The Euro is the legal tender in a part of the countries of the European Union. Its circulation took place in 2002, the year in which it exceeded the price of the dollar. Previously, his project was already in the Treaty of the European Union, which establishes the creation of a monetary union in which the countries that comply with a series of regulations established in advance would participate. The Euro itself was agreed on December 15, 1995, through an agreement in Madrid that established its circulation as of 2001.
The first countries to agree to participate in the single currency plan were Portugal, the Netherlands, Italy, Luxembourg, Ireland, France, Finland, Spain, Austria, Belgium and Germany, followed by Greece. There was a period of coexistence of the old national coins until they were out of circulation.
The reasons for the establishment of the Euro, in addition to the aforementioned union, are the benefits that can be achieved from the economic point of view. Thus, investment beyond one's borders is facilitated, conversion costs are eliminated, and, in general, costs for companies.
In order to avoid counterfeiting, the banknotes have a series of security measures. From a touch perspective, the banknotes are embossed for texts and themes. Regarding the measurements perceptible by the eye, they have a watermark (different thickness of paper observable against the light), a metallic security thread, a dotting (also observable against the light), a holographic motif, an iridescent band, ink that changes color, micro texts and fibers visible under ultraviolet light.
Today, the euro represents an alternative to the dollar due to its enormous strength. In fact, in 2006 it dropped the dollar as the most widely used payment currency for cash transactions. This is of not only economic but also political importance, due to the growing number of countries that disagree with US policies.
