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Are you looking forward to changing to the Euro

Benefits and problems from the EU membership.

Postby observer » Tue Feb 20, 2007 12:23 pm

I've posted this elsewhere, but it seems correct for this thread too.
Enjoy your moment, all you apostles of the euro: this is as good as it’s doing to get. The accession of Slovenia last month brought membership of the single currency to 13, and I’m willing to bet that that’s as high as it’ll ever go.

A survey in the Financial Times this week showed that, throughout the euro-zone, large majorites hanker after their old currencies. The nostalgia is keenest at the Union’s core: nearly two thirds of Germans oppose the euro. The FT made no attempt to disguise its contempt for the doltishness of the common man. Its report began: “The euro-zone economy may be growing robustly, but its citizens appear not to expect significant financial gains as a result. They give scant credit to the eight-year-old euro for improving their national performances, an FT/Harris poll shows…”

But it’s not just the polls. Millions are simply opting out. A chunk of Bavaria is issuing its own money, while shops from Italy to the Netherlands have started to accept their former currencies, to the delight of their customers. Suddenly, the question is not who will be the next to join, but who will be the first to leave. In anticipation of a collapse, Germans are being advised to hang on to euro notes beginning with serial number “X” (which, apparently, indicates that they’re issued in Germany) and to ditch those beginning with “S” (issued in Italy).

Amazing how quickly something can go from being inevitable to being unthinkable. Eight years ago, most commentators assumed that the three recalcitrants – Britain, Sweden and Denmark – would have to join sooner or later. But guess which of the then 15 EU states have since enjoyed the highest growth rates? That’s right: Britain, Sweden and Denmark. As the Americans say, go figure.


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Postby Sotos » Wed Feb 21, 2007 7:54 pm

Maybe some don't want Euro for emotional reasons but a common currency should help trade between those countries. Do you really think any sane Bavarian would exchange all his savings to some fake money? ;)
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Postby roadcred » Sat Sep 15, 2007 11:27 pm

Cyprus have nothing to fear from the Euro. It is much more productive than Greece and should not suffer the same fate. In recent years the CYP has moved against the Euro and should take care that the initial rate is not too high.
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Postby miltiades » Sun Sep 16, 2007 8:08 am

For us Charlies its a relief , usually when we change out pound sterling for every thousand we get approx.850 cy£
now we shall be getting 1700 euro !!!
Seriously though I think it is the right step ahead for Cyprus .
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Postby humanist » Sun Sep 16, 2007 11:02 am

Miltiades why are Greek speakin Cyps in UK called charlies?
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Postby Boumboulina » Sun Sep 16, 2007 11:12 am

Euros make holidays easier.
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Postby Nikitas » Sun Sep 16, 2007 11:47 am

Lord there are some wild ideas flying around!

A common currency among the EU members simplifies things a LOT- you can import, export, figure prices for goods, buy mortgages and life insurance and all kinds of things right across the 15 Eurostates with none of the old complex and (expensive) currency formalities. In the old days currency charges added 1 to 3 perecent on an import invoice- profit for banks and all charged to the final consumer.

For those that harp on about the strength of currencies- when the Euro was introduced the Dollar Euro rate was 87 US cents to one Euro. Today it is 1.4 dollars to one Euro. End of argument.

ANd Boumboulina is right- it makes moving around Europe easier, a lot easier. And it allows consumers to compare prices instantly and hence enhances competition. In short the Euro is doing for Europe what the dollar did for the USA, it unites the economy.

Aside from the temporary profiteering during the changeover the Euro is all advantages for all Europeans.
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Postby miltiades » Sun Sep 16, 2007 1:26 pm

humanist wrote:Miltiades why are Greek speakin Cyps in UK called charlies?

Andreas , the UK Cypriots are commonly referred as Charlies , I think its an innocent funny way to describe us. Many of us leave our selves wide open when visiting Cyprus by exhibiting "Charley tendencies " ie mixing Greek and English and sounding quite funny. My older brother does that a lot , I do not , I speak either one or another , plus I very rarely compare "things" in Cyprus and "things" in England , quite common amongst Charlies .
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Postby Tim Drayton » Sun Sep 16, 2007 1:44 pm

Sotos wrote:Will we have to do anything for the money that we have in the bank? Or one day we have in the bank 10.000 pounds and then next 17.000 Euro without the need to do any kind of paperwork and transactions?

Money in the bank will convert to euros on 1 January. Bank statements already show the total amount in euros as well.
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Looking forward to it

Postby Tim Drayton » Sun Sep 16, 2007 1:49 pm

I do a lot of work for clients in the eurozone, so having euros here will make pricing easier. I have been advertising rates on my website in euros for the past three years anyway. Banks are also legally obliged to expedite transfers within the eurozone very speedily - I think it is two days. If this means I get my money faster, so much the better.
Am I alone in thinking that it is great to be able to travel around most of Europe without having to keep changing your money every time you cross a border? I am a great fan of the euro.
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