In 1994 Austria, Finland, and Sweden became members of the European Union. By 1997 more than a dozen countries had applied for European Union membership, but the European Union had only admitted the three listed above. The other countries that applied for membership include Turkey, Cyprus, Malta, Switzerland, Hungary, Poland, Romania, Slovakia, Lat

Consumers will benefit greatly from the common currency. Some of the benefits include: reduced costs for traveling to other countries; easier and less expensive transfer of funds to other countries; increased competition between businesses, which will lead to lower prices; low interest rates; and more economic growth, which will lead to increased job security. The European Union has recognized that the translation of values to the euro will be confusing to the public, so considerable efforts will be made by private operators and public authorities to make it as easy as possible for the people.

The people who will mainly benefit from the common currency are the European citizens. The overall benefit that the euro will bring is a stable economic environment that will lead to low inflation and low interest rates. There are three main areas that the member states will gain savings from, they include, reduced losses created by currency exchanges, lower costs created by better competition in the euro zone, and a more favorable trading and investment environment for local businesses. The reduction of losses due to the elimination of cu

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