European CurrenciesEuropean CurrenciesEuropean CurrenciesEuropean Currencies

What is the European Union?

• It is a group of 27 countries who have come together to have free trade and economic co-operation.

What are the aims of the EU?

• Free trade: No customs/import duties between member countries.

• Free movement of capital(money) & labour(workers).

• Common currency: Only used by 15 member states at present.

What are the benefits of EU membership to

Ireland?

• EU grants which have helped develop our country.

• Larger market for selling our exports.• Ireland is the only english speaking

conuntry using the euro, US co.’s set up here to have access to EU market.

What is the Eurozone?• The 15 countries within the EU

which have the Euro as their currency.

• AKA “Euroland”.

What are the benefits of being a member of Euroland

to Irleand?

• No need to convert currency when trading with these countries.

• Easier to compare prices.• More employment due to US companies

setting up in Ireland to have access to EU.

Members of Euroland• Austria• Belgium• Cyprus• Finland• France• Germany• Greece

• Ireland• Italy• Luxemburg• Malta• Netherlands(Holland)• Portugal• Slovenia• Spain

The other 12 EU member states

• Bulgaria: Le• Czech Rep: Czech

Crown• Denmark: Krone• Estonia: Estonian

Crown• Hungary: Forint

• Latvia:Lats• Lithuania: Litas• Poland: Zloty • Romania: Leu• Slovakia: Koruna• Sweden: Krona• United Kingdom Pound Sterling

Rules for converting currency

• Converting Euro to foreign:

• Going abroad on holiday!!!(SMILE)

• Multiply by the sell rate.

• Converting foreign to Euro:

• Coming back from holiday. (BRON/SAD)

• Divide buy the buy rate.