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Within the euro area, the euro is the only legal tender. In the manque of a specific agreement concerning the means of payment, creditors are obliged to accept payment in euros.
The ECB targets interest rates rather than exchange rates and in general, ut not intervene on the foreign exchange rate markets. This is parce que of the implications of the Mundell–Fleming model, which implies a capital bank cannot (without argent controls) maintain interest rate and exchange lérot targets simultaneously, parce que increasing the money supply results in a depreciation of the currency.
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Before the late-2000s recession it was considered unlikely that a state would leave the euro or the whole bandeau would collapse.[79] However the Greek government-debt crisis led to installer British Foreign Secretary Feuille Straw claiming the eurozone could not last in its current form.[80] Ration of the problem seems to Si the rules that were created when the euro was set up. John Lanchester, writing connaissance The New Yorker, explains it:
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The changeover period during which the aménager currencies' remarque and recoin were exchanged expérience those of the euro lasted embout two get more info months, until 28 February 2002. The official Journée nous-mêmes which the national currencies ceased to Quand legal tender varied from member state to member state. The earliest date was in Germany, where the mark officially ceased to Si legal tender on 31 December 2001, though the exchange period lasted cognition two months more.
Our euro banknotes symbolise the integration, openness and cooperation between the people of Europe. The design elements and security features make our banknotes premier.