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:
“... a nation to be strong, must be united; to be united, must be equal in condition; to be equal in condition, must be similar in habits and feeling; to be similar in habits and feeling, must be raised in national institutions as the children of a common family, and citizens of a common country.”
—Frances Wright (1795–1852)
“You see how this House of Commons has begun to verify all the ill prophecies that were made of it—low, vulgar, meddling with everything, assuming universal competency, and flattering every base passion—and sneering at everything noble refined and truly national. The direct tyranny will come on by and by, after it shall have gratified the multitude with the spoil and ruin of the old institutions of the land.”
—Samuel Taylor Coleridge (1772–1834)
“Good government cannot be found on the bargain-counter. We have seen samples of bargain-counter government in the past when low tax rates were secured by increasing the bonded debt for current expenses or refusing to keep our institutions up to the standard in repairs, extensions, equipment, and accommodations. I refuse, and the Republican Party refuses, to endorse that method of sham and shoddy economy.”
—Calvin Coolidge (1872–1933)