Saturday, November 24, 2007

Which Euros Did You Want?

We have a guest coming here from the States. We had advised her that we prefer payment in Euros even if Hungary has not converted over to them yet.

She sent me a note today stating she went to the bank to order Euros and THEY, the bankers asked her if she wanted Italian, German, or French Euros since they could not get Hungarian Euros. Holy smokes!! A bank asking these questions blew my mind.

It gave me a big laugh, but I did not laugh at her when she asked which we preferred. I could understand her not knowing, but any banker should obviously be up-to-date on this information.

If this leaves anyone scratching their heads, I will save you the time from Googling it.
From January 1st, 2002, twelve of the fifteen European Union members completed their conversion to using the Euro instead of their own national currencies. These twelve states comprise the Eurozone, sometimes called Euroland. The Vatican uses the Euro, but does not circulate them. They are sold in sets. Finland does not circulate the 1 Euro cent coin, but stores sell it for an inflated price. San Marino has its own set too.

All Euro bills are the same regardless of the country. The coins are all the same design on one side, but each country has their own design on the other. All currency is legal within the Euro zone regardless of the country of origin.

There are 27 countries in the European Union, but the last 12 to be admitted will not be able to use the Euro for some time yet. Hungary like the
others, need to meet a set ratio of debt vs Gross National Product for two years before being allowed to convert to the Euro. In Hungary, it is estimated it will not be until about 2012.

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