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At the beginning of 2002, the first
day of the year in fact, the euro became the only currency of twelve
different members of the European Union, a move that made it second
only to the United States dollar as the most used currency in the world.
This decision was also the biggest change of currency in the history
of the world and the twelve founding members have now been joined by
a further four that have withdrawn their currency and joined the euro.
This mammoth decision to have one
communal currency originated when British prime minister Winston Churchill
first proposed the development of what he called the “United States
of Europe” - a primitive version of the European Union. Churchill's
main aim for this co-operative were predominantly political as he believed
that by creating one unified government, they could bring much longed-for
peace to a continent that had been ravaged by amongst others, the two
world wars.
Winston Churchill's suggestion
and his main aims are the backbone of the European Union as the euro
is essentially a way in which the member nations were able to really
enhance and lock in political solidarity to prevent further wars. However,
this is not the only benefit to the euro as it also had a big economic
effect on those that joined as it essentially unified the various separate
economies. In terms of the economy, the main advantages of being part
of the euro include:
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