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Euro banknotes
The Euro (EUR or €) is the single currency for 12 European Union member states. The Euro was formally established as a unit of exchange on 1 January, 1999, and Euro banknotes and coins (see euro coins) entered circulation on 1 January, 2002.
Denominations
There are seven different denominations, each having a distinctive colour and size. The design for each of them has a common theme of European architecture in various artistic periods. The front (or recto) of the note features windows or gateways while the back (or verso) has bridges. Care has been taken so that the architectural examples do not represent any actual existing monument, so as not to induce jealousy and controversy in the choice of which monument should be depicted.
Common to all notes are the European flag, the initials of the European Central Bank in five versions (BCE, ECB, EZB, ΕΚΤ, EKP), a map of Europe on the back, the name "Euro" in both Latin and Greek script and the signature of the current president of the ECB. The 12 stars of the EU are also incorporated into every note, with the first design having been created by Austrian artist Robert Kalina.
Description of banknotes
| Denomination |
Dimensions |
Dominant Colour |
Architecture |
Period |
Printercode position |
| 5 euro | €5 |
120 x 62 mm |
Grey |
Classical |
< 5th century |
[http://www.eurotracer.net/information/notes.php?type=f5 left image edge] |
| 10 euro | €10 |
127 x 67 mm |
Red |
Romanesque |
11-12th centuries |
[http://www.eurotracer.net/information/notes.php?type=f10 8 o'clock star] |
| 20 euro | €20 |
133 x 72 mm |
Blue |
Gothic |
13-14th centuries |
[http://www.eurotracer.net/information/notes.php?type=f20 9 o'clock star] |
| 50 euro | €50 |
140 x 77 mm |
Orange |
Renaissance |
15-16th centuries |
[http://www.eurotracer.net/information/notes.php?type=f50 right image edge] |
| 100 euro | €100 |
147 x 82 mm |
Green |
Baroque & Rococo |
17-18th centuries |
[http://www.eurotracer.net/information/notes.php?type=f100 right of 9 o'clock star] |
| 200 euro | €200 |
153 x 82 mm |
Yellow-brown |
Iron & Glass |
19-20th centuries |
[http://www.eurotracer.net/information/notes.php?type=f200 above 7 o'clock star] |
| 500 euro | €500 |
160 x 82 mm |
Purple |
Modern |
20-21st centuries |
[http://www.eurotracer.net/information/notes.php?type=f500 9 o'clock star] |
The "paper" used for Euro banknotes is in fact [http://www.euro.ecb.int/en/news/presskit.GeneralPar.0041.filelinkFile.download/en-pr.pdf 100% pure cotton fibre], which improves their durability as well as imparting a distinctive feel.
The following member overseas territories are shown: the Azores, French Guiana, Guadeloupe, Madeira, Martinique, Réunion, and the Canary Islands. Cyprus and Malta are not shown, as they only joined the EU in 2004; also Malta is too small to be shown, with the minimum size for depiction being 400km².
Security features
The ECB has described some of the more rudimentary security features of the Euro note, allowing the general public to authenticate their currency at a glance. However, in the interest of security, the exhaustive list of these features is a closely-guarded secret.
Still, between the official descriptions and independent discoveries made by observant users, it is thought that the Euro notes include at least thirty different security features. These include:
Holograms: the €5, €10 and €20 notes carry a holographic band to the right of the front side. This band is imprinted with the note's denomination; e.g., "€5 €5 €5...." in the case of the five-euro note.
In the case of the €50 notes and higher, the band is replaced with a holographic decal.
Variable colour ink appears on the lower right corner of back side of the €50 and higher. When observed from different angles, the colour varies between purple and green.
Checksum: each note has an unique serial number. The serial number is validated using a checksum. The following is an extract from the europa.union.euro FAQ that explains how to check the validity of a serial number:
- Replace the initial letter by its position in the alphabet (that is L is 12, M is 13,..., Z is 26).
- Add up this number and every digit of the serial number. For example:
:U08217383936 is 21 + 0 + 8 + 2 + 1 + 7 + 3 + 8 + 3 + 9 + 3 + 6 = 71
- Add up all the digits of this new number, redo as many times as necessary until you obtain a one-digit number.
The resulting number must be 8 — in the example above, 7 + 1 = 8, so it's correct.
Watermark: Each denomination is printed on uniquely-watermarked paper. This may be observed by holding the note up to the light.
Registration: The note denomination in the upper-left corner of the front of each note is printed incompletely, as is the denomination in the upper-right corner of the back. When held up to the light, this denomination is visible in its entirety. Genuine notes will exhibit perfect alignment (or 'registration') between the front and back. If the note has been printed incorrectly, i.e. by a counterfeiter, these numbers may appear poorly aligned.
Texture: some areas of the notes have a different texture from others. the BCE ECB EZB text is one of them.
Bar code: when held up to the light, metallic bars can be seen to the right of the watermark. The number and width of these bars indicates the value of the note. When scanned, these bars are converted to Manchester code.
EURion constellation: Euro banknotes contain a pattern known as the EURion constellation which can be used to detect their identity as banknotes to prevent copying. Many colour photocopiers are programmed to reject images containing this pattern. Recent versions of image editors, such as Adobe Photoshop or Paint Shop Pro also refuse to process banknotes. However, experiments by Steven J. Murdoch and others showed that this banknote detection code does not rely on the EURion pattern. It detects other features of banknote designs that have yet to be described in public.
Security Thread: A black thread in the middle of the note is seen only against a light source. It shows the denomination of the note, along with the word "Euro". This thread is magnetic.
Magnetic ink: Some areas feature magnetic ink. The rightmost church window on the €20 note is magnetic, as well as the large zero above it.
Infra-red and ultra-violet watermarks: when seen in the near infrared, the banknotes will show darker areas in different zones depending on the denomination. Ultraviolet light will make the EURion constellation show in sharper contrast, and also some fluorescent threads stand out.
Micro-print: the texture lines to the bottom, e.g. those aligned with the ΕΥΡΩ mark on the 10 EUR note, are actually made of the word "EURO" in very small print.
Matted surface: the EURO symbol and the denomination are printed on a vertical band which is only visible when lighted at an angle of 45°.
Serial Number
Unlike the Euro coins, the Euro notes do not have a national side indicating where they're from. This information is instead encoded within the note's serial number.
The first letter of the serial number uniquely identifies the country that issues the note. The remaining numbers (when added up and the digits of the resulting sum then added together again until a single digit remains) give a checksum also particular to that country. The W, K and J codes have been reserved for the EU member states currently not participating in the Euro.
Country letters
The notes of Luxembourg currently use the
prefix belonging to the country where they were printed. Country codes are alphabetised according to the countries' names in the official language of each country, but reversed:
- United Kingdom
- Sverige
- Suomi
- Portugal
- Österreich [Oesterreich]
- Nederland
- Luxembourg
- Italia
- Ireland
- France
- España [Espana]
- Ελλάδα [Ellada]
- Deutschland
- Danmark
- België [Belgie]/Belgique
The positions of Denmark and Greece have been swapped in the list of letters starting the serial numbers, presumably because 'Y' is a letter of the Greek alphabet, while 'W' is not. Also, only official languages which are also official EU languages were used. For example Ireland's first official language is Irish, however in the above chart it is clear the order was based on the English Ireland rather than the Irish which is Éire.
Also, as the number of members of the EU grows steadily larger, it seems likely that when the next series are issued (2008 expected) that the prefixes will change to 2-digit prefixes as at that stage, there should be 27 members (but only 26 letters in the Latin alphabet). However if the prefixes are changed for the next series it could also see a shift for Ireland as Irish is expected to become an official EU working language in 2007, most likely moving to just before Spain (and probably just after Estonia).
It has also been suggested, that should the prefixes change to 2-digit prefixes, that the code should be the state's ISO 3166-1 2-digit code (EE for Estonia, DE for Germany)
Printing works
Somewhat hidden on the front of the note is a second, smaller sequence where the first letter identifies the actual printer of the note. The printer code need not coincide with the country code, i.e. notes issued by a particular country may have been printed in another country (e.g. some Finnish notes have in fact been produced by a UK printer). The A, C and S codes have been reserved for printers currently not printing Euro banknotes.
As from 2002, the individual national central banks (NCBs) are responsible for the production of one or two specific banknote denominations and will thus select the printing works. This decentralised pooling scheme means that the NCBs have to exchange the denominations produced in different locations prior to issue.
Design changes and smaller Euro denominations
Italy, Greece and Austria have asked several times to introduce lower denominations of Euro notes. The ECB has stated that "printing a €1 note is more expensive (and less durable) than minting a €1 coin". On 18 November 2004 the ECB decided definitively that there was insufficient demand across the Eurozone for very low denomination banknotes. On 25 October 2005, however, more than half of the MEPs tabled a motion calling onto the European Commission and the European Central Bank to recognise the definite need for the introduction of €1 and €2 banknotes. [http://www.europarl.eu.int/omk/sipade3?TYPE-DOC=TA&REF=P6-TA-2005-0399&MODE=SIP&L=EN&LSTDOC=N] However it must be noted that the European Central Bank is not directly answerable to the Parliament or the Commission, and will therefore possibly ignore the motion.
The design of the banknotes did not change after the expansion of the European Union to the east in 2004 (for example, the map does not show Cyprus). Additionally, after Bulgaria joins the EU, the banknotes will have to be updated with a Cyrillic rendering of the name "Euro". Newer designs are expected to be issued in 2008. Like the pre-Euro currencies, the new series will start from the lower denominations.
Banknotes have to bear the ECB president's signature. New notes printed after November 2003 show Jean Claude Trichet's signature, replacing that of the first president, Wim Duisenberg.
See also
- Currency bill tracking
External links
- [http://www.eurotracer.net Eurotracer - a site for tracing Euro banknotes and coins]
- [http://www.eurobilltracker.com Eurobilltracker - yet another site for tracking banknotes]
Category:Euro
Currency:For current exchange rates, see Exchange links.
A currency is a unit of exchange, facilitating the transfer of goods and services. It is a form of money, where money is defined as a medium of exchange (rather than e.g. a store of value). A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates i.e. prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. In common usage, currency sometimes refers to only paper money, as in "coins and currency", but this is incorrect. Coins and paper money are both forms of currency.
In most cases, each country has monopoly control over its own currency. Member countries of the European Monetary Union are a notable exception to this rule, as they have ceded control of monetary policy to the European Central Bank.
In cases where a country does have control of its own currency, that control is exercised either by a Central Bank or by a Ministry of Finance. In either case, the institution that has control of monetary policy is referred to as the monetary authority. Monetary authorities have varying degrees of autonomy from the governments that create them. In the United States, the Federal Reserve operates with full independence from the government. It is important to note that a monetary authority is created and supported by its sponsoring government, so independence can be reduced or revoked by the legislative or executive authority that creates it. In almost all Western countries, the monetary authority is largely independent from the government.
Several countries can use the same name, each for their own currency (e.g. Canadian dollars and US dollars), several countries can use the same currency (e.g. the euro), or a country can declare the currency of another country to be legal tender. For example, Panama and El Salvador have declared US currency to be legal tender, and from 1791-1857, Spanish silver coins were legal tender in the United States. At various times countries have either restamped foreign coins, or used currency board issuing one note of currency for each note of a foreign government held, as Ecuador currently does.
Each currency typically has one fractional currency, often valued at 1/100 of the main currency: 100 cents = 1 dollar, 100 centimes = 1 franc, 100 pence = 1 pound. Units of 1/10 or 1/1000 are also common, but some currencies do not have any smaller units. Mauritania and Madagascar are the only remaining countries that do not use the decimal system; instead, the Mauritanian ouguiya is divided into 5 khoum, while the Malagasy ariary is divided into 5 iraimbilanja. However, due to inflation, both fractional units have in practice fallen into disuse.
See Non-decimal currencies for other (mostly historic) currencies with non-decimal divisions.
History
Early Currency
The origin of currency is the creation of a circulating medium of exchange based on a store of value. Currency evolved from two basic innovations: the use of counters to assure that shipments arrived with the same goods that were shipped, and the use of silver ingots to represent stored value in the form of grain. Both of these developments had occurred by 2000 BC.
This first stage of currency, where metals were used to represent stored value, and symbols to represent commodities, formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place that was safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. Trade could only reach as far as the credibility of that military.
Coinage
These factors led to the shift of the store of value being the metal itself: at first silver, then both silver and gold. Metals were mined, weighed, and stamped into coins. This was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they also created a new unit of account, which helped lead to banking. It was with Archimedes' principle that the next link in currency occurred: coins could now be easily tested for their fine weight of metal, and thus the value of a coin could be determined, even if it had been shaved, debased or otherwise tampered with. (See Coinage).
In most major economies using coinage, copper, silver and gold formed three tiers of coins. Gold coins were used for large purchases, payment of the military and backing of state activities. Silver coins were used for large, but common, transactions, and as a unit of account for taxes, dues, contracts and fealty, while copper coins represented the coinage of common transaction. In Europe this system worked through the medieval period because there was virtually no new gold, silver or copper introduced through mining or conquest. Thus the overall ratios of the three coinages remained roughly equivalent.
In China, however, the need for credit and for circulating medium led to the introduction of paper money. In Europe paper money was first introduced in Sweden 1661. Sweden was rich on copper but because of copper's low value extraordinarily big coins had to be made. It was probably more convenient to have a note stating your possession of such a coin.
The Era of Hard and Credit Money
Paper money was, in one sense, a return to the oldest form of currency: it represented a store of value backed by the credibility of the issuing authority. Drafts and checks issued privately had been in intermittent use for centuries, however, it was with the rise of global trade that paper money would find a permanent place in currency.
The advantages of paper currency were numerous: it reduced transport of gold and silver, and thus lowered the risks; it made loaning gold or silver at interest easier, since the specie (gold or silver) never left the possession of the lender until someone else redeemed the note; and it allowed for a division of currency into credit and specie backed forms. It enabled the sale of stock in joint stock companies, and the redemption of those shares in paper.
However, these advantages held within them disadvantages. First, since a note has no intrinsic value, there was nothing to stop issuing authorities from printing more of it than they had specie to back it with. Second, because it created money that did not exist, it was subject to Gresham's Law: people would exchange money rather than coins of the same value, and this increased the velocity of money and therefore increased inflationary pressures, a fact observed by David Hume in the 18th century. The result is that paper money would often lead to an inflationary bubble, which would then collapse when the demand for paper notes fell to zero, and people began demanding hard money. The printing of paper money was also associated with wars, and financing of wars, and therefore regarded as part of maintaining a standing army.
For these reasons, paper currency was held in suspicion and hostility in Europe and America. It was also addictive, since the speculative profits of trade and capital creation were quite large. Major nations established mints to print money and mint coins, and branches of their treasury to collect taxes and hold gold and silver stock.
Legal Tender Era
With the creation of central banks, currency underwent several significant changes. During both the coinage and credit money eras the number of entities which had the ability to coin or print money was quite large. One could, literally, have "a license to print money"; many nobles had the right of coinage. Royal colonial companies, such as the Massachusetts Bay Company or the British East India Company could issue notes of credit—money backed by the promise to pay later, or exchangeable for payments owed to the company itself. This led to continual instability of the value of money. The exposure of coins to debasement and shaving, however, presented the same problem in another form: with each pair of hands a coin passed through, its value grew less.
The solution which evolved beginning in the late 18th century and through the 19th century was the creation of a central monetary authority which had a virtual monopoly on issuing currency, and whose notes had to be accepted for "all debts public and private". The creation of a truly national currency, backed by the government's store of precious metals, and enforced by their military and governmental control over an area was, in its time, extremely controversial. Advocates of the old system of Free Banking repealed central banking laws, or slowed down the adoption of restrictions on local currency. (See Gold standard for a fuller discussion of the creation of a standard gold based currency).
At this time both silver and gold were considered legal tender, and accepted by governments for taxes. However, the instability in the ratio between the two grew over the course of the 19th century, with the increase both in supply of these metals, particularly silver, and of trade. This is called bimetallism and the attempt to create a bimetallic standard where both gold and silver backed currency remained in circulation occupied the efforts of inflationists. Governments at this point could use currency as an instrument of policy, printing paper currency such as the United States Greenback, to pay for military expenditures. They could also set the terms at which they would redeem notes for specie, by limiting the amount of purchase, or the minimum amount that could be redeemed.
By 1900, most of the industrializing nations were on some form of gold standard, with paper notes and silver coins constituting the circulating medium. Governments too followed Gresham's Law: keeping gold and silver paid, but paying out in notes.
The Paper Money Era
See the history of paper money.
Modern currencies
To find out which currency is used in a particular country, start at the countries of the world or look at the table of historical exchange rates.
Nowadays ISO have introduced a system, ISO 4217, using three-letter codes to define currency (as opposed to simple names or currency signs), in order to remove the confusion that there are dozens of currencies called the dollar and many called the franc. Even the pound is used in nearly a dozen different countries, all, of course, with wildly differing values. In general, the three-letter code uses the ISO 3166-1 country code for the first two letters and the first letter of the name of the currency (D for dollar, for instance) as the third letter.
The International Monetary Fund uses a variant system when referring to national currencies.
:For exchange rates, see here.
See Non-decimal currencies
Currency names
Currency names of the world in alphabetic order by currency name:
A-E
- Afghani - Afghanistan
- Ariary - Madagascar
- Baht - Thailand
- Balboa - Panama (U.S. dollar used for paper money)
- Birr - Ethiopia
- Bolívar - Venezuela
- Boliviano - Bolivia
- Cedi - Ghana
- Colón - Costa Rica
- Córdoba - Nicaragua
- Dalasi - The Gambia
- Denar - Macedonia
- Dinar
- Algerian dinar - Algeria
- Bahraini dinar - Bahrain
- Iraqi dinar - Iraq
- Jordanian dinar - Jordan, Palestine
- Kuwaiti dinar - Kuwait
- Libyan dinar - Libya
- Tunisian dinar - Tunisia
- Serbian dinar - Serbia
- Sudanese dinar - Sudan
- Dirham
- Moroccan dirham
- United Arab Emirates dirham
- Dobra - São Tomé and Príncipe
- Dollar
- Australian dollar - Australia, Christmas Island, Cocos (Keeling) Islands, Heard Island and McDonald Islands, Norfolk Island, Kiribati, Nauru and Tuvalu
- Barbados dollar - Barbados
- Bahamian dollar - Bahama
- Belize dollar - Belize
- Bermuda dollar - Bermuda
- Brunei dollar - Brunei
- Canadian dollar - Canada
- Cayman Islands dollar - Cayman Islands
- East Caribbean dollar - Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines
- Fijian dollar - Fiji
- Guyanese dollar - Guyana
- Hong Kong dollar - Hong Kong
- International dollar - hypothetical currency pegged 1:1 to the United States dollar
- Jamaican dollar - Jamaica
- Liberian dollar - Liberia
- Namibian dollar - Namibia
- New Zealand dollar - New Zealand, Cook Islands, Niue, Tokelau, Pitcairn Islands.
- Singapore dollar - Singapore
- Solomon Islands dollar - Solomon Islands
- Suriname dollar - Suriname
- New Taiwan dollar - Taiwan
- Trinidad and Tobago dollar - Trinidad and Tobago
- Tuvaluan dollar - Tuvalu (not an independent currency, equivalent to Australian dollar)
- United States dollar - United States of America; also used officially in several other countries: East Timor (has own centavo coins), Ecuador (has own centavo coins), El Salvador, Marshall Islands, Federated States of Micronesia, Palau and Panama (has own Balboa currency)
- Zimbabwe dollar - Zimbabwe
- Dong - Vietnam
- Dram - Armenia
- Escudo - Cape Verde
- Euro - Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain
- Countries that have made legal agreements with the EU to use the euro: Monaco, San Marino, Vatican City
- Territories that unilaterally use the euro: Andorra, Montenegro, Kosovo
- Currencies pegged to the euro: Cape Verdean escudo, CFA franc, CFP franc, Comorian franc, Bulgarian lev, Estonian kroon, Lithuanian litas, Bosnia and Herzegovina convertible mark
F-M
- Florin - Aruba
- Forint - Hungary
- Franc
- CFA franc - Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Côte d'Ivoire, Republic of the Congo, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Senegal, Togo
- CFP franc - New Caledonia, French Polynesia, Wallis and Futuna
- Comorian franc - Comoros
- Congolese franc - Democratic Republic of Congo (replaced in 1967, re-established in 1998)
- Burundi franc - Burundi
- Rwandan franc - Rwanda
- Djiboutian franc - Djibouti
- Guinean franc - Guinea (replaced in 1971, re-established in 1985)
- Malagasy franc - Madagascar (replaced by Ariary in 2004)
- Swiss franc - Switzerland, Liechtenstein.
- Gourde - Haiti
- Guaraní - Paraguay
- Gulden - Netherlands Antilles
- Hryvnia - Ukraine
- Kina - Papua New Guinea
- Kip - Laos
- Koruna
- Czech koruna - Czech Republic
- Slovak koruna - Slovakia
- Kroon - Estonia
- Króna
- Faroese króna (not an independent currency, equivalent to Danish krone)
- Icelandic króna
- Krona - Sweden
- Krone
- Danish krone - Denmark, Greenland
- Norwegian krone - Norway
- Kuna - Croatia
- Kwacha
- Malawian kwacha - Malawi
- Zambian kwacha - Zambia
- Kwanza - Angola
- Kyat - Myanmar
- Lat - Latvia
- Lari - Georgia
- Lek - Albania
- Lempira - Honduras
- Leone - Sierra Leone
- Leu
- Moldovan leu - Moldova
- Romanian leu - Romania
- Lev - Bulgaria
- Lilangeni - Swaziland
- Lira
- Maltese lira - Malta
- Turkish new lira - Turkey
- Litas - Lithuania
- Loti - Lesotho
- Manat
- Azeri manat - Azerbaijan
- Turkmenistani manat - Turkmenistan
- Mark, convertible - Bosnia and Herzegovina
- Metical - Mozambique
N-R
- Nakfa - Eritrea
- Naira - Nigeria
- Ngultrum - Bhutan
- Ouguiya - Mauritania
- Pa'anga - Tonga
- Pataca - Macau
- Peso
- Argentine peso - Argentina
- Chilean peso - Chile
- Colombian peso - Colombia
- Cuban peso, Cuban convertible peso - Cuba
- Dominican peso - Dominican Republic
- Mexican peso - Mexico
- Philippine peso - Philippines
- Uruguayan peso - Uruguay
- Pound
- Cyprus pound - Cyprus
- Egyptian pound - Egypt
- Falkland pound - Falkland Islands
- Gibraltar pound - Gibraltar
- Saint Helenian pound - Saint Helena
- (New) Sudanese pound - Southern Sudan
- Lebanese pound - Lebanon
- Pound sterling - United Kingdom
- Syrian pound - Syria
- Pula - Botswana
- Quetzal - Guatemala
- Rand - South Africa
- Real - Brazil
- Renminbi - People's Republic of China
- Rial
- Iranian rial - Iran
- Omani rial - Oman
- Yemeni rial - Yemen
- Riel - Cambodia
- Ringgit - Malaysia
- Riyal
- Qatari riyal - Qatar
- Saudi riyal - Saudi Arabia
- Ruble
- Belarusian ruble - Belarus
- Russian ruble - Russia
- Transnistrian ruble - Transnistria (non-recognized currency)
- Rufiyah - Maldives
- Rupee
- Indian rupee - India
- Mauritian rupee - Mauritius
- Nepalese rupee - Nepal
- Pakistani rupee - Pakistan
- Seychelles rupee - Seychelles
- Sri Lankan rupee - Sri Lanka
- Rupiah - Indonesia
S-Z
- Sheqel - Israel, Gaza Strip, West Bank
- Shilling
- Kenyan shilling - Kenya
- Somali shilling - Somalia
- Tanzanian shilling - Tanzania
- Ugandan shilling - Uganda
- Sol - Peru
- Som
- Kyrgyzstani som - Kyrgyzstan
- Uzbekistani som - Uzbekistan
- Somoni - Tajikistan
- Taka - Bangladesh
- Tala - Samoa
- Tenge - Kazakhstan
- Tolar - Slovenia
- Tugrug - Mongolia
- Vatu - Vanuatu
- Won
- North Korean won - North Korea
- South Korean won - South Korea
- Japanese yen - Japan
- Złoty - Poland
Privately-issued currencies
From the earliest times token coins were issued by companies in remote parts of the world to overcome the shortage of circulating currency.
Several large companies issue points to their customers, to be redeemed for products and services produced by that company. Often, a network of companies will join to share in the offering and redemption of points. While these can hardly be considered stable currency systems, they present many of the same features as "legitimate" currency: they are a store of value, issued in discrete units; they are controlled by a central issuing authority; and they have varying rates of exchange with other forms of currency. For example, frequent flyer miles can be bought using U.S. dollars.
- Frequent Flyer Miles: A type of private currency, different versions of which are issued by most major airlines to encourage customer loyalty. Other customer loyalty incentives have followed this model, including points systems offered by soft drink manufacturers such as PepsiCo. Subway tokens, issued by city transit authorities, can be considered a highly specialized form of currency.
- E-gold: Privately issued digital currency backed by gold
- Scrip: A type of private currency where a certain value is captured, and used to purchase goods from a company. Examples of scrip include gift certificates, gift cards, and Disney Dollars or Canadian Tire Money. However, scrip is not considered a currency in itself, but merely a store of value, denominated in another currency.
- Liberty Dollar: A currency backed by silver, with a one-to-one exchange rate with the U.S. Dollar.
Local currencies
In economics, a local currency is a currency not backed by a national government, and intended to trade only in a small area. Advocates such as Jane Jacobs argue that this enables an economically depressed region to pull itself up, by giving the people living there a medium of exchange that they can use to exchange services and locally-produced goods (In a broader sense, this is the original purpose of all money.) Opponents of this concept argue that local currency creates a barrier which can interfere with economies of scale and comparative advantage, and that in some cases they can serve as a means of tax evasion.
Local currencies can also come into being when there is economic turmoil involving the national currency. An example of this is the Argentine economic crisis of 2002 in which IOUs issued by local governments quickly took on some of the characteristics of local currencies.
see: local currency also called community currency
World currency
With such developments as the Euro allowing for facilitated trade and perhaps a corresponding increase in a wider identity, proposals for a global currency have accelerated, even while it is recognized that several political and economic factors would need to be addressed and intermediate steps taken before such a concept might be accepted by the diverse nations of the world.
See also
- ISO 4217 Currency codes
Historic Currencies
Ancient Greece
- Drachma
Ancient Rome
- Antoninianus
- As
- Denarius
- Dupondius
- Sestertius
Africa
- Dollar - Rhodesia
- Escudo
- Mozambican escudo - Mozambique
- São Tomé and Príncipe escudo - São Tomé and Príncipe
- Ekwele (Ekuele) - Equatorial Guinea
- Florin - Kenya, Somalia, Tanzania and Uganda
- Franc
- Moroccan franc
- Malagasy franc
- Metica - Mozambique
- Peseta - Equatorial Guinea
- Peso - Guinea Bissau
- Pound
- Gambian pound - Gambia
- Ghanaian pound - Ghana
- Libyan pound - Libya
- Malawian pound - Malaŵi
- Nigerian pound - Nigeria
- Rhodesian pound - Rhodesia
- South African pound - South Africa
- Sudanese pound - Sudan
- West African pound - Cameroon, Gambia, Ghana, Nigeria and Sierra Leone
- Rial - Morocco
- Rupee - Kenya, Somalia, Tanzania and Uganda
- Shilling - Kenya, Somalia, Tanzania and Uganda
- Somalo - Somalia
- Syli - Guinea
- Zaire - Zaire
America
- Austral - Argentina
- Colón - El Salvador
- Continental Currency - Colonial America
- Cruzeiro, Cruzado - Brazil
- Escudo - Chile
- Gulden - Suriname
- Inti - Peru
- Peso
- Bolivian peso
- Costa Rican peso
- Guatamalan peso
- Honduran peso
- Nicaraguan peso
- Paraguayan peso
- Scudo - Bolivia
- Sucre - Ecuador
- Trade dollar - United States of America
Asia
- Dollar - Mongolia
- Hwan - Korea
- Lira - Turkey
- Mohar - Nepal
- Pound - Israel
- Rixdollar - Sri Lanka
- Ruble - Tajikistan
- Rupee
- Gulf rupee - Bahrain, Kuwait, Oman, Qatar and UAE
- Burmese rupee - Burma
- Tael - China
Australasia
- Pound
- Australian pound
- New Zealand pound
Europe
- 14 national currencies which were replaced by the Euro in 2002:
- Austrian schilling
- Belgian franc
- Dutch gulden
- Finnish markka
- French franc
- German mark
- Greek drachma
- Irish pound
- Italian lira
- Luxemburgese franc
- Portuguese escudo
- San Marinese lira
- Spanish peseta
- Vatican lira
- Daler
- Rigsdaler - Denmark and Norway
- Rijkdaalder - Netherlands
- Riksdaler - Sweden
- Speciedaler - Norway
- Dinar
- Bosnia and Herzegovina dinar
- Croatian dinar
- Yugoslav dinar
- Florin - Austria
- Gulden
- Austro-Hungarian gulden - Austria-Hungary
- Danzig gulden - Danzig
- South German gulden - Baden, Bavaria, Frankfurt, Hohenzollern, Württemberg and other states
- Karbovanets - Ukraine
- Koruna - Slovakia (Second World War)
- Lira - Turkey
- Marka - Poland
- Real
- Spanish real (plural reales)
- Portuguese real (plural réis)
- Rubłi - Latvia
- Perper
- Serbian perper
- Montenegrin perper
- Scudo
- Italian scudo - Lombardy-Venetia, Modena and Papal States
- Maltese scudo - Malta
- Peso - Spain
- Talonas - Lithuania
- Thaler - Germany, Austria, Hungary
- Conventionsthaler
- Reichsthaler
- Vereinsthaler
Accounting units
- Franc Poincaré
- Special Drawing Rights
- European Currency Unit
- Currency sign
- Krugerrand
- Fictional currency
- Local currencies
- Petrocurrency
- Currency Pair
Proposed Currencies
- Eco
- Perun
Lists
- List of currencies
- List of motifs on banknotes
- List of international trade topics
- List of historical exchange rates
External links
- [http://dictionary.reference.com/search?q=currency Table of currencies (from dictionary.com)]
- [http://www.tokencoins.com The early currencies of Southern Africa]
- [http://aes.iupui.edu/rwise/ Ron Wise's World Paper Money Homepage]
- [http://ostermiller.org/calc/currency.html Currency exchange rate conversion calculator] from ostermiller.org
- [http://tokyoahead.com/main/staticpages/index.php/chart2 Historical Currency Charts, Matrix & Converter]
- [http://haas.ca/articles/20040311-currency.cfm Minting New Security]
- [http://www.ratesfx.com/resources/currency.html Currency resources on the net]
- http://www.banknotes.com
- http://www.banknoteworld.com
- [http://www.forexpower.info Foreign Currency Trading Articles]
- [http://www.rebelstatescurrency.com/ Currency issued by the individual States of the Confederacy during the American Civil War]
- [http://www.monetary-unit.com/ Ad-Free website on worldwide currencies with short Descrption and Pictures]
Records
- [http://tomchao.com/trivia.html A site compiling information on cu
European Union
: This article is about the European Union. For other meanings of 'EU', see the EU (disambiguation) page.
The European Union or the EU is an intergovernmental and supranational union of 25 European countries, known as member states. It will include another 2 countries in 2007 - Romania and Bulgaria. The European Union was established under that name in 1992 by the Treaty on European Union (the Maastricht Treaty). However, many aspects of the Union existed before that date through a series of predecessor relationships, dating back to 1951.
The European Union's activities cover all areas of public policy, from health and economic policy to foreign affairs and defence. However, the extent of its powers differs greatly between areas. Depending on the area in question, the EU may therefore resemble:
- a federation (for example, on monetary affairs, agricultural, trade and environmental policy)
- a confederation (for example, on social and economic policy, consumer protection, home affairs)
- an international organisation (for example, in foreign affairs)
A key activity of the EU is the establishment and administration of a common single market, consisting of a customs union, a single currency (adopted by 12 of the 25 member states), a Common Agricultural Policy, a common trade policy, and a Common Fisheries Policy.
The most important EU institutions are the Council of the European Union, the European Commission, the European Parliament and the European Court of Justice.
Status
The members of the European Union have transferred to it considerable sovereignty, more than that of any other non-sovereign regional organisation. As has been mentioned, in certain areas the EU begins to take on the character of a federation or confederation. However, in legal terms, member states remain the masters of the Treaties, which means that the Union does not have the power to transfer additional powers from states onto itself without their agreement through further international treaties. Further, in many areas member states have given up relatively little national sovereignty, particularly in key areas of national interest such as foreign relations and defence. This unique structure means the European Union is perhaps best seen as a sui generis entity.
On 29 October, 2004, European heads of government and state signed the Treaty establishing a Constitution for Europe. This has been ratified by some member states and is currently awaiting ratification by the other states. However, this process faltered on May 29, 2005 when the majority of French voters rejected the constitution in a referendum by 54.7%. The French rejection was followed three days later by a Dutch one on June 1 when in the Netherlands 61.6% of voters refused the constitution as well.
The current and future status of the European Union therefore continues to be subject of political controversy, with widely differing views both within and between member states. For example, in the United Kingdom, currently holding the EU presidency, one poll suggested that around 75% of the population are indifferent or opposed to the European Union. However, other countries are more in favour of European integration — soon after the Netherlands and the French voted "no" on the constitution, Luxembourg voted "yes."
Current issues
Major issues currently facing the European Union cover its membership, structure, procedures and policies; they include the adoption, abandonment or adjustment of the new constitutional treaty, the Union's enlargement to the south and east (see below), resolving the Union's problematic fiscal and democratic accountability, revision of the rules of the Stability and Growth Pact, and the future budget and the Common Agricultural Policy.
At the next Intergovernmental Conference (IGC), which is a semi-annual meeting of EU member states'
heads of state and government, EU member states must decide on how it will allocate the EU budget. Also, here is the issue of the "Financial Perspective", which is renegotiated every seven years. The next Financial Perspective will be for 2007-2013. Issues that will be controversial during upcoming budget debates will be the British rebate, France's benefits from the Common Agricultural Policy, Germany and the Netherlands' large contributions to the EU budget, and reform of the European Regional Development Funds. Many commentators have envisaged these debates to yield a major split between governments such as France and Germany, who call for a broader budget and a more federal union, and governments such as that of the UK, who demand a slimmer budget with more funding transferred to science and research (and whose watchword is modernisation).
Turkey on 4 October 2005 furthered its will to enter the European Union, making them the first predominantly Muslim country to open membership talks with the organisation. Many states within the union are wary of this decision, chiefly Austria. Austrian apprehension for Turkey dates back for centuries, leading from the 1683 Battle of Vienna, where the Austrians defeated the Ottoman Turks. Fears of an influx of migration from Turkey into Austria if the country and its 70 million inhabitants are allowed into the union is a heated topic. Others argue that most of the country is on the wrong side of the Bosporus Strait, which many believe to be the dividing line between Europe and Asia. Turkey also refuses to acknowledge any relations with the state of Cyprus since Turkish troops invaded the northern section of the island in 1974 following a coup attempt by Greek ultra-nationalists. Austria has proposed for an esteemed partnership for Turkey which would come short of an actual membership. Turkey rejected that proposal. Other European states claim that denying Turkey to a membership would brew future hostilities with other Muslim nations.
Origins and history
1974
Attempts to unite the disparate nations of Europe precede the modern nation states; they have occurred repeatedly throughout the history of Europe. Three thousand years ago, Europe was dominated by the Celts, and then conquered and ruled by the Mediterranean centred Roman Empire. These early unions were created by force. The Frankish empire of Charlemagne and the Holy Roman Empire united large areas under a loose administration for hundreds of years. More recently the 1800s customs union under Napoleon and the 1940s conquests of Nazi Germany had only transitory existence.
Given Europe's collections of languages and cultures, these attempts usually involved military subjugation of unwilling nations, leading to instability, others have lasted thousands of years and large spells of peace and economical and technological progress as in the Roman Empire's Pax Romana. One of the first proposals for peaceful unification through cooperation and equality of membership was made by the pacifist Victor Hugo in 1851. Following the catastrophes of the First World War and the Second World War, the impetus for the founding of (what was later to become) the European Union greatly increased, driven by the determination to rebuild Europe and to eliminate the possibility of another war. This sentiment eventually led to the formation of the European Coal and Steel Community by (West) Germany, France, Italy and the Benelux countries. This was accomplished by the Treaty of Paris, signed in April, 1951, and taking effect in July, 1952.
The first full customs union was originally known as the European Economic Community (informally called the Common Market in the UK), established by the Treaty of Rome in 1957 and implemented on 1 January 1958. This later changed to the European Community which is now the "first pillar" of the European Union. The EU has evolved from a trade body into an economic and political partnership. For more details, please see History of the European Union. As president of the Convention on the Future of Europe, the former French president Valéry Giscard d'Estaing proposed to change the name of the European Union to United Europe but it was not adopted.
Member states and enlargement
The European Union has 25 member states, an area of 3,892,685 km² and approximately 460 million EU citizens as of December 2004. If it were a country, it would be the seventh largest in the world by area and the third largest by population after China and India.
The European Union has land borders with 20 nations and sea borders with 31.
India
Since its inception with six countries, nineteen further states have joined in successive waves of enlargement:
Note:
- Greenland, which was granted home rule by Denmark in 1979, left the European Community in 1985, following a referendum.
- Romania and Bulgaria will join EU on 1 January 2007
Overseas territories
Several overseas territories and dependencies have close associations with particular EU member states, for example Greenland, the Isle of Man, the Azores and Madeira.
Future enlargement and close relationships
- Romania and Bulgaria are scheduled to become members on 1 January 2007, provided that they meet the conditions for membership and that the Treaty of Accession for the Republic of Bulgaria and Romania is ratified by parliaments of member states. The treaty was signed by representatives of the EU Member States at the Abbaye de Neumünster in Luxembourg on 25 April 2005. As of 2005, member state parliaments are taking forward its ratification.
- Turkey is an official candidate to join the European Union. Turkish European ambitions date back to 1963 Ankara Agreements. Turkey started preliminary negotiations on 3 October 2005. However, analysts believe 2015 is the earliest date the country can join the union due to the plethora of economic and social reforms it has to complete. Since it has been granted official candidate status, Turkey has implemented permanent policies on human rights, abolished the death penalty, granted cultural rights to its large Kurdish minority, and taken positive steps to solve the Cyprus question. However, due to its religious and cultural differences, Turkey faces strong opposition from conservative and religious governments of the member states, mainly France, Germany, Austria, Greece, Cyprus and Slovenia.
- Croatia is another official candidate country to join. It is expected to join by 2010, although the accession process could still be hampered by issues with the UN War Crimes Tribunal in The Hague among other things. See also: Croatian accession to the European Union.
- On 9 November 2005, the European Commission recommended granting candidate status to Macedonia [http://news.bbc.co.uk/1/hi/world/europe/4420158.stm].
- The EFTA states of Iceland, Liechtenstein and Norway are members of the European Economic Area which allows them to participate in most aspects of the EU single market without joining the EU. Switzerland, the fourth EFTA state, rejected EEA membership in a referendum; however, it has established close ties to the EU by means of bilateral treaties.
Context – rationale for enlargement and future prospects
Supporters of the European Union argue that the growth of the EU is a force for peace and democracy. They argue that the wars which were a periodic feature of the history of Western Europe have ceased since the formation of the European Economic Community (which later became the EU) in the 1950s. They also claim that in the early 1970s, Greece, Portugal and Spain were all dictatorships, but the desire of the business communities in these three countries to be in the EU created a strong impetus for democracy there. Others argue that peace in Europe since World War II is more due to other causes, such as the need for a unified response to the threat from the Soviet Union, a need for reconstruction after World War II, and a collective temporary tiring of waging war, and that the dictatorships cited came to an end for totally different reasons.
In more recent times, the European Union has been extending its influence to the east. It has accepted several new members that were previously behind the Iron Curtain, and has plans to accept several more in the medium-term. It is hoped that in a similar fashion to the entry of Spain, Portugal and Greece in the 1980s, membership for these states will help cement economic and political stability.
Further eastward expansion also has long-term economic benefits, but the remaining European countries are not viewed as currently suitable for membership, especially the troubled economies of countries further east. It is hoped by some that eventual membership of states that are currently politically unstable might help deal with tensions resulting from earlier conflicts such as the Yugoslav wars and the Cyprus dispute, and help avoid such conflict in the future.
As the EU continues to enlarge eastward, the candidate countries' accessions tend to grow more controversial. As discussed, the EU has finished accession talks with Bulgaria and Romania, and set an entry date for the two countries in 2007. However, the rejection of the EU Constitution by France and the Netherlands, and the EU's slow economic growth, have cast some doubt on whether the EU will be ready to accept new members in 2007, despite the fact that both Bulgaria and Romania have signed Accession Treaties to join in 2007.
A further point of contention for EU members is the accession of Turkey. Accession preliminary talks between Turkey and the EU are due to begin in early October 2005. Turkey's Government, led by Prime Minister Recep Tayyip Erdogan, has enacted many legal reforms to meet the EU's entry requirements. However, some member states, especially Austria [http://euobserver.com/9/19989] repudiate Turkey joining the EU, and the possible economic, immigration and cultural implications that may bring.
Institutions and legal framework
EU institutions
The functioning of the European Union is supported by several institutions:
- The European Parliament (732 members 750 max.)
- The Council of the European Union (or 'Council of Ministers') (25 members)
- The European Commission (25 members)
- The European Court of Justice (incorporating the Court of First Instance) (25 judges (& 25 judges of CFI))
- The European Court of Auditors (25 members)
- The European Council (25 members) - whose unique role is perhaps better described as that of a "quasi-institution"
There are several financial bodies:
- European Central Bank (which alongside the national Central Banks, composes the European System of Central Banks)
- European Investment Bank (including the European Investment Fund)
There are also several advisory committees to the institutions:
- Committee of the Regions, advising on regional issues
- Economic and Social Committee, advising on economic and social policy (principally relations between workers and employers)
- Political and Security Committee, established in the context of the Common Foreign and Security Policy, monitoring and advising on international issues of global security.
There are also a great number of bodies, usually set up by secondary legislation, which exist to implement particular policies. These are the agencies of the European Union. Examples are the European Environment Agency, the European Aviation Safety Agency and the Office for Harmonisation in the Internal Market.
Lastly, the European Ombudsman investigates complaints of maladministration by EU institutions.
Location of EU institutions
The EU has no official capital and its institutions are divided between several cities:
- Brussels, Belgium - Considered the de facto capital of the EU
- Seat of the European Commission and the Council of the European Union
- Venue for the European Parliament's committee meetings and mini-sessions
- Host city for all European Council summits (since 2004)
- Strasbourg, France
- Seat of the European Parliament and venue of its twelve week-long plenary sessions each year
- Also the location of two key European organisations — the Council of Europe and the European Court of Human Rights — which are different from the EU and have a wider membership than the EU
- Luxembourg City, Luxembourg
- Seat of the European Court of Justice and the Secretariat of the European Parliament
- Seat of the European Investment Bank
- Frankfurt, Germany
- Seat of the European Central Bank
- The Hague, The Netherlands
- Seat of EUROPOL (the European Police Office)
Legal framework
EUROPOL]
European Union law comprises a large number of overlapping legal and institutional structures. This is a result of its being defined by successive international treaties, with each new treaty amending and supplementing earlier ones.. In recent years, considerable efforts have been made to consolidate and simplify the treaties, culminating with the final draft of the Treaty establishing a Constitution for Europe. If this proposed treaty is adopted, it will replace the set of overlapping treaties that form the current constitution of the EU with a single text.
The earliest EU treaty was the Treaty of Paris of 1951 (took effect in 1952) which established the European Coal and Steel Community between an original group of six European countries. This treaty has since expired, its functions taken up by subsequent treaties. On the other hand, the Treaty of Rome of 1957 is still in effect, though much amended since then, most notably by the Maastricht treaty of 1992, which first established the European Union under that name. The most recent amendments to the Treaty of Rome were agreed as part of the Treaty of Accession of the 10 new member states, which entered into force on 1 May 2004.
The EU member states have recently agreed to the text of a new constitutional treaty that, if ratified by the member states, would become the first official constitution of the EU, replacing all previous treaties with a single document. Although accepted by many countries, this document was rejected in a French referendum with a 55% majority on May 29th and in the Dutch referendum with a 62% majority on June 1st.
If the Constitutional Treaty fails to be ratified by all member states, then it might be necessary to reopen negotiations on it. Most politicians and officials agree that the current pre-Constitution structures are inefficient in the medium term for a union of 25 (and growing) member states. Senior politicians in some member states (notably France) have suggested that if only a few countries fail to ratify the Treaty, then the rest of the Union should proceed without them, possibly creating an "Avant Garde" or Inner Union of more committed member states to proceed with "an ever-deeper, ever-wider union".
The role of the European Community within the Union
European Communities: European Community plus Euratom
The term European Communities refers collectively to two entities -- the European Economic Community (now called the European Community) and the European Atomic Energy Community (also known as Euratom) -- each founded pursuant to a separate treaty in the 1950s. A third entity, the European Coal and Steel Community, was also part of the European Communities, but ceased to exist in 2003 upon the expiration of its founding treaty. Since 1967, the European Communities have shared common institutions, specifically the Council, the European Parliament, the Commission and the Court of Justice. In 1992, the European Economic Community, which of the three original communities had the broadest scope, was renamed the "European Community" by the Treaty of Maastricht.
European Union: European Communities plus CFSP and PJCC
The European Communities are one of the three pillars of the European Union, being both the most important pillar and the only one to operate primarily through supranational institutions. The other two "pillars" – Common Foreign and Security Policy, and Police and Judicial Co-operation in Criminal Matters – are looser intergovernmental groupings. Confusingly, these latter two concepts are increasingly administered by the Community (as they are built up from mere concepts to actual practice).
Effect of Constitutional Treaty
If it is ratified, the proposed new Treaty establishing a Constitution for Europe would abolish the three-pillar structure and, with it, the distinction between the European Union and the European Community, bringing all the Community's activities under the auspices of the European Union and transferring the Community's legal personality to the Union. There is, however, one qualification: it appears that Euratom would remain a distinct entity governed by a separate treaty.
Intergovernmentalism and supranationalism
A basic tension exists within the European Union between intergovernmentalism and supranationalism. Intergovernmentalism is a method of decision-making in international organisations where power is possessed by the member states and decisions are made by unanimity. Independent appointees of the governments or elected representatives have solely advisory or implementational functions. Intergovernmentalism is used by most international organisations today.
An alternative method of decision-making in international organisations is supranationalism. In supranationalism power is held by independent appointed officials or by representatives elected by the legislatures or people of the member states. Member state governments still have power, but they must share this power with other actors. Furthermore, decisions are made by majority votes, hence it is possible for a member-state to be forced by the other member-states to implement a decision against its will.
Some forces in European Union politics favour the intergovernmental approach, while others favour the supranational path. Supporters of supranationalism argue that it allows integration to proceed at a faster pace than would otherwise be possible. Where decisions must be made by governments acting unanimously, decisions can take years to make, if they are ever made. Supporters of intergovernmentalism argue that supra-nationalism is a threat to national sovereignty, and to democracy, claiming that only national governments can possess the necessary democratic legitimacy. Intergovernmentalism is being favoured by more Eurosceptic nations such as the United Kingdom, Denmark and Sweden; while more integrationist nations such as the Benelux countries, France, Germany, and Italy have tended to prefer the supranational approach.
The European Union attempts to strike a balance between the two approaches. This balance however is complex, resulting in the often labyrinthine complexity of its decision-making procedures.
Starting in March 2002, a Convention on the Future of Europe again looked at this balance, among other things, and proposed changes. These changes were discussed at an Intergovernmental Conference (IGC) in May 2004 and led to the Constitutional Treaty discussed above.
Supranationalism is closely related to the inter-governmentalist vs. neofunctionalist debate. This is a debate concerning why the process of integration has taken place at all. Intergovernmentalists argue that the process of EU integration is a result of tough bargaining between states. Neofunctionalism, on the other hand, argues that the supranational institutions themselves have been a driving force behind integration. For further information on this see the page on Neofunctionalism.
Main policies
As the changing name of the European Union (from European Economic Community to European Community to European Union) suggests, it has evolved over time from a primarily economic union to an increasingly political one. This trend is highlighted by the increasing number of policy areas that fall within EU competence: political power has tended to shift upwards from the member states to the EU.
This picture of increasing centralisation is counter-balanc | | |
