European Monetary Cooperation Fund
The European Monetary Cooperation Fund was established on April 3rd. 1973.
Among its administrative functions you will find:
- Proper functioning of the Community Exchange System
- Multilateralization within the Community regarding settlements among members
The Board of Governors direct and manage the Fund. This Board of Governors is formed by the members of the Committee of Governors of the Central Banks of the countries that belong to the European Community.
The European Monetary Cooperation Fund would operate with a common currency equivalent to 0,788867088 grams of fine gold.
In 1998 the Euro was introduced as an all-European currency. Here are the official locking rates of the 11 participating European currencies in the euro (EUR) at that time. The rates were proposed by the EU Commission and approved by the EU finance ministers on December 31, 1998, just hours ahead of the launch of the euro at midnight, January 1, 1999.
The real starting date was Monday, January 4, 1999. The conversion rates were:
1 EUR = 40.3399 BEF
1 EUR = 1.95583 DEM
1 EUR = 166.386 ESP
1 EUR = 6.55957 FRF
1 EUR = 0.787564 IEP
1 EUR = 1936.27 ITL
1 EUR = 40.3399 LUF
1 EUR = 2.20371 NLG
1 EUR = 13.7603 ATS
1 EUR = 200.482 PTE
1 EUR = 5.94573 FIM
The euro bills are issued in denominations of 5, 10, 20, 50, 100, 200, and 500 euros. Coins are issued in denominations of 1 and 2 euros, and 50, 20, 10, 5, 2, and 1 cent.
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