The euro is the official currency of 19 of the 28 member states of the European Union. This group of states is known as the eurozone or euro area, counts about 343 million citizens as of 2019; the euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is subdivided into 100 cents; the currency is used by the institutions of the European Union, by four European microstates that are not EU members, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members use the euro as their currency. Additionally, 240 million people worldwide as of 2018 use currencies pegged to the euro; the euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. As of August 2018, with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.
S. dollar. The name euro was adopted on 16 December 1995 in Madrid; the euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit at a ratio of 1:1. Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, by March 2002 it had replaced the former currencies. While the euro dropped subsequently to US$0.83 within two years, it has traded above the U. S. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008. In late 2009, the euro became immersed in the European sovereign-debt crisis, which led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising and strengthening the currency; the euro is managed and administered by the Frankfurt-based European Central Bank and the Eurosystem. As an independent central bank, the ECB has sole authority to set monetary policy; the Eurosystem participates in the printing and distribution of notes and coins in all member states, the operation of the eurozone payment systems.
The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all states have done so. The United Kingdom and Denmark negotiated exemptions, while Sweden turned down the euro in a 2003 referendum, has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements. All nations that have joined the EU since 1993 have pledged to adopt the euro in due course. Since 1 January 2002, the national central banks and the ECB have issued euro banknotes on a joint basis. Euro banknotes do not show. Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated; the ECB issues 8% of the total value of banknotes issued by the Eurosystem. In practice, the ECB's banknotes are put into circulation by the NCBs, thereby incurring matching liabilities vis-à-vis the ECB; these liabilities carry interest at the main refinancing rate of the ECB.
The other 92% of euro banknotes are issued by the NCBs in proportion to their respective shares of the ECB capital key, calculated using national share of European Union population and national share of EU GDP weighted. The euro is divided into 100 cents. In Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. Otherwise, normal English plurals are sometimes used, with many local variations such as centime in France. All circulating coins have a common side showing the denomination or value, a map in the background. Due to the linguistic plurality in the European Union, the Latin alphabet version of euro is used and Arabic numerals. For the denominations except the 1-, 2- and 5-cent coins, the map only showed the 15 member states which were members when the euro was introduced. Beginning in 2007 or 2008 the old map is being replaced by a map of Europe showing countries outside the Union like Norway, Belarus, Russia or Turkey.
The 1-, 2- and 5-cent coins, keep their old design, showing a geographical map of Europe with the 15 member states of 2002 raised somewhat above the rest of the map. All common sides were designed by Luc Luycx; the coins have a national side showing an image chosen by the country that issued the coin. Euro coins from any member state may be used in any nation that has adopted the euro; the coins are issued in denominations of €2, €1, 50c, 20c, 10c, 5c, 2c, 1c. To avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands and Ireland and in Finland; this practice is discouraged by the Commission, as is the practice of certain shops of refusing to accept high-value euro notes. Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin; these include both issued coins, such as the €2 commemorative coin for the fiftieth anniversary of the signing of the Treaty of Rome, nationally i
The Workers' Commissions since the 1970s has become the largest trade union in Spain. It has more than one million members, is the most successful union in labor elections, competing with the Unión General de Trabajadores, with the syndicalist Confederación General del Trabajo, a distant third; the CCOO were organized in the 1960s by the Communist Party of Spain and workers' Roman Catholic groups to fight against Francoist Spain, for labor rights. The various organizations formed a single entity after a 1976 Congress in Barcelona. Along with other unions like the Unión Sindical Obrera and the UGT, it called a general strike in 1976, carried out protests against the conditions in the country. Marcelino Camacho, a major figure of Spanish trade unionism and a PCE member, was CCOO's General Secretary from its foundation to 1985 - he was elected to the Congress of Deputies in the 1977 election. Taking as reference the clandestine union Oposición Sindical Obrera the first workers' commissions were organized during 1960 in Asturies, Catalonia and the Basque provinces of Gipuzkoa and Bizkaia as labor disputes emerged outside the Francoist national-syndical movement.
The "commissions" were representative bodies of workers elected in assemblies. The first "comisiones" were boosted by the Communist Party of Spain, Christian labor movements and other groups opposed to the Spanish State; the ad hoc commissions started to become permanent, creating a stable and well organized movement. For many historians, one of the first places where the Workers' Commissions were formed was the vally of Laciana, within the Minero Siderurgica de Ponferrada industry. Another place that sometimes is cited as the first is La Camocha mine in 1957, during a strike; the Asturian miners' strike of 1962 was the first massive action of the union and one of the first massive popular mobilizations against Francoist Spain. The union was repressed in Spain. In 1972 all the leadership of CCOO was jailed, being judged in the infamous Proceso 1001, they remained imprisoned until the trial, more than a year later. This took place on 20, 21 and 22 December 1973; the defendants faced the accusation of belonging to an illegal and subversive organization, of having links with the Communist Party of Spain.
On December 30 convictions were announced, which coincided with requests of the prosecutor and whose severity was considered related to the murder of Carrero Blanco. The convictions were the following: 20 years of jail, they were amnestied on 25 November 1975. The tactic of CCOO was i.e.: infiltration in the Vertical Unions of Francoism. This tactic culminated in the union elections of 1975, where CCOO got the overwhelming majority of the delegates elected in the major companies in the country. CCOO led numerous strikes and labor mobilizations in the Spanish Transition. Since the democratic transition until 1987 its secretary general was the historic union leader Marcelino Camacho a prominent leader of the PCE and deputy between 1977 and 1981. In 1976 CCOO held the Assembly of Barcelona, where the modern class trade union confederation was formed. CCOO was legalized on 27 April 1977; the murder of 5 labor lawyers by in 1977 in Madrid that year as followed by a massive funeral, more than 250,000 people participated, the strikes that followed helped the legalization of the organization.
In those years the union is growing in membership, like the rest of unions and leftist parties. From 1976 to 1978, CCOO went from 30,000 to 1,823,907 members. However, after the signing of the Moncloa Pacts, this figure begun to descend, passing to 702,367 in 1981 and 332,019 in 1986; this negative trend in membership started to change since 1987. In those years CCOO suffered various splits. In 1976 the Confederación de Sindicatos Unitarios de Trabajadores, a group of CCOO members affiliated with the Party of Labour of Spain split from the organization. In May 1977 CCOO suffered another split, this time from supporters of the maoist Workers' Revolutionary Organisation, that formed the Sindicato Unitario; the year after legalization in 1978, CCOO held its I Confederal Congress, where Marcelino Camacho was reelected, what would happen again in the Second and III congresses. CCOO was the most voted union in the workers representative elections of 1978, the first democratic ones in the history of Spain.
In this last congress, different factions emerged, including a majority linked to PCE and three minorities linked to the Workers' Party of Spain – Communist Unity. In 1980, CCOO received an important part of the USO members, that belonged to the socialist self-management current. In 1986 the union participated in the historical mobilizations against the permanence of Spain in NATO. CCOO
Bankia is a Spanish bank, formed in December 2010, consolidating the operations of seven regional savings banks, was nationalized by the government of Spain in May 2012 due to the near collapse of the institution. As of 2017, Bankia is the fourth largest bank of Spain with total assets of €179.1 billion. Bankia was formed on 3 December 2010, as a result of the union of seven Spanish savings banks that had a major presence in their historical core regions; the merger of the seven banks, known as'cold fusion', took only four months, with the integration contract being signed on 30 July 2010. Caja Madrid, itself owned by the government of the Community of Madrid, held controlling interest; the distribution of shares was as follows: 52.06% Caja Madrid 37.70% Bancaja 2.45% La Caja de Canarias 2.33% Caja de Ávila 2.11% Caixa Laietana 2.01% Caja Segovia 1.34% Caja RiojaAfter the merger, Bankia was owned by the holding company Banco Financiero y de Ahorros, the seven banks controlled BFA. The most toxic assets from the banks were transferred to BFA, which obtained €4.5 billion from the Spanish government rescue fund FROB in exchange for preference shares with an annual interest rate of 7.75%, maturing in 2015.
In 2011, Bankia offered shares to the public in an IPO. Investment bankers found little interest in the IPO among international institutional investors. Strategy shifted to selling the stock domestically, to customers of the bank itself, with 98% of the initial €3.1 billion raised by domestic sales of shares. The shares of Bankia began trading on the Bolsa de Madrid on 20 July 2011, under the symbol BKIA, the bank was listed in the IBEX 35. In 2012, Bankia was the third largest lender in Spain, but the largest holder of real estate assets at €38 billion. On 7 May 2012, Rodrigo Rato stepped down as chairman of Bankia SA, in order to clear the way for a rescue plan that the Spanish government hoped would persuade international investors of the country's financial stability. José Ignacio Goirigolzarri became the new president. Concerns about the value of Bankia's assets, the potential for further losses in the future, prompted speculation that the Spanish government would inject up to €10 billion of new capital into the troubled bank.
On 10 May, the Spanish government said it would convert its preference shares in BFA into voting shares, giving it a controlling stake of 45% in Bankia. On 25 May, trading in the shares was suspended at Bankia's request. On 25 May, it was reported that Bankia SA had negotiated a further €19 billion bailout, marking another rise in the cost of a drawn-out rescue; the government had spent €4.5 billion to prop up Bankia, the entire rescue was seen totalling some €20 billion. Bankia revised its earnings statement for 2011, stating that instead of a profit of €309 million, it had in fact lost €4.3 billion before taxes, asked for 1.4 billion fiscal credit to reduce its loss. The New York Times described the increasing bailout as making Spain one of the new focal points of the European sovereign-debt crisis. In response to growing concerns, Standard & Poor's downgraded its rating of Bankia's creditworthiness to BB+, making it a junk bond. A number of limitations were imposed as a result of having received state aid.
Shareholders had to share part of the burden of the capital injection, the balance sheet had to be reduced, dividends were restricted until 2014, both the branch network and workforce had to be reduced. In addition to the financial problems, the new management had to deal with controversies related to former managements. In 2013, Bankia returned to profitability. On 28 February 2014, Spain sold a 7.5% stake in Bankia for €1.3 billion. The shares were sold at €1.51 each. On 7 July 2015, Bankia paid the first dividend in its history, €1.75 per share. On 16 October, Bankia completed the sale of City National Bank of Florida for $883 million to Chilean bank BCI; the bank was bought by Caja Madrid for $1.12 billion in 2008. At the end of 2015, Bankia had fulfilled two years ahead of schedule all the targets set by the European Commission in the BFA-Bankia Group Restructuring Plan; the bank reported the best efficiency and profitability among the six largest Spanish banks. On 23 February 2016, Fitch raised Bankia's rating to "BBB-", restoring the bank's rating to investment grade.
On 8 September, Bankia announced that it was included in the Dow Jones Sustainability Index with a score of 84 out of 100. On 27 June 2017, Bankia agreed to acquire state-owned bank BMN for €825 million in an all-stock deal. BMN was the result of the merger of Caja Granada and Sa Nostra. On 3 November, Bankia announced that it was listed in the CDP Climate Change report for 2017 as one of a group of 112 global companies leading the fight against climate change; the restructuring period will end on 31 December 2017. The deadline for the privatisation of Bankia was end-2019, however, in December 2018 the Government decided to postpone the privatization until end-2021. On 27 February 2018, Bankia announced that it plans to pay €2.5 billion to shareholders over the next three years as part of its 2018-2020 strategic plan. It aims for a profit of €1.3 billion in 2020. On 27 January 2016, the Spanish Supreme Court ordered Bankia to reimburse two small investors for misleading them during its 2011 IPO.
The court said that the prospectus for its public stock offering had contained "serious inaccuracies". The bank is aware of lawsuit claims totalling €819 million, has set aside €1.84 billion in provisions for claims. On 17 February 2016, the bank announced it would compensate minority shareholders who participated in the IPO in exchange for returning their sh
Valencia Club de Fútbol referred to as Valencia CF or Valencia, is a Spanish football club based in Valencia. They play in La Liga. Valencia have won six La Liga titles, seven Copa del Rey titles, two Inter-Cities Fairs Cups, one UEFA Cup, one UEFA Cup Winners' Cup and two UEFA Super Cups, they reached two UEFA Champions League finals in a row, losing to La Liga rivals Real Madrid in 2000 and German club Bayern Munich on penalties after a 1–1 draw in 2001. Valencia were members of the G-14 group of leading European football clubs and since its end has been part of the original members of the European Club Association. In total, Valencia have reached seven major European finals. Valencia were founded in 1919 and have played their home games at the 49,500-seater Mestalla since 1923, they were due to move into the new 75,000-seater Nou Mestalla in the northwest of the city in 2013, but the final move date has been postponed while the stadium remains under construction. Valencia have a fierce rivalry with fellow Valencian club Villarreal, with whom they contest the Derbi de la Comunitat.
The rivalry is further fueled by the fact. Valencia have a long-standing rivalry with Levante located in the city of Valencia, with two other clubs in the Valencian region, Hércules and Castellón. Valencia is the third-most supported football club in Spain, behind heavyweights Real Madrid and Barcelona, it is one of the biggest clubs in the world in terms of number of associates, with more than 50,000 season ticket holders and another 20,000+ season ticket holders on the waiting list, who can be accommodated in the new 75,000-seater stadium. Over the years, the club has achieved a global reputation for their prolific youth academy, or "cantera." Products of their academy include world-class talents such as Raúl Albiol, Andrés Palop, Miguel Ángel Angulo, David Albelda, Gaizka Mendieta and David Silva. Current stars of the game to have graduated in recent years include Isco, Jordi Alba, Juan Bernat, José Gayà and Paco Alcácer; the club was established on 5 March 1919 and approved on 18 March 1919, with Octavio Augusto Milego Díaz as its first president.
The club played its first competitive match away from home on 21 May 1919 against Valencia Gimnástico, losing 1–0. Valencia moved into the Mestalla Stadium in 1923, having played its home matches at the Algirós ground since 7 December 1919; the first match at Mestalla ended a 0 -- 0 draw. In another match the day after, Valencia won against the same opposition, 1–0. Valencia won the Regional Championship in 1923, was eligible to play in the domestic Copa del Rey cup competition for the first time in its history; the Spanish Civil War halted Valencia's progress until 1941, when they won the Copa del Rey, defeating Espanyol in the final. In the 1941–42 season, the club won its first La Liga championship title, although winning the Copa del Rey was more reputable than the championship at the time; the club maintained its consistency to capture the league title again in the 1943–44 season, as well as the 1946–47 league edition. In the 1950s, the club failed to simulate the success of the 1940s though it grew as a club.
A restructuring of Mestalla resulted in an increase in spectator capacity to 45,000, while the club had a number of Spanish and foreign stars. Players such as Spanish international Antonio Puchades and Dutch forward Faas Wilkes graced the pitch at Mestalla. In the 1952 -- 53 season, the club finished behind Barcelona. In the following season, the club won its third Copa del Rey known as the Copa del Generalísimo. Valencia beat holders Barça 3–0 in the final in front of over 110,000 spectators at the Estadio Chamartín the home ground of Real Madrid; the 1950s saw the retirement of club greats like Salvador Monzó, Vicente Asensi, Amadeo Ibáñez, Antonio Puchades and Pasieguito. While managing indifferent league form in the early 1960s, the club had its first European success in the form of the Inter-Cities Fairs Cup. In the 1961–62 season, Valencia defeated Barcelona in the final; the 1962–63 edition of the Inter-Cities Fairs Cup final pitted Valencia against Yugoslavian club Dinamo Zagreb, which the Valencians won.
Valencia were again present in the Inter-Cities Fairs Cup final in the 1963–64 season, but were defeated 2–1 by Real Zaragoza. Former two-time European Footballer of the Year award winner Alfredo Di Stéfano was hired as head coach in 1970, inspired his new club to their fourth La Liga championship and first since 1947; this secured Valencia its first qualification for the prestigious European Cup, contested by the various European domestic champions. Valencia reached the third round of the 1971–72 competition before losing both legs to Hungarian champions Újpesti Dózsa. In 1972, the club finished runners-up both in La Liga and the domestic cup, losing to Real Madrid and Atlético Madrid respectively; the most notable players of the 1970s era include Austrian midfielder Kurt Jara, forward Johnny Rep of the Netherlands, West German midfielder Rainer Bonhof and Argentinian forward Mario Kempes, who became the La Liga topscorer for two consecutive seasons in 1976–77 and 1977–78. Valencia would go on to win the Copa del Rey again in the 1978–79 season, capture the European Cup Winners' Cup the next season, after beating English club Arsenal in the final, with Kempes spearheading Valencia's success in Europe.
In 1982, the club appo
Association football, more known as football or soccer, is a team sport played with a spherical ball between two teams of eleven players. It is played by 250 million players in over 200 countries and dependencies, making it the world's most popular sport; the game is played on a rectangular field called a pitch with a goal at each end. The object of the game is to score by moving the ball beyond the goal line into the opposing goal. Association football is one of a family of football codes, which emerged from various ball games played worldwide since antiquity; the modern game traces its origins to 1863 when the Laws of the Game were codified in England by The Football Association. Players are not allowed to touch the ball with hands or arms while it is in play, except for the goalkeepers within the penalty area. Other players use their feet to strike or pass the ball, but may use any other part of their body except the hands and the arms; the team that scores most goals by the end of the match wins.
If the score is level at the end of the game, either a draw is declared or the game goes into extra time or a penalty shootout depending on the format of the competition. Association football is governed internationally by the International Federation of Association Football, which organises World Cups for both men and women every four years; the rules of association football were codified in England by the Football Association in 1863 and the name association football was coined to distinguish the game from the other forms of football played at the time rugby football. The first written "reference to the inflated ball used in the game" was in the mid-14th century: "Þe heued fro þe body went, Als it were a foteballe"; the Online Etymology Dictionary states that the "rules of the game" were made in 1848, before the "split off in 1863". The term soccer comes from a slang or jocular abbreviation of the word "association", with the suffix "-er" appended to it; the word soccer was first recorded in 1889 in the earlier form of socca.
Within the English-speaking world, association football is now called "football" in the United Kingdom and "soccer" in Canada and the United States. People in countries where other codes of football are prevalent may use either term, although national associations in Australia and New Zealand now use "football" for the formal name. According to FIFA, the Chinese competitive game cuju is the earliest form of football for which there is evidence. Cuju players could use any part of the body apart from hands and the intent was kicking a ball through an opening into a net, it was remarkably similar to modern football. During the Han Dynasty, cuju games were standardised and rules were established. Phaininda and episkyros were Greek ball games. An image of an episkyros player depicted in low relief on a vase at the National Archaeological Museum of Athens appears on the UEFA European Championship Cup. Athenaeus, writing in 228 AD, referenced the Roman ball game harpastum. Phaininda and harpastum were played involving hands and violence.
They all appear to have resembled rugby football and volleyball more than what is recognizable as modern football. As with pre-codified "mob football", the antecedent of all modern football codes, these three games involved more handling the ball than kicking. Other games included kemari in chuk-guk in Korea. Association football in itself does not have a classical history. Notwithstanding any similarities to other ball games played around the world FIFA has recognised that no historical connection exists with any game played in antiquity outside Europe; the modern rules of association football are based on the mid-19th century efforts to standardise the varying forms of football played in the public schools of England. The history of football in England dates back to at least the eighth century AD; the Cambridge Rules, first drawn up at Cambridge University in 1848, were influential in the development of subsequent codes, including association football. The Cambridge Rules were written at Trinity College, Cambridge, at a meeting attended by representatives from Eton, Rugby and Shrewsbury schools.
They were not universally adopted. During the 1850s, many clubs unconnected to schools or universities were formed throughout the English-speaking world, to play various forms of football; some came up with their own distinct codes of rules, most notably the Sheffield Football Club, formed by former public school pupils in 1857, which led to formation of a Sheffield FA in 1867. In 1862, John Charles Thring of Uppingham School devised an influential set of rules; these ongoing efforts contributed to the formation of The Football Association in 1863, which first met on the morning of 26 October 1863 at the Freemasons' Tavern in Great Queen Street, London. The only school to be represented on this occasion was Charterhouse; the Freemason's Tavern was the setting for five more meetings between October and December, which produced the first comprehensive set of rules. At the final meeting, the first FA treasurer, the representative from Blackheath, withdrew his club from the FA over the removal of two draft rules at the previous meeting: the first allowed for running with the ball in hand.
Other English rugby clubs followed this lead and did not join the FA and instead in 1871 formed the Rugby Football Union. The eleven remaining clubs, under