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:
“In abnormal times like our own, when institutions are changing rapidly in several directions at once and the traditional framework of society has broken down, it becomes more and more difficult to measure any type of behavior against any other.”
—John Dos Passos (1896–1970)
“Schools are generally feminine places, institutions where conformity is valued, taught largely by conformist women.”
—Judith M. Bardwick (b. 1933)
“Have we no culture, no refinement,—but skill only to live coarsely and serve the Devil?—to acquire a little worldly wealth, or fame, or liberty, and make a false show with it, as if we were all husk and shell, with no tender and living kernel to us? Shall our institutions be like those chestnut burs which contain abortive nuts, perfect only to prick the fingers?”
—Henry David Thoreau (1817–1862)