Institutions
Those European Union states that have adopted it are known as the eurozone and share the European Central Bank (ECB). The ECB and the national central banks of all EU countries, including those who operate an independent currency, are part of the European System of Central Banks. Before a state adopts the euro, its currency has to spend at least two years in the European Exchange Rate Mechanism which pegs it to the euro within a fixed band. Currently three currencies are in ERM, including the Danish Krone which has an opt-out. The Bulgaria lev is also pegged via a currency board.
Read more about this topic: Currencies Of Europe
Famous quotes containing the word institutions:
“The only justification for repressive institutions is material and cultural deficit. But such institutions, at certain stages of history, perpetuate and produce such a deficit, and even threaten human survival.”
—Noam Chomsky (b. 1928)
“The question for the country now is how to secure a more equal distribution of property among the people. There can be no republican institutions with vast masses of property permanently in a few hands, and large masses of voters without property.... Let no man get by inheritance, or by will, more than will produce at four per cent interest an income ... of fifteen thousand dollars] per year, or an estate of five hundred thousand dollars.”
—Rutherford Birchard Hayes (1822–1893)
“So far as laws and institutions avail, men should have equality of opportunity for happiness; that is, of education, wealth, power. These make happiness secure. An equal diffusion of happiness so far as laws and institutions avail.”
—Rutherford Birchard Hayes (1822–1893)