On January 1 1999, 11 countries of the European Union (EU) elected to renounce their national currencies to form a single currency, known as the Euro. The new combined economy established the Economic and Monetary Union (EMU) alongside a new European Central Bank (ECB). Greece is the latest to join this bloc, becoming the 12th member state of the eligible 15 countries. Over the past century, the countries of Europe have become inferior to the United States politically, socially and economically. The euro, the new European currency that is now adopted by 12 members of the European Union, has more of a competitive edge against the US dollar. After the introduction of the Euro to the financial world, changes took place across the financial world. The move was a significant historical event in restoring the unification of Europe that had ceased to exist "The dollar will have its first real competitor since it surpassed the pound sterling as the world's dominant currency during the interwar period," writes C. Fred Bergsten, director of the Institute for International Economics in Washington. .
The use of the Euro dollar will not only increase profits and market shares of businesses but also the costs associated with exchange-rate fluctuations. Instead of having to deal with 11 separate currencies, U.S. companies will only have to deal with one. One currency will also increase the efficiency of the European economy as a whole. The use of the Euro is expected to add a half percent to the growth rate of the European economy, which could make investing in Europe even more desirable for U.S. companies. (Noelle, Knox. 1A). So far, there have been few countries that have turned down the currency, a single European currency for perhaps 11 of the 15 member nations participating at first, the others Britain, Sweden, Denmark, and Greece later.
"In an emotional decision that will have a broad impact on European politics and U.
