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euro (eiro) (currency sign: €; banking code: EUR)

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euro (eiro) (currency sign: €; banking code: EUR)

Acronym Definition
EIRO Euro
EIRO E-connected Intelligent Remote Operations
EIRO European Industrial Relations Observatory


The European Central Bank is trying to curb varying spellings of the word euro. But Latvia, which has fought hard to keep its own language, says no amount of EU rhetoric will change it back from eiro.

Latvia's government has decided to change the euro to fit their language, in which Europe is Eiropa and euro eiro. But the European Central Bank and other EU bodies have told the country it has gone too far. Latvia should use the standard written form when it adopts the currency in 2008, the EU says.

Latvia, however, has remained steadfast, saying it will take the issue to the European Court of Justice if necessary. It's a matter of protecting both national heritage and EU ethics, according to Latvian Education Minister Ina Druviete.

"It's not an issue of monetary policy. It's an issue of Latvian language policy, and we have to protect our languages," said Druviete. "The motto of the European Union is unity in diversity, and languages are the most specific representation of this diversity. I regret that officials from European institutions were so ignorant because it's not a detail. Language is a representation of national identity, and any interference in such a subtle sphere would have very serious consequences."

Battle for Latvian

Bildunterschrift: At least the symbol seems to work for everyone
Language protection is an extremely sensitive issue in Latvia. During Soviet occupation, Moscow forced Russian on the nations that made up the USSR. The result was the near death of the Latvian language, not to mention the massive displacement of tens of thousands of Latvian people to make space for Russians to move in and impose a Russian-language school system.

After Latvia gained independence from the Soviet Union in 1991, there was a countrywide drive to re-establish the Latvian language. Today it's spoken by two-thirds of the population.

Latvian belongs to the Baltic group of Indo-European languages. "It's a language with ancient spelling traditions, and we have no such diphthong as 'eu' in our language," Druviete explained.

 

The euro (currency sign: €; banking code: EUR) is the official currency of the Eurozone (also known as the Euro Area or the Euro Land), which consists of 13 European states (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia, and Spain) and will extend to include Cyprus and Malta from 1 January 2008. It is the single currency for more than 320 million Europeans. Including areas using currencies pegged to the euro, the euro directly affects more than 480 million people worldwide. With more than €610 billion in circulation as of December 2006 (equivalent to US$860 billion at the exchange rates at the time), the euro surpasses the U.S. dollar in terms of combined value of cash in circulation.

The euro was introduced to world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes in 2002. It replaced the former European Currency Unit (ECU) at a ratio of 1:1.

The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the European System of Central Banks (ESCB) (composed of the central banks of its member states). As an independent central bank, the ECB has sole authority to set monetary policy. The ESCB participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the Eurozone payment systems.

While all European Union (EU) member states are eligible to join if they comply with certain monetary requirements, not all EU members have chosen to adopt the currency. All nations that have joined the EU since the 1993 implementation of the Maastricht Treaty have pledged to adopt the euro in due course. Maastricht obliged current members to join the euro; however, the United Kingdom and Denmark negotiated exemptions from that requirement for themselves[3]. Sweden turned down the euro in a 2003 referendum, and has circumvented the requirement to join the euro area by not meeting the membership criteria. Several small European states (The Vatican, Monaco, and San Marino), although not EU members, have adopted the euro due to currency unions with member states. Andorra, Montenegro, and Kosovo have adopted the euro unilaterally.

 

 

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