The ECB is one of the world’s largest central banks, being in charge of monetary policy for the EU’s official currency, the euro, which is used by over 300 million people in 12 EU countries. The ECB is governed by a board of directors, headed by a president, and a board of governors, consisting of the members of the board of directors and representatives of the local central banks - The ECB is one of the world’s largest central banks, being in charge of monetary policy for the EU’s official currency, the euro, which is used by over 300 million people in 12 EU countries. The ECB is governed by a board of directors, headed by a president, and a board of governors, consisting of the members of the board of directors and representatives of the local central banks
- Euro became the official currency unit on Jan. 1, 1999.
- Euro is in circulation since Jan. 1, 2002
- U.K, Denmark and Sweden opted out.
- b) Convergence criteria—the member countries must coordinate their econ policies in order to achieve some objectives
Remaining Issues of EU - Remaining Issues of EU
- a) Further elimination of barriers to common market
- b) Expansion
- European Economic Area: extension of customs union (no internal tariffs and common external tariffs) privileges to the European Free Trade Association EFTA member countries (Norway, Iceland and Liechtenstein accepted. Switzerland voted not to join), in force since 1/1/2004.
- Special agreements with Turkey and others (Croatia, Macedonia)
- Questions:
- Why will admitting the poorer nations of eastern Europe be a challenge to EU?
- For what reasons do existing members of the EU favor the admission of new nations from the former Soviet block?
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