61. EMU And Year 2000 Preparations Outokumpu has adopted the euro as its accounting currency in all emu countriesand as its new corporate base currency as of January 1, 1999. http://www.outokumpu.fi/group/f98emu.htm

EMU and Year 2000 preparations have proceeded well Outokumpu ready for the euro The new 10,20 and 50 eurocent coins will be made of the Nordic Gold alloy, developed by Outokumpu. European integration took a major step forward with the launch of the third phase of the Economic and Monetary Union (EMU) on January 1, 1999. Finland was one of the first-round 11 member states to join EMU. Outokumpu started preparations for EMU in 1997 and was ready for immediate EMU implementation and adoption of the new single currency – euro – as the Group’s new corporate base currency from the outset. This schedule covers all functions except payroll administration, where transition will be postponed until January 1, 2002, when the euro banknotes and coins are planned to be issued. Outokumpu has favored a swift and broad adoption of the euro in all commercial transactions, but is naturally prepared to accommodate its business partners’ schedules for transition to the euro in adherence to the guiding principle of “neither compulsory, nor prohibited”. EMU brings a number of benefits from a financing point of view. Management of foreign currency and interest rate risks will be significantly easier, although e.g. the USD, SEK and GBP will remain major risk currencies for the Group. Cost savings will incur in risk and cash management. A bigger and liquid euromarket will facilitate funding.

62. Take Five & The Euro: EMU The entity which is the foundation for emu is a new common currency called the euro,which was introduced as an optional currency on January 1st 1999, and will http://www.takefive.ie/euro/emu.htm

the lobby your account stationery dealer section site search contact us company info dealer list site map ... The Euro The EMU and the Euro Technical Support EMU and the Euro Code of Changeover Transition Timetable Company Profiles Conversion Guidelines The European Monetary Union (EMU) is a major economic and political initiative aimed at producing economic benefits for companies and individuals including the elimination of exchange rate uncertainty and currency exchange costs, the convergence of interest rates ( hopefully downward ) among participating member states, and the streamlining of cross-border business transactions. The entity which is the foundation for EMU is a new common currency called the euro, which was introduced as an optional currency on January 1st 1999, and will become the only currency for both cash and non-cash transactions some time after January 1st 2002, when euro notes and coins will be introduced, and the national notes and coins of the participating states will gradually cease to be legal tender. The Euro is managed by an independant European Central Bank (ECB). The ECBs primary objective is to maintain price stability, keeping inflation low. Introducing a common currency for the EU should improve economic performance by eliminating transaction costs and exchange rate risk for trade, tourism and investment among those States.

63. Euro-ni.org - Help Legally, the euro became the official currency of Member states participatingin emu on 1 January 1999. Back to top. european Community (EC). http://www.euro-ni.org/help_glossary.htm

Glossary The glossary of terms and acronyms is available in alphabetical order. Choose the first letter of the term you want to clarify. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Conversion rate The ratio between two currencies used to convert values from one currency to another. Currency converter A method of converting the value of a country's currency into the value of another country's currency. Our currency converter allows you to automatically convert amounts between currencies. The converter is only a guide based on market exchange rates and may differ from exchange rates offered by banks at any given time. Back to top Dual circulation period On 1 January 2002 and for a period of six months, notes and coins expressed in euro and in national currencies co-existed at the same time as the notes and coins of the old currencies which were progressively withdrawn and replaced by euro notes and coins. Back to top Euro The euro was first mentioned in the Maastricht Treaty as the European accounting unit. The euro replaced its predecessor, the

64. The Risk Of A Currency Crisis In EMU be a bank run or a debt crisis, not a currency crisis, and need have no effect onthe euro. transfers or protectionism, indeed the breakup of emu, are all http://www.cepr.org/press/LM1406PR.htm

Search The Risk of a Currency Crisis in EMU Some British and American economists have raised the spectre of a currency crisis in EMU the euro or a national currency might come under speculative attack. At best, this supposed risk supports the ‘wait and see’ aspect of current British and Swedish policy; at worst, the doomsdayers anticipate that EMU will break up in tears. Richard Portes, President of CEPR and Professor of Economics at London Business School, will argue in a lunchtime meeting sponsored by The Royal Bank of Scotland on 28 April that these fears lack any economic foundation. He will say: In the transition period from 2 May 1998 to 4 January 1999, a speculative attack would not change conversion rates or policies, and so would not ‘succeed’, would not be profitable, and will not occur. From 4 January 1999 to 2002, ‘national currencies’ will be just units of the euro, the single currency, so there

65. What Is EMU interest in a successful emu and a solid euro. A successful emu should lessen thefears of globalization and for euros and promote the new currency’s success http://www.eseune.edu/protegido/16.htm

EMU and the Euro. Impact in world’s economy. How will it affect the dollar. Conclusion. The EMU is already a reality in 393 days eleven countries will join it. These countries are France, Germany, Netherlands, Austria, Belgium, Luxembourg, Ireland, Finland Spain, Portugal and Italy. Denmark, UK, and Sweden are not going to join it probably, in the first wave, as they have political argumentations, they will exercise their "out put" clause. Greece economy is not yet ready for joining but may have the possibility of doing it in 2002. Once the Euro starts running it will have an important international role. Firstly, as an international transaction currency. European firms will obviously use the euro as their invoicing currency in intra – Community trade since they will thereby avoid exchange – rate risk. As much as 60% of European trade will therefore be protected by that very fact from currency fluctuations. The use of the euro will rapidly extend beyond the European Union, and particularly in three geographical areas: firstly, in central and eastern Europe since many of the countries there tie their currencies officially or unofficially to the German mark and are trading increasingly with the European Union as potential members of that Union; secondly, in Africa given the influence exerted by the French franc in particular there; and finally, the euro will probably be used as an invoicing currency by Mediterranean countries in view of their close links with the European Union and the likely establishment of a Euro – Mediterranean free – trade area by 2010.

66. What Is EMU emu and the euro. Impact in world’s economy. XI.1. A Use of the euro as an invoicingcurrency. XI.1. B Use of the euro as a reserve currency. http://www.eseune.edu/protegido/Euro.htm

EMU and the Euro. How will it affect the dollar. By Borja Abasolo. Index I. Introduction II. What is EMU? III. How will the Euro be established? III.1 What the Maastricht Treaty of 1992prescribes. III.2 What the Madrid summit decided in 1995. III.3 How will the conversion rates be determined. IV. What will the Euro be like. V. Who will participate? V.1 The convergence criteria. V.2 What do the criteria precisely aim at?. V.3 What are the limits to interpretation?. V.4 Which countries are likely to participate?. V.5 Special cases Denmark and UK. V.6 Is late accession possible?. VI. What is the actual situation of the countries towards meeting the convergence criteria. VII. How can stability be guaranteed.

67. Economic Monetary Uniom (Section EMU, Euro And ESCB) PTE 1 euro = 166.386 ESP 1 euro = 340.750 GRD. stage of Economic and Monetary Union(emu) started on The participants in the currency area have been designated http://www.dnb.nl/english/e_emu_euro_en_escb/e_inl_emu_euro_en_escb.htm

Economic and Monetary Union: one currency, one interest rate Conversion Rate euro Country Conversion Rate Netherlands Belgium Germany Finland France Ireland Italy Luxembourg Austria Portugal Spain Greece 1 euro = 2.20371 NLG 1 euro = 40.3399 BEF 1 euro = 1.95583 DEM 1 euro = 5.94573 FIM 1 euro = 6.55957 FRF 1 euro = 0.787564 IEP 1 euro = 1936.27 ITL 1 euro = 40.3399 LUF 1 euro = 13.7603 ATS 1 euro = 200.482 PTE 1 euro = 166.386 ESP 1 euro = 340.750 GRD The third and last stage of Economic and Monetary Union (EMU) started on 1 January 1999. As of that date, the exchange rates of eleven Member States of the European Union are be irrevocably linked to each other. The participants in the currency area have been designated in early May 1998 on the basis of the achieved economic and legal convergence. The other participants beside the Netherlands are Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, Austria, Portugal and Finland. On 1 january 2001 Greece joined EMU. Denmark and the United Kingdom have invoked their right to stay out of the monetary union for the time being. Sweden does not yet meet all entry requirements. The plans to introduce a single currency in Europe date back to the sixties. The pursuit of monetary integration intensified as a result of the wish to create a European internal market. A single currency would be the logical conclusion in an area where there is free movement of people, capital, goods and services. In December 1991, the European heads of state or government agreed in Maastricht to introduce a single currency, the

68. Ericsson - Emu To begin with, 12 of the european union’s 15 member states participatein the emu, which means that they share a common currency, the euro. http://www.ericsson.com/investors/emu/

Emu within Ericsson Contact us Already at the end of 1997, work began in Ericsson Holland (Ericsson Telecommunicatie B.V.) to prepare the transition to accounting in the euro. A large amount of effort was required: computer systems were adapted or replaced, price-lists were rewritten, forms referring to the guilder disappeared, customers and suppliers were contacted regarding the possibility of billing in euros. The other EMU countries have subsequently had excellent opportunities to learn from the Dutch experience. All Ericsson local companies were able to choose when they wanted to switch to accounting in euros. Just before the old currencies disappear at New Year, the last companies - Austria and Greece - will make the change. Ericsson is always at the forefront in all areas and we have taken a clear stance in favor of EMU. To be able to issue and receive invoices in euros at an early stage is a service for our customers and suppliers. The goals of monetary union, such as a stable interest rate and healthy government finances, does Ericsson se as conducive to creating a positive climate in which companies can operate.

69. Morningstar.com: Mutual Fund Industry Eases Into Euro Launch no specific plans for a euro or emubased product. Express World Fund, which willbe denominated in the euro. the UK However, in the UK, the currency used will http://news.morningstar.com/news/MS/SpecialReports/990108Fund.html

Home Premium Portfolio Stocks ... Discuss by Valerie Putchaven The U.S. mutual-fund industry has so far responded to the birth of the euro on New Year's Day with a sprinklingrather than a gusherof new products. As the economic systems and currencies of 11 European countries unite under the roof of European Economic and Monetary Union, some mutual-fund firms, like ProFund Advisors, are trying to take advantage of the historical change hitting the continent. The company plans to add two new euro-based funds, the UltraEuro ProFund and UltraShort Euro ProFund. Both will be invest based on the firm’s ProFunds Europe Index, which is equal to the average of three large capitalization European equity indexes: Britain’s FTSE-100, Germany’s Deutsche Aktienindex, and France’s CAC-40. But other industry entities, like the American Stock Exchange, are adopting a wait-and-see attitude. Currently, the WEBS (World Equity Benchmarks) Index Series of single-country index funds is traded on the American Stock Exchange. Gary Gastineau, senior vice president of new products planning for the American Stock Exchange, says he has been approached from outsiders wanting to set up products such as an exchange-traded fund based on the members of the EMU. But he believes such a product would probably be too expensive to manage.

70. The Hindu : Euro Cash For Euroland But whereas during the first three years of the emu while the euro has remained thecommon currency it was more a ``book'' currency or a ``virtual'' currency. http://www.hinduonnet.com/thehindu/2001/09/02/stories/06020005.htm

Online edition of India's National Newspaper Sunday, September 02, 2001 Front Page National Southern States Other States ... Next Euro cash for euroland By C. R. L. Narasimhan The countdown to a complete euro regime in the 12 countries of the European Monetary Union (EMU) - Greece joined the original 11 member countries this year - has begun in right earnest. Since its inception in 1999, the EMU has had a common currency, the euro. But whereas during the first three years of the EMU while the euro has remained the common currency it was more a ``book'' currency or a ``virtual'' currency. Euro cash - bank notes - as we understand them have not been in circulation all these three years, even as the euro became the dealing room currency, widely used in inter-bank transactions and commerce. But for the common man in those countries and for travellers to the euro zone the individual currencies have continued to matter. In fact, euro currency notes were not intended to be circulated until three years later. Countries of the EMU continued to deal in their own currencies. Thus, in Germany cash transactions have been in deutschemark, in Italy the lira and so on. Each of these has had a fixed equation to the euro, which has been till date a book currency. So there is more than ordinary excitement when the EMU decides to introduce euro bank notes as legal tender in all the 12 countries of about 300 million people and forming an extremely powerful economic group. The date will be January 1, 2002. Over the next two months thereafter euro notes and coins will be put into circulation. Simultaneously, individual currencies (deutschemark, French franc and the like) will be withdrawn. Sentiment aside, there are tremendous logistics problems. A recent Deutsche Bank research paper (July 26) gives some interesting insights into the euro preparations as they enter the last lap.

71. Ministry Of Finance - EMU organisations' emu information activities in Finland. Comprehensive wwwpages havebeen produced as part of the EU project entitled The euro - a currency for http://www.vn.fi/vm/english/emu/press_releases/eurocamp.htm

The joint Ministry of Finance and EU information campaign on the euro is to be launched in May The Finnish Parliament is to vote on Finland's participation in the euro zone in April, and at the beginning of May the Heads of State and Government of the EU Member States are to decide on which countries will be participating. If it is decided that Finland will be part of the euro zone, the euro information campaign will be launched straight after the May 1 weekend. Similar campaigns have already been launched in several EU countries. The purpose of stepping up the information campaign is to smooth the transition to the new currency. To this end many different ways of spreading information are needed in addition to traditional information channels of the public administration. FIM 12 million has been set aside for information activities, the Ministry of Finance and the EU each providing 6 million. Both contributors are to be acknowledged in the campaign material. The campaign is to be run mainly by the advertising agency Focus Business Communications Oy, which was chosen through an open call for tenders. There have been separate calls for tender for some accompanying measures. The campaign is intended to provide answers to the most frequently asked questions about the changeover, such as whether salaries, pensions and savings will keep their value and how prices will be converted from one currency to the other. Another important message is that the euro will be only an accounting currency in 1999 and that the new euro banknotes and coins will not be issued until 2002.

72. EuroPortal: Your Launchpad To Euro Currency Links - 3: Central Banks Notes and Coins, Press releases and Publications, but few specifics on euro currencyor the emu. A special emuPage provides euro currency related topics. http://home.t-online.de/home/gerhard.kenk/em0003.htm

EuroPortal Your launchpad to Euro Currency links Bank of England Bank of England offers good contents and in-depth coverage of Euro-related topics. Detailed reports which can be downloaded via Adobe. The published issues No. 3 - 8 offer good insights to the Euro related topics, which are sometimes addressed from an " out-country " point of view. Search Engine: None. German Central Bank Deutsche Bundesbank Site of the German Central Bank offers content in both english and german language. The section on EMU offers various documents for downloads via Adobe PDF. Swedish Central Bank Sveriges Riksbank The Swedish Central Bank, Sveriges Riksbank, provides information in Swedish and English. The Euro currency is not covered in specific sections (Publications). A search facility is available. Euro related topics are spread around multiple documents French Central Bank Banque de France The french / english language web site provides a section on current events including an EMU update as well as several references to EMI and ECB. Limited, high level contents and only few publications. Dutch National Bank De Nederlandsche Bank This website has been completely restyled with positive effects on structure and contents. It offers a specific section on EMU, euro and the ESCB. Topics covered are Introduction to Euro, Euro Banknotes, Conditions for Reproduction, Euro coins, ECB, ESCB, EMU countries and

73. EuroPortal: Your Launchpad To Euro Currency Links. 2: Governments And Agencies use of the euro. Published by the euro Preparations Unit, the siteprovides concise information on emu and the single currency. $. http://home.t-online.de/home/gerhard.kenk/em0002.htm

EuroPortal Your launchpad to Euro Currency links German Ministery of Finance Bundesfinanzministerium The German Ministery of Finance offers general information on the Euro currency. The "Euro" section provides a short overview. Frequently asked questions. Search facilites available. German and English language. Dutch State Treasury Agency Agentschag van het Ministerie van Financien This agency addresses one specific Euro related topic: the conversion or redenomination of goverment debst administered by the Treasury in the form of DTC (Dutch Treasury Certificates) or DSL (Dutch State Loan). The explanation of the various redenomination methods (whole euro method or Euro cent method) provide an inside view in the complexity of details and a sobering conclusion that EMU member countries develop differing methodologies to conversion principles (see Debt Redenomination Bill Ministery of Finance Finansministeriet Danmark The danish Ministery of Finance does not offer specific references to the web site. There are no references to Euro currency. Danish language only. Department of Finance,

74. Introduction Of Euro a way, that the amounts receivable and liabilities in foreign currency will bedivided by the fixed relation index for the respective emu currency to euro. http://www.hbor.hr/Izbornik/Najnovije/euro-eng.htm

Introduction of euro Contacts HBOR location e-mail: webmaster@hbor.hr HBOR is introducing the euro in its business activities effective 1 st December HBOR is introducing the EU’s single currency, the euro in its business activities and records referring to or using the foreign currency clause in currencies of the member states of the European Economic and Monetary Union (EMU), in particular in loan contracts and similar binding documents, which are not directly tied to foreign payment instruments effective 1 st December Starting from the above mentioned date all calculations and transactions in the currencies of the EMU member states will be performed and recorded in the euro. How is the conversion of HBOR’s receivables and liabilities to be implemented The conversion of HBOR’s receivables and liabilities denominated in currencies of the EMU member states into Euro is to be performed in the following manner: A ll signed contracts and similar binding documents with the currency clause tied to a currency of the EMU member state will be denominated in the euro in such a way, that the amounts receivable and liabilities as at 3

75. Would Euro Dominate Dollar As A Global Currency While the use of the euro inside emu is supply dominated, its use as an internationalcurrency is demand driven and therefore more competitive. http://www.karvy.com/articles/eurodominate.htm

Will Euro Dominate the US$ Don't forget to rate the article A fter high expectations of creating a shakeout for the dollar currency, the euro was at last launched on 1st January 1999. Amid these expectations, euro could not meet the dollar level even after two years of its launch into the market and infact had subsided gradually. How important is the euro as a global currency compared with the dollar, and can we differentiate the position of the euro as a medium of exchange in international trade? The euro became the world's second currency, after the dollar and before the yen. The euro countries account for 14 per cent of world GDP and 17 per cent of world trade. They are comparable with the United States, which accounts for 19 per cent of world GDP and 14 per cent of world trade. If the UK and the three other EU countries outside EMU were to join, the euro-15 share in GDP would rise by a quarter to 18 per cent of the world total, almost the same or even more than that of the US. Most of the times in history there has been a hierarchy of world currencies, with one dominant, one or two others subsidiaries, and the rest nowhere. The dollar still accounts for 36 per cent of all international bank loans, compared to 20 per cent for the euro-11, and 24 per cent for the euro-15. The share of euro-11 has fallen from about 24 per cent to 20 per cent, as international claims between euro countries in each other's currencies have become domestic claims in euro. Domestic bank loans in Europe are however, greater than those in the US, where securities markets play a much bigger part in corporate financing.

76. Info - What EMU Means For You 2002 The single currency is called the euro . emu will complement the single europeanmarket and has been a longstanding objective of the european Economic http://www.bsa.org.uk/SearchableInfo/FactSheets/info_08_02.html

Information What EMU Means For You June 2002 This leaflet tells you about EMU and how it may affect you over the coming years. What is EMU? EMU stands for Economic and Monetary Union and it includes the creation of a single currency for most members of the European Union (EU). The single currency is called the "euro". EMU will complement the single European market and has been a longstanding objective of the European Economic Community (now know as the EU) since its creation in 1957. The legal, economic and political framework for the single currency is set out in the Maastricht Treaty of 1992. Why a single currency? EMU will avoid currency fluctuations between the participating countries and the EU hopes that this will ultimately cut the costs of doing business, lead to lower average interest rates and help to keep inflation low. When did EMU start? On 1st January 1999. Is the UK a member of EMU? No. There are 12 members of EMU and they are - Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain. Denmark, Sweden and the UK have yet to decide whether to join. The media has dubbed the participating countries "the eurozone". Will the UK join?

77. Euro Currency And Support 31 December 1998, IBM, Final solution for euro currency sign supporton all marketed products for initial wave of emu countries. http://www.ibm.com/servers/eserver/iseries/whpapr/euro_currency.html

Home My account Select a country Midrange servers ... Library Related links: iSeries advertising iSeries Nation Special offers From HP to IBM eServer ... White Papers Euro Support Randy R. Kuseske Document Index Abstract Introduction Timeline for Euro Activities Importance and impact of the European Monetary Union ... Euro related web sites Abstract euro Introduction The European Economic Community (EEC), established in 1957, consists 15 European countries. One of the goals of the EEC is for greater economic cooperation between the participating countries. The Maasstricht Treaty of 1992 outlined the establishment of the European Economic and Monetary Union (EMU). EEC countries can participate in the EMU by meeting a set of economic standards. The euro is the common unit of currency for the EMU. During the first three years, after introduction on January 1, 1999, both the euro currency and existing national currencies are being used, and a fixed exchange rate has been established. The goal is to completely replace the existing national currencies in 2002 at the latest. The 15 EEC countries are Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom. Eleven of the EEC countries have joined the EMU in the initial wave. These 11 countries asked to participate and met a certain set of economic criteria to allow them to join. The 4 countries that did not join the EMU in the initial wave are Denmark, Greece, Sweden, and the United Kingdom.

78. Publications - Background Briefings - EMU european currency, the euro, means that decisions in the key policy area of monetarypolicy are taken at the EU level. The countries participating in emu no http://www.cec.org.uk/info/pubs/bbriefs/bb10.htm

The European Commission Representation in the United Kingdom Background Briefings About us A-Z Feedback Info ... Search EMU Economic and Monetary Union (EMU) has been the most significant and the most controversial EU policy of recent years. The creation of a single European currency, the euro, means that decisions in the key policy area of monetary policy are taken at the EU level. The countries participating in EMU no longer fix their own interest rates; policy on inflation and exchange rates is agreed collectively and a single interest rate is set by the European Central Bank in Frankfurt. EMU is a logical extension of the single market and is seen as a way to make the EU more competitive, securing prosperity and jobs. Inside the eurozone, business benefits from: lower costs of managing cash. lower currency risk. Exchange rate fluctuations are also eliminated. Firms are no longer exposed to losses associated with such movements, nor do they need to hedge business transactions against exchange rate risk, saving on the cost of hedging operations; a larger, more transparent market.

79. Andorra And The Euro - Euro Glossary emu designates the group of countries belonging to the european Union which sharethe same monetary policy and the same currency (the euro). emu will come into http://www.creditandorra.ad/eng/ae/aeeg01_eng.html

Euro Glossary Continuity of contracts The legal principle approved by the Council of ministers of the EU held in Dublin in December 1996 by which national and international contracts will not be affected by the introduction of the euro. Conversion rate Fixed exchange rate for calculating the equivalent of the euro in a national currency. Council of ministers of the EU Heads of state and government of the member states. Council of ministers of the EU held in Amsterdam in June 1997: approved the pact of stability and growth to guarantee the long term economic convergence of EMU members. Council of ministers of the EU held in Dublin in December 1996: approved the legal framework for the introduction of the euro. Council of ministers of the EU held in Madrid in December 1995: approved the name " euro " for the single currency and decided on the timetable for its introduction. Criteria for convergence The requirements fixed in the treaty of Maastricht for all member states wishing to join EMU . They will continue to be in force after 1 January 1999 for EMU member states. Directives for "rounding off"

80. CFO | Is Your System EMU Compliant? emu). While the euro will not replace local currency in emu membercountries until 2002, the implications will be felt much sooner. http://www.cfoweb.com.au/stories/19980401/6258.asp

Mon, April 07, 2003 CFO Contents Back Issues Subscribe to Magazine Click here to sign up Related sites AFR AFR Boss Asset BusinessOnline ... Trading Room You are in: Home CFO Contents > Article Is your system EMU compliant? Home Contact Advertise About us ... Conditions of Use

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