Thursday, July 29, 2010

The Euro

the euro.
it is the currency i will have to get use to using for the next 3-4 years
we will pay our rent in euro, our utilities in euro, buy our groceries in euro, well you get the idea.  
so as i educate myself on the euro i thought i would share with you what i learn

"The euro was launched on 1 January 1999, when it became the currency of more than 300 million people in Europe. For the first three years it was an invisible currency, only used for accounting purposes, e.g. in electronic payments. Euro cash was not introduced until 1 January 2002, when it replaced, at fixed conversion rates, the banknotes and coins of the national currencies like the Belgian franc and the Deutsche Mark.
Today, euro banknotes and coins are legal tender in 16 of the 27 Member States of the European Union, including the overseas departments, territories and islands which are either part of, or associated with, euro area countries. These countries form the euro area. The micro-states of Monaco, San Marino and Vatican City also use the euro, on the basis of a formal arrangement with the European Community. Andorra, Montenegro and Kosovo likewise use the euro, but without a formal arrangement." -directly from the european central bank system website
2) the euro banknotes 
3) euro coins

4) there's an app for that

Exchange LE is a FREE app that is wonderful in converting euro to american $ and vice versa.  the app also allows you to convert to numerous other currencies.

a sample screen shot

the current exchange rate is 1 euro equals $1.30 USD
so for example if a gallon of milk cost $4 USD then in Italy it will cost 3.08 euro
if milk cost 4 Euro then in America it will cost $5.20

i will be the first to admit i am a financial dummy!
so if anything the next 3-4 years will increase my international finance knowledge or i will become very good at using my free app  to convert back and forth between currencies. 

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