore most ships carried a wide range of different products in different holds and traded outside fixed routes. Liquids were loaded in casks—hence the term "tonnage", which refers to the volume of the holds in terms of how many tuns or casks of wine could be carried. Potable water, vital for the survival of the crew, was stowed in casks. Carrying bulk liquids in earlier ships posed several problems: The holds: on timber ships the holds were not sufficiently water, oil or air-tight to prevent a liquid cargo from spoiling or leaking; the development of iron and steel hulls solved this problem. Loading and discharging: Bulk liquids must be pumped - the development of efficient pumps and piping systems was vital to the development of the tanker. Steam engines were developed as prime-movers for early pumping systems. Dedicated cargo handling facilities were now required ashore too - as was a market for receiving a product in that quantity.
Casks could be unloaded using ordinary cranes, the awkward nature of the casks meant that the volume of liquid was always small - therefore keeping the market more stable. Free surface effect: a large body of liquid carried aboard a ship will impact on the ship's stability when the liquid is flowing around the hold or tank in response to the ship's movements; the effect was negligible in casks, but could cause capsizing if the tank extended the width of the ship. Tankers were first used by the oil industry to transfer refined fuel in bulk from refineries to customers; this would be stored in large tanks ashore, subdivided for delivery to individual locations. The use of tankers caught on because other liquids were cheaper to transport in bulk, store in dedicated terminals subdivide; the Guinness brewery used tankers to transport the stout across the Irish Sea. Different products require different handling and transport, with specialised variants such as "chemical tankers", "oil tankers", "LNG carriers" developed to handle dangerous chemicals and oil-derived products, liquefied natural gas respectively.
These broad variants may be further differentiated with respect to ability to carry only a single product or transport mixed cargoes such as several different chemicals or refined petroleum products. Among oil tankers, supertankers are designed for transporting oil around the Horn of Africa from the Middle East; the supertanker Seawise Giant, scrapped in 2010, was 458 meters in length and 69 meters wide. Supertankers are one of the three preferred methods for transporting large quantities of oil, along with pipeline transport and rail. Despite being regulated, tankers have been involved in environmental disasters resulting from oil spills. Amoco Cadiz, Erika, Exxon Valdez and Torrey Canyon were examples of coastal accidents. Many modern tankers are designed for a specific route. Draft is limited by the depth of water in loading and unloading harbors. Cargoes with high vapor pressure at ambient temperatures may require pressurized tanks or vapor recovery systems. Tank heaters may be required to maintain heavy crude oil, residual fuel, wax, or molasses in a fluid state for offloading.
Tankers used for liquid fuels are classified according to their capacity. In 1954, Shell Oil developed the average freight rate assessment system, which classifies tankers of different sizes. To make it an independent instrument, Shell consulted the London Tanker Brokers’ Panel. At first, they divided the groups as General Purpose for tankers under 25,000 tons deadweight; the ships became larger during the 1970s, the list was extended, where the tons are long tons: 10,000–24,999 DWT: Small tanker 25,000–34,999 DWT: Intermediate tanker 35,000–44,999 DWT: Medium Range 1 45,000–54,999 DWT: Medium Range 2 55,000–79,999 DWT: Large Range 1 80,000–159,999 DWT: Large Range 2 160,000–319,999 DWT: Very Large Crude Carrier 320,000–549,999 DWT: Ultra Large Crude Carrier Very Large Crude Carrier size rangeAt nearly 380 vessels in the size range 279,000 t DWT to 320,000 t DWT, these are by far the most popular size range among the larger
Euro gold and silver commemorative coins
This article covers the gold and silver issues of the euro commemorative coins. It includes some rare cases of bimetal collector coins. See €2 commemorative coins for circulating commemorative coins. In the Eurozone, as a legacy of old national practice is the minting of silver and gold commemorative coins. Unlike normal issues, these coins are not legal tender in all the Eurozone, but only in the country where the coin was issued; this means that while anyone is free to accept these coins as payment only in the country of issue must they be accepted to settle debt then this only under specific circumstances. Despite this, these coins are not intended to be used as means of payment, as their bullion value vastly exceeds their face value, so it does not constitute a serious problem; the major exception is Germany, where silver ten euro commemoratives are available at banks and some retailers at face value. The coins, however do not circulate, it is uncertain whether the Council of Ministers will grant them legal tender status elsewhere outside national boundaries, as San Marino and Vatican City issue these kinds of coins.
The Europa coin programme is a multi-member participation of minting precious metal coin with a particular theme that changes each year. This is a summary of the euro gold and silver commemorative coins issued by all countries in the eurozone. Austria introduced the Eurocoins in 2002 alongside the general issuance of euros in the Eurozone. From the beginning, they have been minting a large set of collectors' coins; the record was reached in 2004. There was a unique and particular edition of a special coin: the €100,000 Vienna Philharmonic, only 15 coins minted. Austria uses gold and silver for its collectors' coins. However, since 2003 a special bimetal coin, €25 face value, has been minted using silver and colored niobium, giving this set of coins a unique characteristic, since they have different color variations every year. With the exception of the 2004 Vienna Philharmonic coin and the introduced 2008 silver €1.25 Vienna Philharmonic, there is no variation in the number of issues when sorted by face value, from €5 to €100 there is a similar number of issues every year.
A unique piece in the Austrian collection is the Vienna Philharmonic coin. This coin is struck in 999.9 fine. It is issued every year, in four different face values and weights, it is used as an investment product, although it finishes always in hands of collectors. According to the World gold Council, it was the best selling gold coin in 1992, 1995 and 1996 worldwide. Since 1 February 2008, this coin is being minted in silver as well. Both sides of the coin feature the same as on the Vienna Philharmonic pure gold coin, its face value of 1.50 euros gives the silver piece its coin character, but is not relevant for the actual market value of the coin. Once again Austria made a major milestone in numismatics: the launch of the largest silver coin in the world has been made by Hall in Tirol, it was revealed on the occasion of the 2008 European Championship of Football in Austria and Switzerland. The front side design of the coin is as old as five centuries. 500 years ago in Trient, Kaiser Maximilian I crowned himself Emperor and a propaganda coin was issued by the mint in Hall.
On the coin was written: “King of all the lands in Europe”. This inscription included the word “Europe” for the first time; the obverse corresponds to that from the time of Maximilian in 1508. It shows; this massive coin has a weight of 20.08 kg. A smaller version for collectors will be minted and will be sold at €108. Belgium joined the Eurozone in 2002, since they have been minting collectors' coins. In the first two years, there were not that many coins being minted, only two issues per year. Since 2004, a gradual increase of their mints has been seen, with a record of six coins minted in 2006 and 2007 respectively. With the exception of the Belgian €2 commemorative coins and the normal Belgian euro coins, which are intended for circulation, only one coin has been minted by the Royal Belgian Mint using materials other than gold and silver; this coin, the 2006 "50th anniversary of the catastrophe Bois du Cazier at Marcinelle", is a silver coin with a portrait embossed in copper. It is the only bimetal commemorative coin minted so far.
They mint the collectors' coins issues in low quantities. The majority of the coins minted have a face value of €100 or €10. In recent years, coins with face value €50, €25, €20 and €12.50 have been minted. As of 20 October 2008, one Cypriot euro commemorative coin had been minted; this special high-value commemorative coin is not to be confused with €2 commemorative coins, which are coins designated for circulation and do have legal tender status in all countries of the Eurozone. The following table shows the number of coins minted per year. In the first section, the coins are grouped by the metal used, while in the second section they are grouped by their face value. Finland joined the eurozone in 2002, they continued their tradition of minting collectors' coins, they do not mint many coins per year. The record was reached in 2005 with five coins minted. Finland, like no other country in the union, has a tendency to use silver in their collectors' coin issues and a distinctive way of altern
Treaty of Rome
The Treaty on the Functioning of the European Union is one of two treaties forming the constitutional basis of the European Union, the other being the Treaty on European Union. The Treaty of Rome brought about the creation of the European Economic Community, the best-known of the European Communities, it was signed on 25 March 1957 by Belgium, Italy, the Netherlands and West Germany and came into force on 1 January 1958. It remains one of the two most important treaties in the modern-day European Union; the TEEC proposed the progressive reduction of customs duties and the establishment of a customs union. It proposed to create a single market for goods, labour and capital across the EEC's member states, it proposed the creation of a Common Agriculture Policy, a Common Transport Policy and a European Social Fund, established the European Commission. The treaty's name has been retrospectively amended on several occasions since 1957; the Maastricht Treaty of 1992 removed the word "economic" from the Treaty of Rome's official title and, in 2009, the Treaty of Lisbon renamed it the "Treaty on the Functioning of the European Union".
The TFEU originated as the treaty establishing the European Economic Community, signed in Rome on 25 March 1957. On 7 February 1992, the Maastricht treaty, which led to the formation of the European Union, saw the EEC Treaty renamed as the Treaty establishing the European Community and renumbered; the Maastricht reforms saw the creation of the European Union's three pillar structure, of which the European Community was the major constituent part. Following the 2005 referenda, which saw the failed attempt at launching a European Constitution, on 13 December 2007 the Lisbon treaty was signed; this saw the'TEC' renamed as the Treaty on the Functioning of the European Union and, once again, renumbered. The Lisbon reforms resulted in the merging of the three pillars into the reformed European Union. In 1951, the Treaty of Paris was signed, creating Steel Community; the Treaty of Paris was an international treaty based on international law, designed to help reconstruct the economies of the European continent, prevent war in Europe and ensure a lasting peace.
The original idea was conceived by Jean Monnet, a senior French civil servant and it was announced by Robert Schuman, the French Foreign Minister, in a declaration on 9 May 1950. The aim was to pool Franco-West German coal and steel production, because the two raw materials were the basis of the industry and power of the two countries; the proposed plan was that Franco-West German coal and steel production would be placed under a common High Authority within the framework of an organisation that would be open for participation to other European countries. The underlying political objective of the European Coal and Steel Community was to strengthen Franco-German cooperation and banish the possibility of war. France, West Germany, Belgium and the Netherlands began negotiating the treaty; the Treaty Establishing the ECSC was signed in Paris on 18 April 1951, entered into force on 24 July 1952. The Treaty expired on 23 July 2002, after fifty years; the common market opened on 10 February 1953 for coal, iron ore and scrap, on 1 May 1953 for steel.
In the aim of creating a United States of Europe, two further Communities were proposed, again by the French. A European Defence Community and a European Political Community. While the treaty for the latter was being drawn up by the Common Assembly, the ECSC parliamentary chamber, the EDC was rejected by the French Parliament. President Jean Monnet, a leading figure behind the Communities, resigned from the High Authority in protest and began work on alternative Communities, based on economic integration rather than political integration; as a result of the energy crises, the Common Assembly proposed extending the powers of the ECSC to cover other sources of energy. However, Monnet desired a separate Community to cover nuclear power, Louis Armand was put in charge of a study into the prospects of nuclear energy use in Europe; the report concluded that further nuclear development was needed, in order to fill the deficit left by the exhaustion of coal deposits and to reduce dependence on oil producers.
The Benelux states and West Germany were keen on creating a general common market. In the end, Monnet proposed creating both as separate Communities to attempt to satisfy all interests; as a result of the Messina Conference of 1955, Paul-Henri Spaak was appointed as chairman of a preparatory committee, the Spaak Committee, charged with the preparation of a report on the creation of a common European market. The Spaak Report drawn up by the Spaak Committee provided the basis for further progress and was accepted at the Venice Conference where the decision was taken to organise an Intergovernmental Conference; the report formed the cornerstone of the Intergovernmental Conference on the Common Market and Euratom at Val Duchesse in 1956. The outcome of the conference was that the new Communities would share the Common Assembly with the ECSC, as they would the European Court of Justice. However, they would not share the ECSC's Council of High Authority; the two new High Authorities would be called Commissions, from a reduction in their powers.
France was reluctant to agree to more supranational powers.
Economy of the European Union
The European Union is the second largest economy in the world in nominal terms and according to purchasing power parity or PPP. The European Union's GDP was estimated to be $18.8 trillion in 2018, representing ~22% of global economy. The euro, used by 19 of its 28 members, is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar; the euro is the official currency in 25 countries, in the eurozone and in six other European countries or de facto. The European Union economy consists of an internal market of mixed economies based on free market and advanced social models; the GDP per capita was $37,800 in 2017, compared to $59,495 in the United States, $42,695 Japan and $16,636 in China. There are significant disparities in GDP per capita between member states ranging from $105,148 in Luxembourg to $21,678 in Bulgaria. With a low Gini coefficient of 31, the European Union has a more egalitarian repartition of incomes than the world average.
Major economic hubs and financial centres where the large number of institutions and banks is located are Amsterdam, Bucharest, Frankfurt, Göteborg, Lisbon, Madrid, Milan and Warsaw. Euronext is the main stock exchange of the Eurozone and the 7th world largest by market capitalisation. Foreign investments made in the European Union total $5.1 trillion in 2012, while the EU's investments in foreign countries total $9.1 trillion, by far the highest domestic and foreign investments in the world. Since the beginning of the public debt crisis in 2009, opposite economic situations have emerged between Southern Europe on one hand, Central and Northern Europe on the other hand: a higher unemployment rate and public debt in the Mediterranean countries with the exception of Malta, a lower unemployment rate with higher GDP growth rate in the Eastern and in Northern member countries. In 2015, public debt in the European Union was 85% of GDP, with disparities between the lowest rate, Estonia with 9.7%, the highest, Greece with 176%.
The ten largest trading partners of the European Union are the United States, Switzerland, Turkey, Norway, South Korea and India. The EU is represented as a unified entity in the World Trade Organization, the G-20 and G7, alongside with the EU's member countries participating. Beginning in the year 1999 with some EU member states, now 19 out of 28 EU states use the euro as official currency in a currency union; the remaining 9 states continued to use their own currency with the possibility to join the euro later. The euro is the most used currency in the EU. Since 1992 the Maastricht treaty sets out rigid economic and fiscal convergence criteria for the states joining the euro. Starting 1997, the Stability and Growth Pact has been started to ensure continuing economic and fiscal stability and convergence. Denmark and the United Kingdom, not members of the eurozone, have special opt-outs concerning the joining of the euro. Sweden can opt out by choosing when or whether to join the European Exchange Rate Mechanism, the preliminary step towards joining.
The remaining states are committed to join the euro through their Treaties of Accession. Starting with Greece in 2009, five of the 19 eurozone states have been struggling with a sovereign debt crisis, by many called the European debt crisis. All these states got bailout packages; as of 2015, all countries but Greece have recovered from their debt crisis. Other non-eurozone states experienced a debt crisis and went through successful bailout programmes, i.e. Hungary and Latvia; the operation of the EU has an agreed budget of €141 billion for the year 2011, €862 billion for the period 2007–2013, this represents around 1% of the EU's GDP. The services sector is by far the most important sector in the European Union, making up 74.7% of GDP, compared to the manufacturing industry with 23.8% of GDP and agriculture with only 1.5% of GDP. Financial services are well developed within the Single Market of the Union. Companies have a greater reliance on bank lending than in the United States, although a shift towards companies raising more funding through capital markets is planned through the Capital Markets Union initiative, the EU plan put forward by the Commission in September 2015 to mobilise the free movement of capital within the EU.
The plan aims "to establish the building blocks of an integrated capital market in the EU by 2019". The CMU initiative comprises 33 measures in all; the plan was updated in June 2017. The Commissioner for Financial Stability, Financial Services and Capital Markets Union, Valdis Dombrovskis, former Prime Minister of Latvia, is responsible for delivery of the initiative. Many EU cities are financial centres. For example, UK-located banks underwrite around half of the debt and equity issued by EU companies, UK-located banks are counterparty to over half of the over-the-counter interest rate derivatives traded by companies and banks in the EU, 30 million EEA policyholders are insured through an insurer based in the UK. Central counterparties located in the UK provide services to EU clients in a range of markets and asset managers operating in the UK account for 37% of all assets managed across Europe. According to the Global Financial Centres Index, after the United Kingdom leaves the EU in March 2019, the two larg
Myth is a folklore genre consisting of narratives or stories that play a fundamental role in a society, such as foundational tales or origin myths. The main characters in myths are gods, demigods or supernatural humans. Stories of everyday human beings, although of leaders of some type, are contained in legends, as opposed to myths. Myths are endorsed by rulers and priests or priestesses, are linked to religion or spirituality. In fact, many societies group their myths and history together, considering myths and legends to be true accounts of their remote past. In particular, creation myths take place in a primordial age when the world had not achieved its form. Other myths explain how a society's customs and taboos were established and sanctified. There is a complex relationship between recital of myths and enactment of rituals; the study of myth began in ancient history. Rival classes of the Greek myths by Euhemerus and Sallustius were developed by the Neoplatonists and revived by Renaissance mythographers.
Today, the study of myth continues in a wide variety of academic fields, including folklore studies and psychology. The term mythology may either refer to the study of myths in general, or a body of myths regarding a particular subject; the academic comparisons of bodies of myth is known as comparative mythology. Since the term myth is used to imply that a story is not objectively true, the identification of a narrative as a myth can be political: many adherents of religions view their religion's stories as true and therefore object to the stories being characterised as myths. Scholars now speak of Christian mythology, Jewish mythology, Islamic mythology, Hindu mythology, so forth. Traditionally, Western scholarship, with its Judaeo-Christian heritage, has viewed narratives in the Abrahamic religions as being the province of theology rather than mythology. Labelling all religious narratives as myths can be thought of as treating different traditions with parity. Definitions of myth to some extent vary by scholar.
Finnish folklorist Lauri Honko offers a cited definition: Myth, a story of the gods, a religious account of the beginning of the world, the creation, fundamental events, the exemplary deeds of the gods as a result of which the world and culture were created together with all parts thereof and given their order, which still obtains. A myth expresses and confirms society's religious values and norms, it provides a pattern of behavior to be imitated, testifies to the efficacy of ritual with its practical ends and establishes the sanctity of cult. Scholars in other fields use the term myth in varied ways. In a broad sense, the word can refer to any traditional story, popular misconception or imaginary entity. However, while myth and other folklore genres may overlap, myth is thought to differ from genres such as legend and folktale in that neither are considered to be sacred narratives; some kinds of folktales, such as fairy stories, are not considered true by anyone, may be seen as distinct from myths for this reason.
Main characters in myths are gods, demigods or supernatural humans, while legends feature humans as their main characters. However, many exceptions or combinations exist, as in the Iliad and Aeneid. Moreover, as stories spread between cultures or as faiths change, myths can come to be considered folktales, their divine characters recast as either as humans or demihumans such as giants and faeries. Conversely and literary material may acquire mythological qualities over time. For example, the Matter of Britain and the Matter of France, seem distantly to originate in historical events of the fifth and eighth-centuries and became mythologised over the following centuries. In colloquial use, the word myth can be used of a collectively held belief that has no basis in fact, or any false story; this usage, pejorative, arose from labeling the religious myths and beliefs of other cultures as incorrect, but it has spread to cover non-religious beliefs as well. However, as used by folklorists and academics in other relevant fields, such as anthropology, the term myth has no implication whether the narrative may be understood as true or otherwise.
In present use, mythology refers to the collected myths of a group of people, but may mean the study of such myths. For example, Greek mythology, Roman mythology and Hittite mythology all describe the body of myths retold among those cultures. Folklorist Alan Dundes defines myth as a sacred narrative that explains how the world and humanity evolved into their present form. Dundes classified a sacred narrative as "a story that serves to define the fundamental worldview of a culture by explaining aspects of the natural world and delineating the psychological and social practices and ideals of a society". Anthropologist Bruce Lincoln defines myth as "ideology in narrative form." The compilation or description of myths is sometimes known as mythography, a term which can be used of a scholarly anthology of myths. Key mythographers in the Classical tradition include Ovid, whose tellings of myths have been profoundingly influential.
There are eight euro coin denominations, ranging from one cent to two euros. The coins first came into use in 2002, they have a common reverse, portraying a map of Europe, but each country in the eurozone has its own design on the obverse, which means that each coin has a variety of different designs in circulation at once. Four European microstates which use the euro as their currency have the right to mint coins with their own designs on the obverse side; the coins, various commemorative coins, are minted at numerous national mints across the European Union to strict national quotas. Obverse designs are chosen nationally, while the reverse and the currency as a whole is managed by the European Central Bank; the euro came into existence on 1 January 1999. It had been a goal of its predecessors since the 1960s; the Maastricht Treaty entered into force in 1993 with the goal of creating economic and monetary union by 1999 for all EU states except the UK and Denmark. In 1999 the currency was born and in 2002 notes and coins began to circulate.
It replaced the former national currencies and the eurozone has since expanded further to some newer EU states. In 2009 the Lisbon Treaty formalised its political authority, the Eurogroup, alongside the European Central Bank. In 2004 €2 commemorative coins were allowed to be minted in six states. By 2007, all states but France and the Netherlands had minted a commemorative issue and the first eurozone-wide commemorative coin was issued to celebrate 50 years of the Treaty of Rome. In 2009, the second eurozone-wide issue of a 2-euro commemorative coin was issued, celebrating ten years of the Economic and Monetary Union. In 2012, the third eurozone-wide issue of a 2-euro commemorative coin was issued, celebrating 10 years of euro coins and notes. To date, only Cyprus has not independently issued a €2 commemorative coin; as the EU's membership has since expanded in 2004, 2007 and 2013, with further expansions envisaged, the common face of all euro coins from the value of 10c and above were redesigned in 2007 to show a new map.
Slovenia joined the eurozone in 2007, Cyprus and Malta joined in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 and Lithuania in 2015, introducing seven more national-side designs. Andorra started minting coins in 2014, so from 2015 there are 23 countries with their own national sides. There are eight different denominations of euro coins: 1c, 2c, 5c, 10c, 20c, 50c, €1 and €2; the 1c, 2c and 5c coins show Europe in relation to Africa in the world. The remaining coins show the EU before its enlargement in May 2004 if minted before 1 January 2007, or a geographical map of Europe if minted after. Coins from Italy, San Marino, the Vatican City and Portugal show the geographical map if minted in 2008 or later; the common side was designed by Luc Luycx of the Royal Belgian Mint. They symbolise the unity of the EU; the national sides were designed by the NCBs of the eurozone in separate competitions. There are specifications. National designs were not allowed to change until the end of 2008, unless a monarch dies or abdicates.
National designs have seen some changes due to a new rule stating that national designs should include the name of the issuing country. The common side of the 1c, 2c and 5c coins depict the denomination, the words'EURO CENT' beside it, twelve stars and Europe highlighted on a globe in relation to Asia and Africa in the world; the common side of the 10c, 20c and 50c coins depict the denomination on the right, the words'EURO CENT' underneath it, with twelve stars and the European continent on the left. Coins minted from 1999 to 2006 depicted only the EU15, rather than the entire European continent, on coins minted after 2007; the common side of the €1 and €2 coins depict the denomination on the left, the currency, map of Europe and twelve stars on the right. Coins minted from 1999 to 2006 depicted the EU15, rather than the whole European continent, on coins minted from 2007. All coins have a common reverse side showing how much the coin is worth, with a design by Belgian designer Luc Luycx; the design of the 1c, 2c and 5c coins shows Europe's place in the world as a whole.
The 10c coins and above show either the 15 countries that were the European Union in 2002, or, if minted after 2007, the whole European continent. Coins from Italy, San Marino, the Vatican and Portugal show the new design if minted 2008 or later; the coins symbolise the unity of the EU. On 7 June 2005, the European Council decided that the common side of the 10c to €2 coins should be brought up to date to reflect the enlargement of the EU in 2004; the 1c, 2c and 5c coins show Europe in relation to the rest of the world, therefore they remained unchanged. In 2007, the new design was introduced; the design still retains all elements of the original designs, including the twelve stars, but the map of the fifteen states is replaced by one showing the whole of Europe as a continent, without borders, to stress unity. These coins were not mandatory for existing eurozone members when introduced in 2007, but became so for every member in 2008. Cyprus is shown several hundred kilometres north west of its real position in order to include it on the map.
On the €1 and €2 coins, the island is shown to be directly east of mainland Greece. The original proposal from the European Commission was to include Turkey on the map, but this design was rejected by the Council; the original designs of the 10c, 20c and 50c coins showed the ou
Bank of Greece
The Bank of Greece is the central bank of Greece. Its headquarters is located in Athens on Panepistimiou Street, but it has several branches across the country, it was founded in 1927 and its operations started in 1928. The building that houses its headquarters was completed ten years in 1938; the Bank of Greece is listed on the Athens Exchange. The Bank of Greece, a member of the European System of Central Banks, is the national central bank of Greece and was established by Law 3424/7 December 1927; the shares of the Bank of Greece are registered and have been listed on the Athens Exchange since June 12, 1930. It is a state owned S. A. share company with special privileges, special restrictions, duties. It cannot operate as a commercial bank and the percentage of shares that can be under Greek state ownership cannot exceed 35%, it has a staff of more than 3,000 employees. The primary objective of the Bank of Greece is to ensure price stability in Greece, it supervises the private banks and acts as a treasurer and fiscal agent for the Greek government.
Since law 3867/2010 was passed the Bank of Greece is responsible for supervising private insurance companies, merging with the Committee for the Supervision of Insurance Companies established by law 3229/2004. Its Euro banknotes printer identification code is Y; the Bank of Greece sells gold sovereigns. The chief officer of the Bank of Greece is a governmental appointee. A During the Axis occupation of Greece, Governor Kyriakos Varvaresos followed the Greek government in exile to London; the collaborationist governments in Greece fired Varvaresos in 1941 and appointed first Miltiadis Negrepontis as Governing Counsellor and Dimitrios Santis and Theodoros Tourkovasilis as Governors. After the liberation all dismissals and appointments by occupation-era governments concerning members of the administration of the Bank of Greece were declared null and void; the deputy governor is the Bank's second-in-line officer. Traditionally the Deputy Governors' main remit is administration, whereas Governors supervise monetary policy at large.
Emmanouil Tsouderos: April 21, 1928 – October 31, 1931 Emmanouil Kamaras: November 25, 1931 – May 30, 1932 Kyriakos Varvaresos: March 1, 1933 – August 4, 1939 Georgios Mantzavinos: September 28, 1936 – February 11, 1946 Ioannis Arvanitis: August 4, 1939 – April 26, 1941 Stylianos Gregoriou: March 28, 1945 – February 2, 1955 Vasileios Kyriakopoulos: February 5, 1955 – December 24, 1955 Dimitrios Galanis: December 31, 1955 – August 7, 1967 Ioannis Pesmazoglou: February 11, 1960 – August 5, 1967 Konstantinos Thanos: January 5, 1968 – September 10, 1969 Efstathios Panas: September 11, 1969 – August 9, 1974 Nikolaos Kyriazidis: August 9, 1974 – January 5, 1977 Nikolaos Charisopoulos: October 21, 1975 – November 6, 1981 Evangelos Devletoglou: December 23, 1977 – November 8, 1978 Georgios Drakos: November 24, 1978 – October 20, 1981 Dimitrios Chalikias: November 16, 1981 – February 6, 1984 Evangelos Kourakos: July 10, 1982 – February 11, 1986 Panagiotis Korliras: February 20, 1984 – August 30, 1985 Efstathios Papageorgiou: September 17, 1985 – September 17, 1989 George Provopoulos: October 1, 1990 – November 29, 1993 Vasileios Antonioudakis: October 1, 1990 – December 19, 1991 Panagiotis Pavlopoulos: February 21, 1992 – November 29, 1993 Evangelos Kourakos: December 1, 1993 – September 4, 1996 Lucas Papademos: December 1, 1993 – October 26, 1994 Panagiotis Thomopoulos: October 26, 1994 – February 26, 2009 Nikolaos Garganas: September 5, 1996 – June 13, 2002 Nikolaos Palaiokrassas: June 14, 2002 – June 14, 2008 Eleni Dendrinou Louri: June 20, 2008 – June 20, 2014 Iannis Mourmouras: September, 2014 - Theodoros Mitrakos: March 2015 -: During the Axis occupation of Greece, Deputy Governor Georgios Mantzavinos followed the Greek government in exile to London.
The collaborationist governments in Greece fired Mantzavinos in 1941 and appointed Andreas Papadimitriou and Spyridon Hatzikyriakos as Deputy Governors. After the liberation all dismissals and appointments by occupation-era governments concerning members of the administration of the Bank of Greece were declared null and void. Banking in Greece List of banks in GreeceGeneral: Economy of Greece European System of Central Banks Hellenic Parliament June 2015 Page 22 Bank of Greece official site Governor report on the balance sheet of 31st December 1928