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The arrival of the Euro constitutes a revolution for European citizens.

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It is the crucial step of a journey that, as we have seen,

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the European countries have used to achieve an increasingly strong integration,

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both politically and economically.

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The adoption of the single currency is therefore also the logical consequence

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of the process of economic unification of a historical scope

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that will offer Europe an extraordinary opportunity for development and growth

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by presenting it united against the world and world competition.

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Urino will help us understand how the new currency was born,

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how it presents itself and how it will be used.

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In 1992, the Treaty of Maastricht laid the foundations of the new single currency.

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In particular, it set the criteria for convergence,

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that is to say the rules that the adhering countries had to respect

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for the introduction of the single currency.

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The exchange rates of currencies of the different states,

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which had been subjected to fluctuations before the birth of the Euro,

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one of the criteria for convergence provided that each currency

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must have retained its value within the margin

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authorized by the European monetary system for at least two years.

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Inflation and rising prices continue in a country during a given period.

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Another criterion for convergence provided that each country

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must have an inflation rate that does not exceed more than 1.5%,

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that of the three member states with the lowest inflation rate.

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The interest is the remuneration that one perceives when one lends money

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or that one pays when one borrows.

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The interest rate is the expression of this remuneration in percentage of capital.

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Another criterion for convergence concerned the long-term interest rate

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that should not exceed more than 2%

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the average of the three member states with the lowest inflation rates in the Union.

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There is a deficit or public deficit when the expenses of a state exceed its revenues.

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GDP is the value of goods and services produced by a state in one year.

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Another rule provided that in all states

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the ratio between the deficit and GDP should not exceed 3%.

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Public debt is the total debt accumulated over the years

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by the state towards the outside world and its citizens.

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Public debt should not exceed 60% of GDP

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unless this debt tends to decrease at a sufficient rate to reach this level.

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The respect of these criteria, especially those related to public finance,

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has forced many states to introduce a rigorous policy of budgetary austerity.

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The criteria of the public deficit have been used in the Pact of Stability and Growth

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and should also be respected in the future.

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These criteria of convergence should be respected by the countries that, in the future, will want to adopt the euro.

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In 1995, the European Council, met in Madrid, decided that the unique currency would be called the euro.

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This name was chosen for its simplicity

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because it is the same in all official languages of the Union and because it evokes Europe.

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The symbol of the new currency was designed by the services of the European Commission.

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It is inspired by the letter epsilon of the Greek alphabet

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and thus refers to the cradle of European civilizations.

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The two parallel horizontal lines symbolize stability.

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The quick definition of the distinctive symbol of the euro

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reflects in particular its vocation to become one of the main currencies in the world with the dollar and the yen.

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In 1998, in Brussels, 11 member states of the European Union,

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Germany, Austria, Belgium, Spain, Finland, France, Luxembourg, Ireland, Italy, the Netherlands and Portugal,

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which fulfilled the criteria of convergence set by the Treaty of Maastricht,

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entered what was called the euro zone.

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On this occasion, the conversion rates of the concerned currencies were irrevocably fixed.

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In 2000, Greece, which satisfied only at this time the criteria of convergence, also joined the euro.

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The United Kingdom had decided, temporarily, not to join the euro

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on the occasion of the signing of the Treaty of Maastricht,

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just like Denmark, which, by referendum, decided to delay its adhesion.

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Sweden, for its part, does not yet meet the 10 criteria of convergence.

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Tickets will be issued in 7 sections.

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Each ticket is dedicated to one of the architectural styles

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that characterized the 7 eras of the history of the old continent.

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Classic art, for the ticket of 5 euros.

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Roman art, for that of 10.

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Gothic art, for that of 20.

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Renaissance art, for that of 50.

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Baroque and Rococo art, for that of 100.

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Iron and glass architecture, for that of 200.

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And modern architecture of the 20th century, for that of 500.

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The bridges, represented on the back of all the tickets, are imaginary.

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They symbolize the historical and cultural links between the European states.

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Tickets in euros will be safer than those currently in circulation.

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For their production, special papers containing special fluorescent fibers

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and sophisticated printing techniques were used,

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which makes counterfeiting particularly difficult.

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The fractions of the euro are measured in cents.

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100 cents make 1 euro.

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There are a total of 8 pieces.

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Those of 1, 2 and 5 cents are made of copper,

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and they represent Europe on the planisphere.

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The pieces of 10, 20 and 50 cents are made of copper,

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and they represent Europe on the planisphere.

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The pieces of 10, 20 and 50 cents are made of gold, Nordic gold.

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Those of 20 cents have an anvil shape.

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These three pieces represent Europe as a union of countries.

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The pieces of 1 and 2 euros represent the European Union without borders.

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More than 12,000 pieces are made of gold,

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more than 12 billion tickets and 70 billion pieces

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weighing more than 300,000 tons of metal

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will be removed from circulation in Europe and replaced.

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The pieces have one identical face in all countries,

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the other having been chosen by each country.

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Naturally, we can all use the French, Spanish or German euros

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in all countries of the world.

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And this is another aspect that symbolises the links

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between the states of the European Union.

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The blind will be able to distinguish the pieces

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thanks to their size,

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and the tickets thanks to the numbers in relief.

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The adoption of the European Union

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The adoption of a single currency will facilitate

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the full implementation of the European single market

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and will provide many advantages for citizens and businesses.

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The Central European Bank, which will control inflation,

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will make the single currency a stable currency

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in terms of purchasing power.

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Prices will be transparent and easily comparable

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as they will be expressed in a single and stable currency

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and the purchases will be simplified.

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Travel and holidays in Europe will cost less

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as we will no longer have to pay the exchange rates.

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Economic policy, focused on stability,

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will promote a decrease in interest rates

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and, therefore, loans will cost less.

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Businesses will become more competitive

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thanks to the elimination of exchange rates

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which disrupt commercial transactions

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for the benefit of consumers.

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All these elements will contribute in a decisive way

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to new investments

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and to the creation of new jobs.

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On 1 January 1999,

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the euro became a reality,

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provisionally in a scriptural form.

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From that date on,

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state titles and stock exchange operations

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were libeled in euro in all states

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that are part of the euro zone.

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However, during this period,

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national currencies continued to have legal use

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and were normally used at the same time as the new currency.

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Indeed, until 31 December 2001,

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a period of transition was planned.

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By virtue of the rule

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of neither obligation nor prohibition,

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individuals and businesses

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were able to use the euro

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in a scriptural form,

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for example, in bank accounts.

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During this period of transition,

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operations in national currencies

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or in euro were carried out indifferently.

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In any case, many banks

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preferred to indicate the euro balance,

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even on accounts libeled only in national currency,

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to familiarize the public with the new currency.

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During the period of transition,

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the euro could also be used

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in payments by credit card or by cheque.

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To pay by bank cheque in euro,

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you had to use a cheque book in euro,

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easily distinguishable from others.

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A rule, which is always good to follow,

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is to indicate the two zeros after the comma,

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even if the amount to be paid does not include cents.

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You will have to write the amount in letters for euros

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and, after the bar, in figures for cents.

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In short, we must train ourselves

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to measure the value of things

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with a new unit of account

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and to think while counting the cents,

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the purchasing power does not change at all.

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Another principle relating to the introduction of the euro

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is that of the continuity of contracts.

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Salaries, pensions and contracts,

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such as rental contracts,

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loans or insurance,

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do not undergo any modification.

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For these contracts as well,

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the rule of no obligation,

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no prohibition is applicable

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and, during the period of transition,

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their amount could be converted into euros.

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The conversion is automatic

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from January 1, 2002,

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without additional costs.

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The conversion rate indicates

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the counter-value of the euro

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in national currencies

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on the basis of the pre-set rates.

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When making conversions,

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it is necessary to always use

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the six figures of the conversion rate

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for a stronger reason

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when converting large amounts.

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To convert euros into French francs,

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it is necessary to multiply the amount in euros

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by the conversion rate.

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Thus, to know how many French francs

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represent 10 euros,

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it is necessary to multiply 10 by 6.55957,

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which gives 65.5957 French francs.

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To convert French francs into euros,

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it is necessary to divide the amount expressed

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in French francs by the conversion rate.

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One euro is worth 6.55957 French francs.

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To calculate the equivalent in euros

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of 1,000 French francs,

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it is necessary to divide this figure

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by the conversion rate 6.55957,

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which gives 152.449 euros.

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After making the conversion,

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the decimals after the comma

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must be rounded

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to a maximum of two figures

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according to a precise rule.

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If the third figure after the comma

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is less than 5,

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the second figure remains unchanged.

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For example,

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an amount of 63.374 euros

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will be rounded to 63.37 euros.

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This is the default rounding.

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However, if the third figure is equal

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or greater than 5,

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the second will be increased by one unit.

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For example,

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an amount of 76.515 euros

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will be rounded to 76.52 euros.

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This is the excess rounding.

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During the transition period,

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the shops that accept the payments

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in euros per cheque

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or credit cards

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display the euro logo

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and thus commit to applying

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the official conversion rate

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and to respect the rounding rules.

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At the end of the transition period,

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on January 1, 2002,

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the national currencies

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will open to release

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70 billion euros in coins

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and 12 billion in banknotes.

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To facilitate the introduction,

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there will be a brief period

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of double conversion

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of two months

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in all Member States.

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During these two months,

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banks and merchants

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will withdraw their national currencies

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and return the currency in euros.

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All citizens are invited

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to exchange their banknotes

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and coins in national currencies

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during this period.

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After that,

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they will only be able to do so

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with central banks

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during a period

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when the euro will become

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the currency of all countries

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in the euro zone.

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In this way,

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the euro will significantly

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strengthen the sense of belonging

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to a common European identity.

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We are living a historical moment

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of fundamental importance.

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The introduction of the euro

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constitutes a revolution

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that will allow us to better

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face new challenges,

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prepare for new perspectives

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and start a new chapter

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in the history of Europe,

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the expansion.

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