The European Union

THE EUROPEAN UNIONItalian 2

The European Union

Fate Adesso! •Give one important fact read from powerpoint.

The European Union

Obiettivo•Students will be able to understand the concept

of The Euro and the European Union by being introduced to basic information for future understanding of Money in Italy and in Europe.

The European Union

Attivita’• Today as a group, you will be learning the Euro • Each group will be assigned a topic to discuss to the class

in today’s lesson. Please be specific use your own words! • Group 1: What is the Euro? • Group 2: Countries using the euro in Europe and Countries

in EU that are not using the Euro.• Group 3: What is the EMU ?• Group 4: What are the advantages in being in the EMU?• Group 5: What are the disadvantages of being in the EMU? • Group 6: What is the ECB?• Group 7: What is today’s status on the Euro?

The European Union

The EuroIn 1999, the euro area was established as a currency in eleven of the then fifteen EU Member States.

Of the 28 EU Member States today, seventeen have adopted the euro. Estonia most recently joined in 2011, and Latvia is expected to adopt the euro in 2014.

In response to the economic and financial crisis, the EU created a new set of rules on enhanced EU economic governance which entered into force in December 2011.

€

€

€

The European Union

Before the Euro: a multitude of currencies

• Cumbersome inter-state trading• Comparing prices more difficult• Currency exchange can be unpredictable in contracts/ loans

The European Union

The Euro: a single currency for Europeans

• Austria• Belgium• Finland• France• Germany• Greece

• Italy• Ireland• Luxembourg• Netherlands• Portugal• Spain

The 12 countries that introduced the Euro in 2001:

The European Union

The Euro: a single currency for Europeans

EU countries using the euro in 2013

EU countries not using the euro

Can be used everywhere in the 17-country euro area

Coins: one side with national symbols, one side common Notes: no national side

New Euro countries since 2001:

• Cyprus (2006)• Malta (2006)• Slovakia (2008)

•Slovenia (2009)• Estonia (2011)

The European Union

Some of the Euro’s benefits

• European Central Bank keeps price inflation low so interest rates also remain low

• Travelling is made easier

• Comparing prices is made simpler

• International trade is facilitated

• Currency exchange costs are eliminated

The European Union

United in Diversity - The €uro

The European Union

United in Diversity - The €uro

The European Union

European Central Bank• The European Central Bank (ECB) is the

central bank for Europe's single currency, the euro.

• The ECB’s main task is to maintain the euro's purchasing power and thus price stability in the euro area.

• The ECB operates independently from Member State governments.

• The euro area comprises the 17 European Union countries that have introduced the euro since 1999.

The euro was introduced in 1999

The European Union

History of the Euro Currency and the Eurozone

• https://www.youtube.com/watch?v=PdLr3lTSyns

The European Union

L’uscita (Exit Slip)•Whip Around !

– Let’s quickly go around and verbally share one thing you learned in class today.

– Ball will be tossed around until the bell rings!