Striking Euro Gold (and Silver)

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The equivalent of 1,491,424 ( 1,099,180) is held in currencies classified as non convertible, as follows

(a) Effective 1 January 2002, the euro should be used as the official currency for those emoluments which are currently set in the national currencies of the twelve euro zone countries, and that the national currency amounts would be converted by applying the respective fixed conversion rates and then rounded up or down to the nearest euro

Currency 1 euro approximately US 1.30 (indicative rate in March 2005)

The ECB can curb the euro s appreciation through purchases of foreign currency. But, ultimately, it would have to do so by inflating its own currency until confidence in the euro falls back to the level that it had before the assurances were made.

Education grant amounts for euro zone currency areas effective 1 January 2002

The Organization prepares and presents its budget in one currency only, i.e. the euro.

With effect from January 2002, the currency of accounts was changed to euros (GC.8 Dec.16).

The Organization prepares and presents its budget in one currency only, i.e. the euro.

One way that China is attempting to find out is by pushing to have the renminbi added to the basket of currencies that determine the value of the International Monetary Fund s reserve asset, the Special Drawing Right (SDR). As it stands, that basket comprises the euro, the Japanese yen, the British pound, and the US dollar.

Thirteen countries in the European Union use the euro as money. But the commitment of these independent political entities to the euro cannot match the history of America s commitment to the dollar.

Tariffs for chilled boneless beef in the EU will decline from 20 per cent plus ECU 4700 per ton to 12.8 per cent plus ECU 3034 per ton bone in pork legs, from ECU 1215 per ton to ECU 778 per ton boneless chicken cuts from ECU 1600 per ton to ECU 1024 per ton.

The Dollar Joins the Currency Wars

1alt. Tropical timber means tropical wood for industrial uses, which grows or is produced in the countries situated between the Tropic of Cancer and the Tropic of Capricorn. The term covers logs, sawnwood, veneer sheets and plywood

Freely usable currencies means the euro, the Japanese yen, the pound sterling, the Swiss franc the United States dollar and any other currency which has been designated from time to time by a competent international monetary organization as being in fact widely used to make payments for international transactions and widely traded in the principal exchange markets.

The euro was expected to acquire an international role, eventually improving Europe s resilience in the face of economic shocks. There has been a surge in euro denominated international bonds, but the liquidity of foreign exchange markets is no higher for the euro compared to the national currencies it replaced, and the euro remains a long way from challenging the supremacy of the dollar.

But some argue that, even if the dollar is not protected by being a reserve currency, it is still safer than other currencies. If investors don t want to hold euros, pounds, or yen, where else can they go?

The dollar has been knocked off its pedestal by the crisis, but any conceivable substitute is obviously even more flawed and more problematical. The euro is the composite currency of an area with a poor growth record and an inadequate response to the economic crisis.

When the dollar falls in value, as it has, Ukraine s very open economy imports inflation. In the last year, the dollar s value dropped by 12 against the euro, which is a more important currency than the dollar in Ukraine s foreign trade.

When the dollar falls in value, as it has, Ukraine s very open economy imports inflation. In the last year, the dollar s value dropped by 12 against the euro, which is a more important currency than the dollar in Ukraine s foreign trade.

Richard Nixon s treasury secretary, John Connally, once told a group of European leaders that while the dollar was America s currency, its misalignment was Europe s problem. Today, the misalignment of the dollar and the euro against the renminbi and other Asian currencies is increasingly becoming Asia s problem.

SEOUL By the end of this year, the International Monetary Fund will decide whether the Chinese renminbi will join the euro, the Japanese yen, the British pound, and the US dollar in the basket of currencies that determines the value of its international reserve asset, the Special Drawing Right (SDR). China is pushing hard for the renminbi s inclusion.

Notes steps taken by the Conference of the Parties at it seventh session to introduce the euro as the budget and accounting currency as from the biennium 2008 2009

Europe s Easy Money Endgame

Now, the Euro was a newly born currency of great opportunity for business, and, of course, for investment.

Cuban steel producer Antillana de Acero makes 80 per cent of its purchases on European markets, paying in euros and consequently losing over 25 per cent because of currency exchange costs.

Modern electronic technology will not eliminate paper notes and coins soon, so there is still plenty of time to make use of the symbolic value of a common currency. Indeed, even if the eurozone breaks up, each European country could adopt a different currency but retain common symbols.

There is also continuing talk of creating a single monetary area similar to the euro zone.

The fourth of the channels, the exchange rate, has already been functioning. The prospect of US monetary tightening coincides with moves by the European Central Bank and the Bank of Japan toward enhanced monetary stimulus.

It is the only postal authority that issues stamps in three currencies, namely, the United States dollar, the euro and the Swiss franc.

Parties could be asked to agree that annual contributions be fixed in euros and the equivalent of the euro amount be paid in any convertible currency.

Regling also revealed that there is now increased and frequent coordination between monetary authorities in the United States, Germany, and China, drawing attention to the fact that the old Triad of the dollar, euro, and yen may now have been replaced by a new Triad of the dollar, euro, and Chinese renminbi. While Regling spoke of an emerging multipolar monetary system, his remarks clearly indicated the functioning of a tripolar system.

Of the two options a split currency system of budgeting and assessment to reflect the composition of expenditures in dollars and euros, or euro budgeting and a single currency system of assessment the Inspectors are of the view that the latter is preferable.

As a result of these efforts, the renminbi has emerged as the second most used currency in trade finance, overtaking the euro, and the fifth most used for international payments. Moreover, it is increasingly preferred in currency market transactions and official foreign exchange reserves.

Children's and secondary dependant's allowance amounts for euro zone currency areas effective 1 January 2002

With regard to currency, as the budget is expressed in United States dollars, the movement of currencies in relation to the dollar could have a sizeable impact on expenditures in other currencies.

(iv) Gain loss on exchange arises from transactions conducted in currencies other than euros, for the general and other Headquarters funds and the revaluation of assets and liabilities held in local currencies.

But fiscal stimulus is constrained within the eurozone, where member countries no longer issue their own currency and sovereign debt therefore carries a default risk. Aggressive monetary expansion through quantitative easing is also far more complicated and politically contentious in a currency area with no federal debt for the central bank to buy.

The COP should consider adopting euro budgeting and a single currency system of assessment the euro from the 2008 2009 biennium.

(b) Payments in currencies other than the euro will be determined on the basis of the operational rate(s) of exchange prevailing at the time of payment.

But the credit crisis in Europe, and the weakness of eurozone banks, may be even more important. The persistent unemployment differentials within the eurozone are yet another reflection of the adverse effect of imposing a single currency and a single monetary policy on a heterogeneous group of countries.

As the United States dollar strengthened against nearly all major currencies, the overall currency effect on the Fund was negative in United States dollar terms.

This reflects the fact that the market in dollar denominated assets is exceptionally deep and liquid, which limits transaction costs. In other words, European practice reflects the dollar s exorbitant privilege as the only true global currency, freely accepted by currency traders and investors in China and around the world.

This was all implicit in the European Union s single market initiative. The eurozone went one step further, aiming through monetary unification to eradicate fully the transaction costs associated with national currencies and exchange rate risk.